How to make money buying and selling domain names
You may overlook something as simple as a web-domain when looking for new ways to market your business or brand. However, there’s a certain psychology that lies underneath this minute line of internet text that can be extremely valuable. It can be as simple as a punctuated dash that loosens the authority of your site in the eyes of your custom despite the web domain being powerful. For example, www.nike.com seems more valid than www.nike-sports.com.
When starting a new business, you often have an idea of what you want your site to be but it may be the case that this domain name is unavailable and you may have to settle for something cheaper but less approachable and less in line with your brand.
Many people have entered the business of buying and selling web domains in the hope of making a profit. There was a news story not long ago about a domain buyer, buying some sort of Google domain name for $1 and Google ultimately buying the domain off him for north of $1Million. Once sites get large enough they often buy sites that are closely related to their sites to avoid others capitalising on their brand name and redirecting similar sites to theirs.
It’s a good idea to get a domain name that highlights your brand in is purest form; a domain that works well in terms of SEO and acts in line with what people will search for when they think of your brand or prospective brands.
Buy up the market
Many unused web domains are available on sites like GoDaddy for extremely cheap prices as low as a dollar. At present they have no value, but neither would www.nike.com 10 years before the release of Nike. Do your research and try and anticipate new markets and trends by articulating domain names and buying up your findings. 100 bought domains bought for a dollar each could turn out to be a goldmine, but another 100 may prove unsuccessful, it’s a case of spreading the risk and doing your research.
Time is key, seek out your buyer
The next step after buying your domain is to sell it. Sometimes buyers will approach you, but most of the time you will have to go out and search for leads yourself. This is where doing your research pays off, if you’ve done your research efficiently you would have put yourself in the shoes of your target buyer and worked out what would be beneficial to them in a marketing sense.
It’s almost like your pitching future projects to domain buyers. For example, think of an online casino provider who is constantly looking to develop new brands that really connect with their demographic. Sell them an idea and pitch the brand, create a demand for your owned domains and create an opportunity that they can’t turn down. All you have to do now is name your price.