Website flipping seems to be a good online business opportunity. You can even earn millions from it, if you do it well and have the patience for it. So what is it all about, and how is it possible to earn that much from it?
Basically, website flipping is improving an already existing site and then selling it.
A good analogy for this is the business of real estate. There’s a practice in real estate called house flipping, where you buy an unoccupied house, renovate it, make it look more appealing, and then sell it at a higher price. In the online world, the idea is the same.
Knowing that, let’s break down the process of website flipping into three basic steps.
1. Buy an existing website
First of all, you have to find a website that’s already built, but is for sale. Perhaps these sites aren’t getting much traffic or conversions, or the owners changed businesses, or they created a new website. Because of this, you can get them at low prices. There are several listings available online where you can find potential sites to buy.
Though this may sound easy, in practise it isn’t as easy as you may think. There are some factors you must consider, like niche, market share, and potential revenue sources, among others. Just buying a site because it “looks good to me” isn’t going to work. You also have to do the preliminary research as well. Certainly you don’t want to waste money on a site that isn’t going to be profitable anyway.
2. Improve the website
This is essentially the “flipping” part of website flipping. You can do whatever you need to do to bring in more traffic to the site, attract customers, and increase conversions. You may have to revamp both the frontend (design, user interface, etc.) and the backend (e.g. the plugins, e-commerce functions, etc.) to accomplish what you want the site to do. You may also need to add more functions to the site, as well as make it look more up-to-date with modern themes.
The idea is to add more value to the site, so that it can get more traffic and generate more income. As the site’s earnings grow, you’ll soon be making good profits. If the site earns much more in the long term, you can then move on to the third step.
3. Sell the website at a higher price
Once your improved website is doing well enough, you can then sell it. Because of the added value, the site will now be priced higher than what you bought it for. This is how you can earn from website flipping.
And if you held on to the site longer, attracting more customers, making more sales, and increasing market share, the site will be all the more valuable. Once you decide to sell it, it could be worth a fortune!
And that’s basically how website flipping works. Anyone who has a knowledge of how to create websites can do this. As long as you know how to add value to a website, you can potentially make money from this business idea.
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