What if I tell you that mere arranging alphabets to form a word or a compound word can start pumping your bank account thousands right away? This kind of wonderful idea is a breathtaking business opportunity I’ve ever seen once in a blue moon.
And it’s very simple to start. But I’ll strongly advise you to go under a physical and practical tutelage of who is already in to the business. You’ll only need an effective email address, ATM card and your android, bank account (online payment is advisable) iPhone or laptop device, and your brain.
It was in 2016 I once got an idea to start this business but I was afraid because I had this fear of losing my hard earned money. Lol!
Now just of a recent, one of my colleagues bumped into a $2000 selling a domain which he wouldn’t want me to reveal here. You wouldn’t believe me that if today, you register a new radical word that goes on trend among millions of people(with a domain name registrar), you can end up being a millionaire. Because the word’s(domain) authority would be popular online. And the earliest bird catches the earliest worm.
In simple terms, this domain(word) flipping business enriches those who are very creative and smart. I know you are. But how would you go about starting? I’ll elaborate everything here.
Table of Content
Understanding the Basics of Domain Names
Generally, “domain” is a name or word given to any entity visible or abstract, which is now named after a website address online.
For instance, “IdeaFlavour.com” is a domain, “nairaland.com” is another instance.
The most lucrative single words are almost taken but can never finish. But all of 2 and 3 letter meaningful words have been taken. For instance, Google, Quora are single words. But you can still form fantastic crazy compound words that you can advertise to sell. Words like “crazycat” etc…
But it’s extremely crucial that you distinguish between a “.com.ng” and a “.com”. These are called “domain extensions” .
First, generic “Top-Level Domain” is known as “gTLD”. This kind of domain extension is commonly used and is the most popular. “.com” as it’s “com” connotes “commercial”. Other gTLDs are, .org, which connotes organization, .net, .gov, etc. This gTLD extensions determine the purpose of that website. Whether the activities to be carried out belongs to government(.gov), school(.edu) or multipurpose(.com). These kinds of domain are moderately costly.
Then, country code “Top-Level Domain” extension (ccTLD) domain extension type the domain portraying the identity of its country. For instance, you can have ‘naij.ng’ because it refers to Nigeria. “.uk” is for the United Kingdom “.is” is for Iceland.
Besides, the modern Top-Level Domain is recently added to be considered in the World-Wide Web. New and creative domains flush into the market and this set is as good as solid. For instance, “blockchain.info” is an mTLD. What we’re referring to is the “.info”. In other words, some selected words are already added to domain extensions which are mTLD e. g. “.space”, “.tech” etc.
More and more new types of domain extensions are coming in the market, and they are named as Modern Top-Level Domain Extensions. These are Domain extensions like .cloud, .info, .academy comes under this type. They are also known to rank higher in the search engine result pages as they include a keyword.
In addition, we can have a longer tail of a domain extension. Like now, we can have “Matthewwoodward.co.uk” “naijatrends.com.ng”. They are nice TLDs determined by the location and purpose of the name turned domain. But it is important you have a rich knowledge of what price a domain price for those two factors are determined.
Guide on Domain Flipping Business – How to Sell Domain Names in Nigeria
Get Your Capital Ready
As much as you may not need money to start any business, you won’t but need a capital at the very edge end of starting. So, as at now “.org”, “.edu” are more expensive than “.com”. You’ll need from #500 to #5500, depending on the domain registrar.
Think Deep, Wide and Clear
You have to be creative of you want to be successful in this business. This is a kind of business that can generate you millions of dollar with just an inspiration. So, set your mind subconsciously to generate you words at any point in time.
When you hit an amazing button of domain, check out godaddy.com or namecheap.com, so you can see if the domain is taken or not.
Register Your Domain, Buy or Sell
Some websites dedicate their services to selling domain names or most likely hosting also. For example, Godaddy.com currently gives a massive discount for a year. Namecheap.com is also reliable.
You might need to look up a lucrative name, and at times, when all hope seems gone, there are a lot of websites on the internet that helps you connect with potential sellers. They are websites like sedo.com, bido.com, afternic.com or flippa.com.
In fact, if you have a domain, which you luckily got registered at that price, you may easily find a buyer if you put it on for sale in these websites.
My Conclusion on Starting Selling Domain Names – Domain Flipping Business in Nigeria
Unless we’ll deceive each other. This business is very risky. I won’t decieve you, it’s like that risk in gambling. But this is not gambling. It’s a creative investment that can cater for the rest of your living if you play your cards right.
The owner of Beer.com sold it for $7,000,000; Z.com was bought at the rate of $6,784,000; Slots.com sold for $5,500,000, Casino.com sold for $5,500,000 etc…
Domain flipping business is damn lucrative, especially in Nigeria where internet is fast rising. Upon all, the risk isn’t too costly if the domain name is fresh and has never been taken.