Buying and selling domain names – A domain name is the gateway to a website. Each and every year, millions of people around the world snap up a domain name or two.
No doubt many of these people have aspirations to make money with a website. Others may buy a domain because they believe it has resale value.
If they find a good domain name, then the potential profits are massive. We aren’t thinking along the lines of a few dollars here.
The right domain can be resold for hundreds, thousands, and sometimes a million dollars.
It is unlikely that you will be able to find the perfect domain name to register and then make a million overnight.
You need experience when it comes to choosing domain names. There is nothing stopping you from making a small profit early on in the game, though.
You just need to know a few things about domain name flipping.
Table of Contents
Start With Your Budget For Buying And Selling Domain Names
You need to look at your domain name flipping business as a business. This means you approach it in the same way. You need a budget.
You also need to plan for your business to fail. This means never budget anything that you can’t afford to lose.
Choose Your Domain Name Niche
Eventually you will have the talents to dive into a wide variety of niches and spot a ‘goldmine’ domain name. However, you are still new. It is probably better to only focus on buying domains in a niche.
Choose a niche based around your interests and hobbies. It will make it easier for you when buying and selling domain names.
Your aim is to look for domain names that have appeal, and only by having a solid understanding of a niche can you accomplish this.
Generic Domains Sell Best
Even if you are buying and selling domain names in a niche, you still want to choose domains which have the broadest of appeals. This will give you a much bigger market to sell from. So, for example (and these are just examples). A domain like www.weightloss.com has more chance of selling for a high price than something specific like www.weightlosswithbananas.com.
Consider Trademarks And Copyright When Buying And Selling Domain Names
As tempting as it can be, you should never buy a domain name which infringes on a trademark or copyright. You won’t be able to sell it. Nobody will want to buy it. You will likely find yourself in court too.
Think About Keywords When Buying And Selling Domain Names
If you have ever done a bit of search engine optimization, then you will already know about keywords. You will know how important they are to ranking in the search engines.
Therefore, you will want to think about them. Look for keywords which seem to generate a lot of money in your selected niche, and then incorporate them into the domain name somehow.
If you want to get specific (although, this does limit your market), then add a city name or other location to the domain name. It does help you target your market a little bit better.
Purchase Existing Domain Names When Buying And Selling Domain Names
There is nothing that says you need to buy a brand new domain name. In fact, some of the best names to buy are registered ones.
You will need to have a higher budget, however. Think long and hard about whether a registered domain name is worth it. Some people will inflate the price drastically.
Selling Your Domain Names
It is great having a domain name, but eventually you will want to sell it on to make money.
Thankfully, there are plenty of options you can use here for buying and selling domain names. GoDaddy or Flippa are the ‘go to’ services for most people. You can either set a price for your domain or you can opt to sell it via auction. Try and weigh up which one is right for your business.
Conclusion
It will take a lot of skill and time to start making a living from flipping domain names, but if you do it properly there is a lot of money that could potentially be made. It requires little effort once the domain has been selected to actually make money too.