Flipping domain names is a great way to make money. Successful domain flippers will even tell you that making $100,000 is not that big of a deal. According to Flippa reports, domain names have been sold for millions.
Look at how much these domain names sold for:
CarInsurance.com – $49.7 million
Insurance.com – $35.6 million
VacationRentals.com – $35 million
PrivateJet.com – $30.18 million
Internet.com – $18 million
Domains in the secondary market are sold for an average of thousands of dollars. You already know that you can make money flipping domains, but how exactly do you do it?
Every year, 47,450,000 domains are newly registered while 42,625,000 more are sold to new owners. That means that you have 90,075,000 potential customers who are ready to spend money on domain names. Given this number, you can easily get to $10,000 per month working no more than 10 hours a week.
One thing is for sure, though, making money is never easy and in some cases, it is neither cheap nor profitable.
Here are your other options. You will notice that they are not always that good.
Running Google Ads: you probably do not know this but every time a visitor clicks on your ads, you pay $0.5 – $5. Google can also shut you down anytime.
Building websites: this is only sensible if you know how to build websites; otherwise, you must hire someone to do it which costs money.
Affiliate marketing: you can make a significant amount of money with this method, but specialized knowledge is required. Without lots of practice or training, you will barely make money. You will also have to spend some money.
The above alternatives are not that bad. However, you will need to put a lot of money and time initially to start seeing results. If you are looking for a better way, domain flipping is worth a try.
What is domain flipping?
Flipping, in simple terms, is buying a product at a low price then reselling at a higher price.
The first thing you need to get started in this business is a marketplace or platform. The number one marketplace is Flippa. Thousands of buyers and sellers visit this site daily. It, therefore, offers you a better opportunity to make the kind of money that you want. Other great sites are Brand Bucket, Domain Market and Sedo.
What Does a Great Domain Entail?
It should be easy to remember when a domain is easy to remember, the task of promoting and marketing is made easier.
Find keyword-rich domains: the domain should have keywords that match the business.
Buy brandable domains: this requires creativity. In addition to being keyword-rich, it helps if a domain name sounds like a brand.
Only go for .com domain extensions: this is the most common and ideal domain extension.
If you are buying an expired domain, make sure it is a high-quality one.
Remember, you can buy and sell as many domain names as you want at the same time.