Top 7 Tips for Flipping Websites | Make Money Online

When you are looking to make extra money online, flipping websites can be a good idea. It can even be turned in a highly profitable full-time home business. Similar to flipping houses, the goal is to buy websites that are currently not doing very well, but have a lot of potential. You then improve them to make the sites more valuable and sell them for a profit. However, as simple as it sounds there are a few things that you need to be aware of.

Here you will find the top 7 tips for flipping websites?

Tip Number One ? Buy from Well-Known Sources

When you are looking for websites to buy it is always a good idea to stick to well known marketplaces. One of the most popular and reliable sites that you should try is Flippa. As well as showcasing websites, it also offers you plenty of tips and information to get you started. Flippa is by far the most well know flipping marketplace right now.

Tip Number Two ? Beware of Sites that Seem Too Good to be True

It can be really easy to get carried away when you are looking for potential sites. Some may seem too good to be true. If you find websites for sale that promise the earth then you should be very cautious of them. Never invest in anything that sounds too good to be true (e.g. ?$14,000 in just 10 days!? OR ?Automatic business! 0 hours a month!?). It would be worth checking Google to see whether the sites have been blacklisted on any list on the web. If they have then you would find it very difficult to make them work for you. Also check the sellers and the website background on twitter search and blogs search to see what people have been saying about them.

Tip Number Three ? Ensure that you stick to a Budget

You should always stick to a budget that you can comfortably afford. Set aside a set amount that you can spend on flipping websites and do not go over it. This will help you to stay focused on what you are spending. Sometimes you can get carried by a site that looks so promising but going over your budget might not be the best thing to do when you?re just starting out.

Tip Number Four ? Evaluate the Websites

Once you have found a website that you would like to invest in, you should first evaluate it deeply before making any offer. Look at how it would need to be improved, are there any usability issues, what new features would you need to add to the site, who are the suppliers if it?s ecommerce, what?s the margins, what kind of help you need to run the website and also think of everything that would need to be done to double the value of the website before you work out whether it would be worthwhile.

Tip Number Five ? Understand the Work and Costs Involved

Another thing that you have to consider is how much time it will take you to improve the site. What costs will be involved? When you need to add features to a website it can be costly. If the website would need a complete redesign then it could be worth just building your own site from scratch. The investment in the website is not just the purchase price but also the post-purchase investment in the improvements you?ll be doing. So take this in consideration.

Tip Number Six ? Be Enthusiastic

If you want to make the most money then you will need to be enthusiastic about the website that you are buying. You will need to want it to do well. Ideally you should choose a website that relates to something that you know about. That way you will be more interested in making it work. If you aren?t interested in the site then you might not give it your best. That?s simply how it works. So when deciding on which site to buy you should only buy those that you feel enthusiastic about and that will probably insure a nice profit for you.

Tip Number Seven ? Know When to Sell

The key to selling a website is building its traffic up and making the operation easy to manage. When you succeed you need to choose whether to keep the site or sell it and make a profit. If you wait too long then you run the risk of a downturn further along the line. If the website suddenly starts to lose traffic then its profit margins will also deteriorate again. So in most cases it?s smart to sell the site when you feel it has hit its full potential. This way you can take the money from the sale and buy a larger website.

These basics should get you up and running as you enter the exciting world of site flipping!

This post was sent to us by Lior Levin, who is an advisor to a task management tool company and also works with a neon signs store at 123neonsigns.com

Source: http://www.gr1innovations.com/top-7-tips-for-flipping-websites.html

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