Flipping is an age old practice that dates back to when Neanderthals traded nicely shaped rocks for tattered clothes and then patching the loincloths before trading them for two nicely shaped rocks. Websites are the modern-day version of loincloths. With a low entry barrier and ease of building a website, site flipping has become a mainstream way of making money for many individuals across the globe. If you are willing to dedicate a little bit of time, some money and effort, you can make a 5-figure profit by flipping websites. But how do you get started?
Choose a Niche
It is important that you decide what your website will be about before investing a single cent. The idea is to choose a highly targeted niche. Rather than something you are unfamiliar with, a niche that you have significant knowledge about will make a good starting point. A few examples of highly targeted niches that you can consider include mouse pads made from recycled coffee cups, nail clipper reviews and even carrot peeling techniques.
Going for a very specific niche allows you to cut out a huge swath of competition. It is important to remember that choosing a highly targeted niche isn’t enough. It needs to have a following. Your job as a site flipper is to build a lighthouse for the audience to flock forward and not create a following from nothing.
Option 1: Building a Website From Scratch
There are a couple of options to options to work with if you decide to build a site yourself and grow it from the ground up. For starters, you can keep the site and pocket the earnings yourself. Additionally, you can sell it to an investor and cash in multiple monthly profits.
Consider a case where you build a website with consistent traffic and monthly income of $200. Assuming that the website doesn’t continue to grow, you can opt to cash in $2400 each year on autopilot. A good alternative is to keep working on the website and grow it past the $2400 annual mark. This way, you can focus on other projects. The downside is that you will be banking on the notion that the site’s earnings will remain stable on their own.
Selling the site to an investor once it hits a certain mark is a good alternative worth considering. While it is slower than the strategy discussed above, you can easily make more than $4000 if you sell a website that generates more than $200 a month. The downside is that you will be giving up on the site’s long-term potential to earn more.
Option 2: Buying Established Websites
You can spend your saved cash on an already established website to save the time and money it takes to build a website from scratch. Like the Option1 explained above, you can hold on to your purchased website or sell it to an investor for a profit. If you decide to hold onto it, you can put in effort to take increase its earning potential. If you decide to sell it to an investor, you will want to make sure that you find the right one. Flippa is a good marketplace to look for both new and established websites.
Building vs. Buying
Beginners looking to flip websites should ensure that they purchase from reputable brokers that vet every site listed for sale. This will help reduce the chances of tanking as such brokers do most of the heavy lifting to bring you the best sites that don’t have risks of unstable income as a result of search engine penalties or reduced traffic.