First, let’s discuss the term “flipping” and what it means in the context of flipping domain names or websites. When someone “flips” a domain name or website this simply means that they have purchased the domain name or website at one price and have sold it for a higher price.
They make a profit on the difference between the purchase and sale price. This is very similar to the activities in the real estate market. I’m sure that you’ve heard about people who flip houses. Well, you can also flip virtual real estate. That’s the context in which we are using the term “flip.” One of the biggest mistakes made by the beginning domain name or website flipper is the failure to treat their activities as a business. Let’s look at that in more detail.
1. Establish a business presence. A successful domain name or website flipper needs to have a central site that is used for credibility and identity. One of the problems with conducting an online business is that your customer never gets to meet you in person. Your only chance to let them know who you are is through a website. Your goal is to make your customer feel comfortable doing business with you.
2. Collect e-mail addresses. The second mistake most flippers make is the failure to build a list of leads, prospects and customers. If you’re producing a good product or offering high-quality domain names your customers want to know about your latest offerings. Make it easy for them (and yourself) to make contact. You need to have an opt-in form on your website to collect e-mail addresses.
3. Systemize your system. Look for the tasks that become repetitive and set up a checklist or system to make it easy to process activities that are not profitable. If you find yourself having to deal with support questions make sure you develop a list of frequently asked questions or FAQs. Build up standardized responses to e-mail questions.
Flipping domain names and websites can be a very lucrative activity. You can maximize your profits by treating your activities as a business.