Special to the Financial Independence Hub
We’ve all heard of domain names purchased 10 years ago for $10 dollars and selling for $20 million today — or some other story of similar nature. As a result, you might be interested in buying and selling domain names either full-or-part-time for profit. It seems so easy and simple: just pick the right domain name, hold on to it for a while then sell for profit.
But is it really that simple? Well, since everyone is online –you can imagine that the ocean is wide. And you don’t want to start with a bit of research. You need a map, and we’ve created one for you here.
There are millions of domains already registered, especially the easiest ones that consist of one word such as apple.com, Facebook.com and so on. On the other hand, there are countless combinations of available domain names to register, especially if you consider the thousands of new domain name extensions such as .ng domain or .eu domain names.
As you can see, it is critical to keep your focus narrow. What subjects are you already familiar with, which can make the process much simpler? Do you have experience with animals or tech? Have you worked in the entertainment or service industry? Think about the industries you are most familiar with first, and start with that. Why is this important? Well, you don’t want to target prospective buyers based on their potential for sales if you don’t have insight into the industry you are aiming at.
In other words, don’t just rush to buy multiple domain names you think would appeal to health care clinics you’ve identified as potential buyers. You might not be aware of any industry-specific rules that govern facets of legal advertising. You won’t make much of a profit, if any, if you buy domain names your target audience can’t use. This is where it pays off to take the time to understand your audience.
Take the time needed to learn