The process of buying and selling domain names is referred to as domain flipping. It is a lucrative business that has been going on for years and many people have made a lot of money in the business. In 2010, insurance.com was sold for $35.6 million, the highest ever, and this goes a long way to show how lucrative the business is, but you need to know the tricks of the game in order to hit the jackpot.
There are many ways of flipping domains - you can buy a catchy name, park it and sell it after some months or years. You can also purchase a developed website and then resell to another person. There are also instances where you will need to buy domains and resell them instantly. The .com extension is the most lucrative in this business and one-, two-, as well as three-lettered words are the hottest in the market. If you can also lay your hands on one-, two- or three-lettered figures, you have gotten juicy names that can break the bank for you at any point in time. Alpha-numeric names that are not more than four digits are also hot cakes if you are able to get them.
If you want to succeed in this business, there are certain things you must do. You need to draft a business plan which will state your goals, strategies and action steps. This is very important so that you will not lose focus and will be able to think through the process of building a successful business. In addition, you need to educate yourself on the the processes of flipping domains. There are many resources online for you to use and taking advantage of them will boost your rate of success.
Furthermore, you should start on a small scale because you may not have the appetite to take bigger risks initially. Buy cheap but good domains and try to resell them. If you make any mistake at this initial stage, you won't lose much since you are starting on a small scale. Also, you should learn from your mistakes and keep a notebook or journal about your activities as you will have something to refer back to later. You should not give up too soon and if you are frustrated along the line, take a break and when you get back, you will be full of energy to continue.
You should not lose focus and be up-to-date with industry's news. When you discover that you have fully understood the business, you can then take bigger risks. Some of the biggest platforms for buying and selling domain names are Godaddy, Flippa, Sedo, eBay, Craiglist, just top mention a few.
GoDaddy Auctions: The smart choice for buying & selling domain names.
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