When you’re just getting started. That said, one of its drawbacks is that you could have some inconsistent work so some months you might be working more and others. You might be working less. Diversifying your income by adding things like domain flipping is a great way to earn additional money.
When you have those slower months with less freelance work, i heard about domain flipping several years ago when i started building businesses online and using domains for several different projects. But i never really used it as a way to make have an extra income stream to have it as an investment and flip it for a profit.
So i decided to do a little experiment and actually do research and buy a domain with the intention of flipping. It for profit. The first thing that i did is i logged into my godaddy account. Godaddy is the largest domain register for domain names? Well, based on what the website says, it has over 78 million domain names under its administration, so really large number of domains all right.
So the next thing that you’re going to want to do is find what your budget is. Do you want to start with the minimal amount, which is around 10 usd for domains that aren’t currently in auction and that no one’s trying to currently sell? Or do you have a little bit more money, more wiggle room that you want to play around with? I recommend just starting with the minimum.
If you’re, a beginner, you don’t want to be investing too much into something you don’t have experience with. So that is what i did. I bought my domain for 10 usd, and this gave me the rights to the domain for a full year and then the following year.
If i had decided to keep it, i could have just renewed it, but the starting budget for myself was 10 usd, and this is what i recommend all right. So the next thing they want to do once you’ve set up. Your initial budget is to find a niche or a niche if you prefer – and i would suggest strongly recommend actually that you go with a niche that you’re interested in or that you know it’s.
Gon na make it much easier for you to come up with different ideas when you’re, doing your keyword, research or when you’re, looking up for different names. So that is exactly what i did. I went with the home fitness equipment niche.
Not only do i have a strong interest in that and fitness is a big part of my life and interests. I also have a business in the industry, so made it easier for me to come up with a huge list of ideas for domains and also i did some research to not just base it off of my experience and feelings and also base myself on numbers, which Is something you should do as well in the home fitness niche ever since the current situation has started, which i’m? Sure you’re all aware of the home fitness equipment.
Sales grew by 170. So that really shows that there’s. A lot of interest around this niche – and i recommend that you do the same thing with coming up with a niche – is something that you have knowledge and something that you’re passionate about and that’ll.
Be make it easier for you to go through the whole research process, all right all right, we’re, actually almost done with the whole process of domain flipping. Your first domain, i’m sure a lot of you are coming up with.
So many ideas in your brain at the moment and you’re – excited to find that domain do not rush. This really go through the research process, and this is gonna be what we’re gonna be talking about in the following step, but before we do that, i would love if you could smash the like button.
If you enjoy the video. Of course, if you find this useful so far, and it really helps motivate me to come up with some new content to help you guys with your freelance and online business journey, so anyway, let’s, move on to the next step, all right, so We are now at the fourth step and it is to do keyword research.
This is fundamental if you really want to be successful or increase your chances of flipping a domain for profit. So you definitely don ‘ T want to skip this step. What i use is google keyword planner.
This has been super helpful not only for this little project. This little experiment that i just did, but also for a lot of different projects such as, like writing, blogs or coming up with product names or several other things that i’ve worked on over the years, so, whether it’s.
For this or anything else, i strongly suggest google keyword planner if you haven’t used it yet before i continue to give these tips for keyword, research. I am no expert – and this is just me, sharing my experience and giving you some pointers to save you some time and potentially help you not just gamble your money away.
Hope that you’re gonna flip for a profit but actually put in a structured plan for it to increase your chances of getting it anyway. The few uh recommendations that i have are that, first of all, you want to aim on keywords that are around 10 000 searches per month.
This makes it so that this potential domain is competitive and worth a good amount, but also not so competitive that it’s nearly impossible to find a domain around it. Another thing is you don’t want the words in total to be more than around 15 to 17 letters, which is the magic number apparently based on some research that i’ve done the shorter the better honestly, but it does need To make sense, and it’s really hard to find really short domain names that aren’t taken yet or that aren’t being that aren’t an auction for a huge amount, yeah and another point That i learned about i didn’t know before doing research on this is that you should avoid having numbers in this domain name, especially if you’re, really looking to resell them.
This is your whole point, so avoid using numbers have around 15 to 17 characters, and once you get the domain focus on trying to get the dot-com the dot-com extension since it’s, much more marketable and will bring much more potential value to the Domain that you flip, you have finally made it to the end.
You chose your niche, you did your keyword, research, you have your budget and all that. So next thing you want to do is buy your domain and, after that, what i recommend is to sit back. Relax and wait a little bit before you put it up in the auctions.
It is recommended that you hold on to it for a little while. What i did is i held on to my domain for about two months, because i didn’t want to sell it at a point where the whole situation that’s currently happening died down.
So i don’t want to hold on to it for too long, and i wanted the experience to be done as quickly as possible, but also wanted to get a good potential price for it. So what you want to do, when you’re ready to sell it, you want to list your domain in the go daddy auctions.
I quickly received an offer of 100 usd. I really strongly considered just selling it right there, because it would have meant a 90 usd profit which is great, considering such little time and effort that i put into it all.
The work involved was all less than one hour, so it would have been a great flip, but i went semi-aggressive and i doubled down and i counter offered with 200 usd the next day the broker that takes care of the whole transaction reached back out to me.
He’s like hey dave, the buyer accepted congratulations. The funds will be deposited into your account. You will receive them within the next five to seven business days or something like that. So really great experience i made about, i think in percentages.
A thousand six hundred seventy nine percent return on investment, so that came up to about 188 dollars usd from a 10 usd investment. Definitely not too shabby. If you ask me, and a good overall experience, while i’m, definitely super satisfied with these results and even more satisfied than i thought i would be.
I wasn’t expecting to flip such a good profit for the initial investment, even though i was confident with the name that i got and everything it was great results in my opinion, and i’m happy with it, but before i Wrap up with the video, let me share a quick success story.
This guy called chris clark back in 1994. He’s, a software business owner and he decided to buy pizza.com for 20 dollars and he held on to this for around. I think he sold it in 2008, so for 14 years and eventually he saw that someone sold vodka.
com for several million dollars, so he decided to put it up for auctions and shortly after got an offer for 2.6 million dollars. So really definitely not too bad. For a 20 investment that he didn’t really put much work into it.
I think he had some type of pizza directory for a while, but he didn’t do much else, and this isn’t to tell you that you’re gonna become a millionaire doing all this. It’s just to give you a little taste of what you could potentially get you never know, and doing all these steps and the research and being intentional about flipping a profit will definitely increase your chances of getting there so anyway, back to reality.