Are you familiar with real estate and stock market flippers? These are the people who buy and sell to earn quick profits.
In real estate, a flipper buys a house, renovates it and then sells it for a bigger price. While not everyone who goes into real estate flipping succeeds, this has certainly made some people rich.
Today, there’s a new breed of flippers that have recently emerged. Website flipping is the process of buying an underperforming website, improving it, and selling it for the right price. It’s becoming more and more popular as business owners recognize the convenience of buying an existing website compared to starting up a new one.
Types of Website Flipping
Website flipping comes in three types: beginner’s flipping, standard flipping and long term investment flipping.
- Beginner’s flipping – This involves creating a website from scratch, promoting it and selling it once it has gotten some traffic. This takes more time than the standard flipping method but gives the flipper control over the major elements of the website such as the design, layout and so on.
- Standard flipping – Also called the medium term investment, this is the most popular type of website flipping. The flipper will buy an existing website, work on to improve its various areas, and then sell it for a higher price.
- Long term investment flipping – In this type of flipping, the flipper holds on to the site for a longer period (up to a few years), earning profit from it. Once the website hits the market threshold for the selling price, the flipper will then sell it.
Benefits of Website Flipping
- Lower cost compared to starting your own website
- Saving more time
Steps in Website Flipping
- Step 1 – Buying – So first, you need to find a website that you would want to buy. This is the most crucial part. This determines the amount of work that you will have to undertake and the likelihood of your website being sold. This is why, you need to make the right choice as to which website to buy.
- Step 2 – Improving – In this step, you’re going to do all the work that needs to be done in order to improve all the areas of the website from the design, theme to the SEO and so on. This part requires technical skills and lots of patience.
- Step 3 – Selling – This is the last part of the process. This will determine whether you’ve succeeded in website flipping or not. The objective is to sell the website for a higher price. Be sure to take into account the time and costs that you’ve incurred during the improvement stage. For example, if you hired a graphic design to make a header for the website, then be sure to include his services in the list of your costs.
There’s so much potential in website flipping. If you want to try your hand in this, be sure to study all about it and learn the necessary skills for buying, improving and selling a website.