Here’s the situation. You have heard about flipping websites by buying a lousy website, fixing it up, and selling it to earn a profit. You’ve learned that it’s similar to flipping a property in the real estate industry, but far less work. You know that you have to clean up the copy on the website and have a buyer in mind even before you purchase the website. However, don’t get too excited and buy the first website you come across.
Instead, before you buy a website make sure you…
1. Verify income through merchant statements, etc.
2. Make sure the website is in a good niche, but it just has a lousy website. You can fix the website and earn more.
3. You should be willing to pay 4-6 months of net profits for the website. Figure out the return on investment per month.
4. You can find these websites to buy and sell EBay (http://www.ebay.com). Choose the “Business and Industrial” category. Look for “Businesses for Sale” → “Websites for sale”. Be careful, 90-95% of these websites are garbage because they are just template, clone sites. Never buy a template or clone site as it has no value.
5. When you negotiate the price you may encounter an unrealistic price or on the other hand you’ll have a reasonable price, but need a little negotiation. You should take a negotiation course to help you negotiate the deal. Try Roger Dawson’s negotiation course “Secrets of Power Negotiating” for help.
Tip: Use the seven magic words of power which include: “What’s the lowest price you will take?”
6. Only look at the websites that are offered for over $1,000. Also look for auctions that have ended and had no bids. Call the business owner and ask if you can still buy the business. You can usually get a cheaper price if you do this.
So take these six tips into account before you jump on the bandwagon of flipping websites. You’ll be glad you took the time to evaluate your purchase and earn the most money possible.
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