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There are a few key elements of a website.
Graphics. Content. Links.
But what about the most important element of all?
Your domain name?
Often, domain names are a foregone conclusion when we start to talk about the value of a particular website and how to make it work for us. But, in truth, if you don’t have a strong domain name, you don’t have much of a website.
But there’s even better news.
If you have a great domain name, you don’t have to have a great website.
In fact, you may not need a website at all.
Domain flipping is the art of buying great domain names and then selling them to those who really want them and who plan to build a company website.
The concept is rather simple. You start by finding a domain name to buy that seems like it will be worth more than you are about to pay. Then, you sit on the site for a bit, perhaps even doing some work on the domain to increase its profitability, before selling it to someone who will pay you more for the site than you paid yourself.
Buy low, sell him. Simple.
Of course, if it was truly that simple, everyone would already be making money in the $600 million aftermarket for domain names. There is a skill and certainly an art to finding the domain names that will be profitable.
There is also a serious element of patience in domain flipping – these are not going to be bought and sold again in the space of an hour. Many domain names are an investment. So how do you develop the skills to find, hold and sell the right domain names to make you a profit? The infographic below will give you your first big lesson in domain flipping.
Now that you have seen the basics of domain flipping, the process should be simple, right? Well, that depends on how well you know the markets, the online climate as well as your knowledge of how to go about buying and selling domains.
Fortunately you don’t have to invest much to give domain flipping a try – you can buy domains for just a few dollars. But before you start researching and snatching up domain names, do some more thinking and planning.
Check out emerging markets. Investigate popular niches. See what’s up and coming in your area. Work in areas where you have the most knowledge – your own niche, your market segment or perhaps your neighborhood.
By starting with what you know, you’ll be in a great place to put your existing knowledge to work on a new skill set.
But over time, as you see just how profitable domain flipping can be, it will be easy to start researching new markets, looking into what is coming next and perhaps even capitalize on future popularity.
After all, nobody can create a killer website for that new company without a killer domain. Wouldn’t you like to be the one selling it to them?