Have you ever wanted to build a website? If so, you may have been met with disappointment when you learned that your preferred domain name was taken. What did you do? Most individuals will move on and choose another name. On the other hand, some will make a purchase offer, which can be very high. How does that impact you? Right now it doesn’t, but it could.
If you want to make easy money online, you need to familiarize yourself with the phrase “domain name flipping.” Domain name flipping is used to describe the process of buying and reselling a domain name. The average internet user thinks nothing of this practice. This is because most are unaware of the earning potentials.
So, how does domain name flipping translate into income?
Say you live in Los Angeles California. A business owner decides to start a business selling handmade clothes. They need a website. Not only can a website drive traffic to a brick and mortar store, but generate online and phone orders too. It is rare for a business owner not to have an online website these days. So, what does this mean? It means they start building a website, but first they need a domain name.
Most business owners will opt for a name that is their business name or a slight variation. For example, the above mentioned business owner may want the domain name LAhandmade.com. Since there are millions of websites on the internet, most good domain names are already in use. This means that the business owner in question may be unable to use their business name or a slight variation of it. Unlike an individual wanting to start a personal website, a business owner rarely gives up. Most will make a purchase offer.
Since business owners are the ones who are likely to pay the most money for a domain name, it is important to choose your name wisely. Don’t just head over to a website that sells domain names and type in a bunch of letters. Instead, be creative. Think of catchy business names for plumbers, salon owners, and so forth. A catchy domain name is one that is likely to sell for a large profit.
In addition to just guessing, use research to your advantage. Is their a new building being built in your hometown? Why not stop by for a quick conversation with a construction worker. Ask what is being built. Business that operate on a national level typically reserve domain names in advance, but not small business owner. Get the name and head home. See if the business name or slight variations of it are available with a .com address. If so, buy it. You will pay as little as $10 on average.
As previously stated, a business owner who wants a domain name is likely to make a purchase offer. For that to happen, they need to know how to find you. Make it easy. Do not hide your association with your domain name by using a common cloaking service. Make it easy for potential buyers to find you.
If you have good customer service and selling skills, approach the business owner. Let them know you are the name owner and that you will offer them a discounted price. Of course, don’t let it be too much of a discount. If you suspect a business owner is willing to pay $10,000 for a domain name, don’t offer more than a $500 discount.
In addition to waiting for someone to approach to buy your domain name, start generating ideas. Did you know that many people turn to the internet to research business names? Give them ideas and let them know that the domain name is available for sale. As previously stated, many are disappointed when their business name or variation isn’t available in .com format. Some business owners research domain names before choosing a name. By knowing they can make the purchase, many do.
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