by taking a pokey, battered old website and reselling it?
The answer is yes they do – but as with everything in online biz that is worthwhile,
it takes a level of technical skill, experience and a little business savvy to reach
the pinnacles that the pro’s have. However, if you do manage it, the sky is the limit.
We’re in the internet era just now – and websites are the houses, sparkling office
skyscrapers and (sadly) shanty towns of the internet world. Internet real estate (as
much as I dislike that term) is here to stay and will continue to create millionaires
in the months, years and decades to come.
The Evolution Of The Internet – From The Dot Com Boom And Bust To Today’s Cool
Tools For Site Creation
A decade or so ago, websites were perceived much like air travel in the fifties – they
were really reserved for the rich and/or famous. In fact, prior to the dot com boom in
the earlier years of this decade, investment banks and the clueless managers who ran
them would almost back any old start-up company as long as it had a dot com presence.
Even (or should I say especially) if the business model made no sense, was seemingly
written by a child and had serious flaws..
During the dotcom boom (while I was wrapping up my banking career), I saw companies
given the green light for investment that I’m quite sure no-one reading this would
have backed – for example Pets.com who were given so much financial backing that they
splurged on a multi-million dollar superbowl ad, bought an inflatable balloon slot for
the Macy’s parade and squandered the rest of it’s money in all sorts of idiotic ways.
A few months later, someone in management took off their dunce cap long enough to
realise that actually, products like flea lotion and kitty litter have a pretty low
mark-up and that because they took about 4 days to deliver goods, people would rather
walk five minutes to their local pet shop to buy what they needed. The company
promptly folded, after losing investors a boatload of cash.
Today, it’s a different story – the website industry is booming and the beautiful
thing is that the internet has evolved so that the smarter but smaller guy and gal
have a competitive advantage in having a website business over the big guns. While
website/blog design still requires technical aptitude, we have more tools, software
and resources to be able to put out good looking websites and blogs – one’s that can
stand up proudly against anything that a Fortune 500 company can whip up.
Of course, an alternative to building sites to resell is flipping them – buying
established sites at a low fee, doing them up, and then reselling them for a markup.
In some ways it’s a lot like real estate investment. That’s what we’ll look at next.
So, What Sort Of Things Do You Need To Know About Before Flipping Websites?
The answer is, a lot. You would not enter the world of site flipping under-prepared
any more than you would get into the real estate investment industry without a sound
understanding of how it all works (unless possibly you’re pets.com). To get into
website flipping, you’ll need to understand how the industry works. You need to set
out a clear plan on how much you expect to yield through your site flipping efforts,
and where to pick-up websites on the cheap (and where to resell them).
Make a start - learn about website flipping and what skills and knowledge you need to
do it to earn a living. Then give it a go - you may be surprised at what you can
achieve.
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