Here are some statistics for you before we jump into the details of this business.
- com sold for $18 million.
- com sold for $35.6 million.
- com sold for $30.18 million.
- And the most expensive reported till date is com sold for $872 million.
So let’s dive deep into domain flipping business.
Are you a little bit familiar with the Real estate business? Domain flipping business is very much similar to that. In many aspects, we consider this business with a mindset of a property dealer.
Let me simplify it for you even if you are not familiar with this business.
You buy a property; you invest some money and time to renovate that property.
Then you sell that property with a good chunk of profit.
Just like that
You buy a domain by calculating its worth; then you spend some money on its SEO like backlinking etc., then you list that domain for sale. A potential buyer approaches you and buys that domain for the right amount of money.
I hope now you have a good structure in your mind about this business. Now let’s talk about the steps to follow to start this business as a beginner.
4 Steps to start Flipping domains from today
So you might be thinking about where to start and what are the particular things to consider before starting.
It is not that difficult. Anyone with a creative mind can do this business. Here are some Steps that will lead you to a healthy mindset of starting this business.
Step 1: Making a Mindset
Before starting any business, we first consider its pros and cons to make a structure in mind that will make it suite our lifestyle and way of managing life?
So in this business, the most important things you should have are market research and patience. Without these, you cannot stand in this business.
You buy a domain according to market research, and then you have to wait for the right time and Price to sell it. Some times very premium domains took years to sell. So must have this in mind before making this a permanent business.
Step 2: Buying the Domain
Now, this is an essential part of the whole business, you have to be very creative while buying a domain. You can purchase a domain on any platform like GoDaddy Namecheap etc.
Some of the suggestions for buying the domains are.
- Short that can be branded
- Special words like cars.com resturantvally.com
- Try to search for a meaningful but short sentence like Inthehotel.com, bookrooms.com
- Try to find SEO friendly domains
And if you are buying expired domains, you have to be very careful about the past of that domain, that if that domain is used for illegal activities or have bad backlinks or not because such domains will not be suitable for you.
Step 3: Searching for the Buyer
Now after buying the domain, your work starts for getting the best Price for that domain you have purchased with a lot of struggle.
Here are the perfect ways to sell your domain to the best buyer, because buyers know these.
Reach out the buyers physically: Maybe you have bought a domain for a local pharmacy who is trying to sell its products online, you can contact them personally and offer them that domain. You can also search for the potential buyer on Facebook and other social platforms.
List your domains on Listing sites: There are a lot of listing sites that charge a small fee for registering your domain. You can list your domain on them, and your domain will get into right hands and the needy buyer because that listing sites have good traffic and reputation in the market.
Some of the famous Markets are
Step 4: Sell at best Price:
After listing on the above sites, you will start getting offers for your domain. Now it’s time for you to have patience and wait for the best Price for the domain.
After getting the best Price, You can sell your domain and can cash out your Earnings.
Like every other business, this business also carries a lot of uncertainty. But contrary to much other company this has the best ROI, imagine selling a $10 domain in $10,000.
Now the risk here is that if you do not do extensive research and buy crappy domains or expired domains with faulty past. Then you will end up losing your money. So you have to be very careful about that.
So if you want to start a domain flipping business, you can follow the above steps. This guide is short but has brief knowledge about setting a domain business online. Remember to make a portfolio of your domains. Never rely on a couple of domains for your business.