Ten Tips for Successful Website Flipping
Please buy a book about online business opportunities . . .
You could become an eTycoon!
Many money-making possibilities - schemes and scams as well - are advertised on the Internet. Most offer little income – not enough to pay the rent for sure. Websites such as Fiverr or Uphype give you the chance to offer your goods and services for $5 and up (minus the website’s cut, of course). In fact, some websites want you to work your tail off for mere pennies! Only blogging or monetizing websites seem to offer a way to make four-, five- or six-figure income per year on the Internet.
Okay, if you want, become a blogger and/or build your own website or websites. Just keep in mind that succeeding at these vocations will probably take years.
But there appears to be another way to make good money on the Internet - buying and selling websites, or website flipping, as it is often called.
Donald Trump, Robert Kiyosaki and other real estate developers buy real property, fix it up and then sell it for a profit. Unfortunately, these major dudes deal in millions or even billions of dollars, so, for the average person, becoming Donald Trump could take a lifetime or two! (Donald started revitalizing properties at his father’s company, the Trump Organization, so he had a leg up on the business from the get-go.)
On the other hand, websites – or virtual properties - are considerably cheaper than land and buildings, so middle class folks such as you and me may be able to buy and sell them without putting ourselves in debt for the next 10 to 20 years.
Are you ready to look into this website flipping business? Good! Here are seven tips for successful website flipping:
1. Buy and Flip “as is”
Numerous websites offer ads for flipping websites: Flip Finder, Craigslist, eFlipp, Flippa and others. Go to some of these and see if you can find a website that is being undersold and/or isn’t advertised efficiently. Once you find one, buy the website “as is,” then turn around and sell it without making any changes to the website. (As a courtesy, just make sure you sell it someplace other than where you bought it.) This is a way to make some quick cash – as long as you really know what you’re doing!
2. Lease the Website
Leasing a website may be an option for some sellers and buyers. The seller gets to keep the asset, while the buyer operates it over a period of time while making payments. In fact, this may be the only way many people can pay for a quality website. (There seem to be plenty of cheap ones available, some for as little as $1.)
3. Buy What You Already Have
Purchase a website that’s similar to one you already own, and then send traffic from your new website to your old website(s), where you can optimize sales by utilizing email lists, product or service advertising, blog promotions or sales pages. This will work as long as you quickly develop quality traffic of a targeted nature. If you buy a website that consumes lots of bandwidth but doesn’t produce sales, you could end up with more bills than bucks!
4. Convert a Non-Profit Website
Some websites generate little or no sales but have tremendous forum-driven, community-conscious traffic and/or cater to those of a hobbyist nature, perhaps. If you think you can convert this vast audience into folks who’ll be willing to buy products or services, you could have a bonanza on your hands; otherwise, you’ll own a dead website you can’t wait to flip to the nearest person such as yourself.
5. Buy and Flip the Domain Name
You may care little or nothing about the content of a website, what you may want instead is the domain name or URL. If the domain name pertains to some product or service that could become very popular in the near future, then you could flip this domain name for a big pile of greenbacks. As is the case in any new business venture, being able to predict the future could earn you a vast fortune!
6. Fix and Flip
The classic way to monetize a business is to buy it as cheaply as possible (preferably below market value), fix it up cheaply and easily, thereby boosting the equity of the site without spending much time and money, and then sell it for as much as you can. This process may seem easy for seasoned webmasters and Internet developers, but for anybody who isn’t one of those, this process could seem daunting. Just remember, don’t buy to fix and flip unless you know for a reasonable certainly what the website needs and that you’ll be able to fix it or at least maximize its potential.
7. Become a Web Analyst
Becoming a web analyst is not something the average person can do overnight, if ever. Basically you need to have at least some notion of what it takes to drive traffic to websites. Moreover, a web analyst needs to be in touch with the latest trends, technological advances and business opportunities on the Internet. If this is you - at least in an amateurish way - you’ll have a much better chance of scrutinizing the websites you may want to purchase. However, if you want to get by on the cheap, independent contractors at Fiverr offer to critique a website for a measly $5.
8. Hire a Web Analyst
If you buy a website and can’t tweak it yourself, you could hire a freelance web developer or designer. You need lots of skills to be such a worker, so expect to pay $20 per hour or more for such labor. However, if you really need such a quality person, maybe you can hire a bright college student for somewhat less.
9. Never Pay More than the Website Earns
The rule of thumb for buying websites is that you should never pay more than the website earns. Ten to 12 times the site’s monthly earnings is a good place to start, but some sellers may want considerably more. Here are some things to look for when ascertaining the value of a website: the number of pages it has indexed in search engines; the number of sites linked to the website; availability of affiliate products to sell; a list of sponsors, if any; the popularity of the site; and a customer list, preferably a lengthy one. Moreover, you’re never supposed to offer a price to the seller when you first inquire about the site. Be patient!
10. Get Your Information for Free
If you have money to spend learning about website flipping, there are plenty of opportunities on the Internet. But if you’re a cheapskate, just keep clicking and clacking. Many people believe that everything you need to learn about anything such as website flipping is available on the Internet - for free. Hey, when you need help, there’s always YouTube! And don’t forget Hubpages.com, of course!
The prevailing wisdom for website flipping is that the time to act is now, because when word gets around about the potential profits for flipping websites, the price of them could skyrocket, essentially eliminating the “little guy” from the market. So keep this whole process a secret and become an eTycoon!
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