9 Flipping Domain Names for Profit Myths
Domain flipping is the buying and selling of domain names. For many, flipping domain names for profit is an exciting venture that rings about the thought of finding hidden treasure. There exists stories about domains being purchased for $10 any years ago.
However, today, domain names are purchased for hefty prices. Everyone want to get into domain flipping. Unfortunately, most people waste a lot of time and money chasing after mirages because they do not know anything about flipping domain names for profit.
If you are struggling and do not really know what to believe, then this article is for you. Here are top myths associated with “domaining” that you should not believe:
.com Domain Names are expensive
Domain names that have a .com extensions are the most popular. Due to this fact, they end up being more expensive than their .net and .org counterparts. But this does not mean that there are no affordable .com options. If anything, they are so many in the market. If you do your homework by visiting popular marketplaces, you will find them and directly negotiate their prices. This really requires true commitment and an open mind, in order to find affordable domains.
The most valuable domain names are already in use
As there are millions of domain names that are already registered, it is not hard to assume that are all the good ones are already taken. However this could not be more wrong. It is possible to purchase a number of domain names that still contain your keyword. For instance if canadianhotels.com is already in use, you can still go for bestcanadainhotels.com. You can simply modify an existing domain name, especially those that have expired and make it work for you. By using keywords and the right terms, you can also make an existing domain name valuable and unique.
Flipping domain name for profit is not a lucrative business
Many people underestimate flipping domain names for profit as a business that is not lucrative enough. Being a seller is not just about listing domain name and waiting for buyers to come-it is much more than this. Like any other business, this one also needs time and attention. You will have to market, research, network, negotiate and have the right people skills. Identifying the right opportunities is really critical. If you mater these, you are most likely to succeed. This is a full blown business, as such, it requires the same commitment that you would put into any other business.
Squatting domain names is unethical
Many domain name sellers frown upon the idea that the domain names they want are already taken. This is because the idea of squatting a domain name may seem unethical. Contrary to this, the domain flipping business is just like real estate. It is all about acquiring something and selling it later for profit. There is nothing unethical about it. Every now and again, you will think of a name that has already been occupied. After all, great min think alike- you just have to change the name and it will work for you.
The business is easy to master
There are self-proclaimed gurus who become experts in flipping domain names for profit within the shortest possible time. However, the reality is that this business is quite hard to master as you have to understand the basics. Do not think of it as a get-rich scheme as you may lose prospective deals. You will have to work very hard in order to enjoy the fruit of your labor overtime and go through some ups and downs in order to know what you should do. Give it time an soon, you will be a professional domain flipper.
One huge sale per month is enough
Flipping domain names for profit is not an easy thing to do. The truth is that there is nothing wrong in aspiring one big sale but understand that sometimes it may take a long period of time to sell a single domain. A majority of domain flippers start out with a few hundred dollars per month but overtime, they gain the income they desire through hard work.
Social media will replace domain flipping
There are many people who have expressed fear that networking portals will replace flipping domain names for profit. While this fear may be justifies, it benefits of selling or flipping domain names outweighs what social media has to offer. It is possible to be a successful flipper by registering domain names and selling them rather quickly to high-end customers.
You cannot flip domains passively
Flipping domain name for profit can in fact be done passively if you know what tools to use. At the beginning domain flipping requires complete dedication and patience. You cannot just flip a few domains and list them at domain buying or selling portal, thinking that you have already succeeded. By flipping, you will be selling in a quick or sudden manner. At its core, flipping domains is about the right timing that will involve strategic buying.
There is no learning curve
Like any other business, domain flipping also has a learning curve. The process may require you to invest in domains that you do not have in order to profit in the long term. As such, investing money and learning the ropes is inevitable. Be committed and you will generate a reasonable amount of revenue at the right time. Be patient, learn and all things will work in your favor.
Hopefully, this article has helped you to gain an understanding on the myths that are associated with flipping domain names for profit. This business niche has grown into a million-dollar investment that I enjoyed by successful flippers annually. You have to be wholly invested in the process in order to enjoy the fruit of your labor afterwards. Believe in yourself and your ability to succeed, otherwise, you will give up even before you get started. With strong dedication, you will not be tempted to quit even when you are not making sales. Good luck!