When it comes to making money with domain names, flipping is often the first to come to mind. Domain name flipping is a great way to make money online. It describes the buying and reselling of domain names. Unfortunately, not everyone is able to profit from this practice. These individuals are inexperienced and uneducated on the subject, so why not make money assisting them?
A unique way to make money with domain names is to build a domain sales website. This is a website where currently owned domains are available for sale. It is an online marketplace. To decide if you should create a domain sales website, familiarize yourself with the pros and cons of doing so.
The biggest pro of operating a domain sales website is that you don’t have to pay to flip domains. If it is your website, you can list your domains for sale. This is ideal if you have a knack for turning a profit. Did you sell a domain name for $10,000? That is great, but not if you had to pay a sales percentage fee that cost $2,000. Why not just keep the money for yourself? When operating a domain sales website, you don’t have to pay a third party to help you sell a domain name.
The next biggest pro of creating a domain name sales website is that you can make money. As previously stated, many new flippers lose money or don’t make enough. This is because they don’t know enough about selling. Convince them you do have expertise by highlighting your past sales. The best performing sales websites are those with many domain names listed and those that are well marketed. Charge a monthly listing fee or take a percentage of each sale.
In terms of setup, a domain sales website is easy to start. In fact, you don’t even need to known HTML. There are many free and affordable site builder programs that can help you get started. To sell a domain name, you need to have a shopping cart. You can opt for credit card payments or just PayPal. With PayPal, set up an account and install a checkout button on your page and you are good to go.
Although there are a number of pros or plus sides to creating your own domain name sales website, there are a number of cons to doing so too. For starters, there is a lot of competition. SEDO is a well-known and trusted website where domain names can be bought and sold. Many internet users turn to this website because they are well-known and proven successful. This doesn’t mean you can’t make money setting up your own domain name sales website, but you need to set yourself apart from the competition.
As previously stated, you need to set yourself apart from other domain name sales websites. How do you do this? With marketing. You need to have a high search engine ranking. If not, buyers and sellers will never find your website. Unfortunately, marketing can be a time consuming process.
On average, it takes between six months and a year for a website or blog to generate income. A strong marketing plan can speed up those earnings, but you will not get rich overnight. For that reason, time and patience is required. Although you cannot make money right away by creating a domain name sales website, it is important to think long-term. If your website averages a profit of $500,000 a year in five years or less, it will be well worth the wait.
As highlighted above, creating a domain name sales website does have its pros and cons. So, should you take the jump? Why not? Just be sure to remember that you have a lot of work ahead of you, but the rewards may pay off in the end. If you have the drive and determination to make money online, anything is possible.