The low job opportunity in Nigeria has caused many Nigerians to start exploring the power of Internet in making money online. Over the year many online businesses as emerges such which Domain Flipping Business is one of them.
Domain flipping business, like website flipping business is a millionaire business as many people are seen making thousands of dollars from the business. According to research people make an average of $500 to $20000 every month doing domain flipping business.
As lucrative this domain business maybe, it may be very difficult if you are not under the right tutor. That why I have but together this simple steps by steps guide on how to start a successful domain flipping business here in Nigeria.
Table of Contents
What is Domain Flipping Business?
Domain flipping business simply means buying a domain name at a cheaper price and selling it at a higher price. In this business you source cheap domain, leave until it is highly demanded and then sell at a higher price.
How to start a successful domain business in Nigeria
For you to start a successful domain business in Nigeria here are the following step to consider.
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Do research
Not just all domains can be bought and resold, researching domains with prospect is an internet- agelong technique (like forex) that must be studied. You need to understand the several creative factors that are considered before buying a domain name. Hence the need for thorough research to find domains with prospects, brandable, relevant for a particular industry, aged or has other valuable metrics that will attract buyers.
You can either buy a domain from the past (aged or expired domain) or one with a future prospect (brandable or invented domains), it all depends on how well you understand the forces of market demands, industry trends and domain pricing structure. You can take your time to read about successful domain flippers and follow them up on social media to get more insightful tips on what works for them.
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Capital
Every business, whether offline or online, requires some form of capital to get started. The same applies in the case of domain flipping. You need capital to build your portfolio of potential domains for sale. While it may be challenging to sell a few domain names initially, you need to gradually build your portfolio of domains over time, aiming for 50+ valuable domains to increase your chances of attracting prospects.
Managing these numerous domains definitely requires some capital. However, you can start with a modest amount and gradually increase your investment as you flip your assets. Also make sure to plan for domain renewal fees until you’re able to find a new owner for them.
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Key word research
This is another important aspect of setting up a successful domain business. It is essential to identify and choose domain name with potential value. Choosing the right domain name is very important in the domain flipping industry.
Making use of keyword research helps in identifying a valuable potential domain name. There are a couple of tools you will need for this exercise, such as domain authority checker, backlink checker, domain rating checker, and more.
You will need keyword research tools like Ahref and SEMrush for this.
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Be creative
Starting a successful domain business demands high creativity. You need to able to think wide and set your mind subconsciously to craft your letters. Once you’re confident of hitting an amazing domain, you can then proceed to the next which is registering the domain with your domain registrar of choice.
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Registration
Once you spot and verify a potential domain name the next step is to register the domain name. You can register domain names through accredited domain registrars. Here are some accredited domain registrars- NIRA and so many more.
In a situation you are planning to sell internationally, which is most times the case, you can register your domain with top registrars like Namecheap, Hostinger, and domain.com.
Ensure you follow all the guidelines and policies given by the registrar.
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Add Value
But it’s smart to want to add some value to your domain as you expect to land a sale. These days, people are more interested in domain names with prospect than domain fresh domains.
Adding value will make the sales happen a lot quicker and also help to increase your profit, consider adding value through improvement or modification.
To do this, you can consider creating a simple website on the domain, optimizing it for ranking on using Search engine Optimization methods, and creating valuable content related to the domain niche. This will make the domain more attractive and sell faster and more.
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Building a Portfolio
You can prove to your prospective buyers that you are not just an opportunist seller when you grow a portfolio of valuable domains. This goes a long way to establishing you as a professional and experienced domain flipper.
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Marketing and selling
Anything that requires selling needs to be marketed, marketing your domain to the right set of clients is very crucial, you can utilize online platforms such as forums, social media groups and pages, domain marketplaces, and other industry-specific websites to showcase your domain name.
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Stay Updated
The domain flipping word experiences changes almost every day. It is important you stay updated with the latest trends and techniques. This can be achieved through reading industry blogs, attending webinars and conferences, networking with other domain flippers and many more. Staying updated will help you to learn new strategies and improve your skills which will help you stay ahead of competition.
How to Source for Domain for flipping
There are two main markets to source for domain name. The first market is the primary market while the second market is the secondary market.
The Primary Market
In the primary market you buy or register a domain name directly from domain registrars. Namecheap, Hottinger, HostGator and GoDaddy are examples of a good domain registrar.
The price needed to register a domain name varies depending on the registrar, but it ranges from $5 to $15.
The Secondary Market
In this market you buy an already registered domain and then sell at your own price.
How to choose the right domain
Short and easy to remember domain names are the best. Your profit in the domain flipping business depends on how good you are at spotting a high potential domain name. You don’t just purchase any domain name you see. Learning how to identify a valuable domain name is very important.
There are some domain gossips and news sites that will help you know the latest trend in the domain flipping industry which will help you make the right decision.
Benefit of Domain flipping
Domain flipping as numerous advantages which includes
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Great profit
Selling a domain name is a very profitable business. A domain name bought at $10 can be valued at $1000 or more.
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Easy to run
A domain flipping business is very easy to run as you only need to buy, register and start selling.
Domain flipping industry is a very profitable business in Nigeria. Doing research and following the right steps will help you to minimize loss and maximize profit.
