If you’ve landed on this article page, you’re probably searching for a
good business idea—an idea that’s light on the pocket but heavy on
returns, promising both a fulfilling journey and potential profit.
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How
to Start a Website Flipping Business
There are one thousand and one ways to make money online and
flipping websites is one of the most viable methods. The idea of
website flipping is to grow niche websites from the ground up
and when the numbers are adding up, you sell the website.
The low job opportunities in Nigeria have caused many Nigerians
to start exploring the power of the Internet in making money
online. Over the years many online businesses as emerged. Domain
flipping is a type of online business where you invest in a
domain for a cheap price and sell it in the future at higher
price tags on domain marketplaces like Sedo, Flippa and the
rest.
Domain flipping business, like website flipping business, is a
multimillion-dollar industry as many people are seen making
thousands of dollars from the business.
According to research, it is possible to make an average of $500
to $20000 every month flipping domains.
As lucrative as this domain business may be, it may be very
difficult if you do not approach with existence knowledge of the
market.
That is why we have put together this simple step-by-step guide
on how to start a successful domain-flipping business here in
Nigeria.
What is a Domain Flipping Business?
Domain-flipping business simply means buying a domain name at a
cheaper price and selling it at a higher price. In this business
you source cheap domain, leave until it is highly demanded and
then sell at a higher price.
How to start a successful domain business in Nigeria
For you to start a successful domain business in Nigeria, here
are the following steps to consider.
Do research
Not just all domains can be bought and resold, researching
domains with prospect is an internet- agelong technique (like
forex) that must be studied. You need to understand the several
creative factors that are considered before buying a domain
name.
Hence the a need for thorough research to find domains with
prospects, brandable, relevant for a particular industry, aged,
or have other valuable metrics that will attract buyers.
You can either buy a domain from the past (aged or expired
domain) or one with a future prospect (brandable or invented
domains); it all depends on how well you understand the forces
of market demands, industry trends, and domain pricing
structure. Read about some successful domain flippers, and
follow them on social media to get more insightful tips on what
works.
Capital
Doma in flipping, like every type of business, requires some
capital to get started.
Some investment is required to build your portfolio of potential
domains for sale.
While it may be challenging to sell a few domain names
initially, you can build your portfolio of domains over time,
aiming for 50+ valuable domains to increase your chances of
attracting prospects.
Also, have in-plan domain renewal fees until you’re able to find
new owners for the domains.
Keyword research
This is another important aspect of setting up a successful
domain business. It is essential to identify and choose a domain
name with potential value. Choosing the right domain name is
very important in the domain-flipping industry.
Making use of keyword research helps in identifying a valuable
potential domain name. There are a couple of tools you will need
for this exercise, such as domain authority checker, backlink
checker, domain rating checker, and more.
You will need keyword research tools like Ahref and SEMrush for
this.
Be creative
Starting a successful domain business demands high creativity.
Think wide and make research on the best combinations of letters
that are brandable. Once you’re confident of hitting an amazing
domain, you can then proceed to the next which is registering
the domain with your domain registrar of choice.
Registration
Once you spot and verify a potential domain name the next step
is to register the domain name. You can register domain names
through accredited domain registrars. Here are some accredited
domain registrars- NIRA and so many more.
In a situation where you are planning to sell internationally,
which is most times the case, you can register your domain with
top registrars like Namsilo and Name.com
Ensure you follow all the guidelines and policies set by the
registrar to avoid any sanction that may cause you to lose your
domain.
But it’s smart to want to add some value to your domain as you
expect to land a sale. These days, people are more interested in
domain names with prospects than fresh domain domains.
Adding value will make the sales happen a lot quicker and also
help to increase your profit, consider adding value through
improvement or modification.
To do this, you can consider creating a simple website on the
domain, optimizing it for ranking on using Search engine
Optimization methods, and creating valuable content related to
the domain niche. This will make the domain more attractive and
sell faster and more.
Building a Portfolio
You can prove to your prospective buyers that you are not just
an opportunist seller when you grow a portfolio of valuable
domains. This goes a long way to establishing you as a
professional and experienced domain flipper.
Marketing and selling
Anything that requires selling needs to be marketed, marketing
your domain to the right set of clients is very crucial, you can
utilize online platforms such as forums, social media groups and
pages, domain marketplaces, and other industry-specific websites
to showcase your domain name.
Stay Updated
The domain flipping word experiences change almost every day. It
is important you stay updated with the latest trends and
techniques. This can be achieved through reading industry blogs,
attending webinars and conferences, networking with other domain
flippers and many more. Staying updated will help you learn new
strategies and improve your skills, which will help you stay
ahead of the competition.
How To Source For Domain For Flipping
There are two main markets to source for domain names. The first
market is the primary market while the second market is the
secondary market.
The Primary Market
Buy or register a domain name directly from domain registrars.
Namecheap, Hottinger, HostGator and GoDaddy are examples of a
good domain registrar.
The price needed to register a domain name varies depending on
the registrar, but it ranges from $5 to $15.
The Secondary Market
Buy an already registered domain and then sell at your own
price.
Choosing the right domain
Short and easy-to-remember domain names are the best. Your
profit in the domain-flipping business depends on how good you
are at spotting a high-potential domain name. You don’t just
purchase any domain name you see. Learning how to identify a
valuable domain name is very important.
There are some domain update sites where you can get insights on
the latest trends in the domain flipping industry.
Benefit of Domain flipping
Domain flipping has numerous advantages which include
Great profit
Selling a domain name is a very profitable business. A domain
name bought at $10 can be valued at $1000 or more.
Easy to run
The owner of Beer.com sold it for $7,000,000; Z.com was bought
at the rate of $6,784,000; Slots.com sold for $5,500,000,
Casino.com sold for $5,500,000 etc…
Get our training guide on
how to start
a Domain Flipping in Nigeria.
This guide will provide an in-depth look at what it means
to be Domain Flipping Business expert, the key roles and
responsibilities, how they get paid, and essential do's and
don'ts.
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