I’ve been flipping domains for nearly 10 years now and the responses I get when I tell people I do this for a living always surprise me . It can range from a curious look at a wedding to a baffled blank expression at a family barbecue. There have also been some quite angry or backhanded comments about the business and it’s nature which I will have to go into another time. However, the most popular response I get over and over is:
“How can I get involved in that? Is that legal?”
I thought it would be good to put a few of these responses and myths to bed with a blog post.
You Have to Be Rich to Get Started
I’m not sure where this one came from. I think people hear some of the profit levels involved with flipping domains and think. “Wow.. that must be en expensive industry to get into.” When in-fact they couldn’t be more wrong. A domain is about £5 and is the same price for everyone. Rich or poor.
Domain Flippers Are All Crooks and Hustlers
People still have this notion that domain flipping is something illegal or shady. I’m sure there are parts of the domain industry that are not “completely vanilla”, but the majority of domainers I have met have been smart and savvy investors . Nothing more.
Every Domain Will Make a Profit
I wish. If you get into the industry thinking you will make £1 million from every domain you will be in for a shock. It takes time and perseverance to learn the industry. There will be domains that will make you £millions, but there will also be domains that don’t live up to your predictions.
You Will Get in Trouble With Lawyers
I often here this a lot from people. This is always there first major concern and this is a valid issue for domain flippers. Nike are not going to be shaken down for NikeTrainers.co.uk. If you buy domains with trademarks in don’t be surprised if you find yourself with a few legal letters on your door mat. You must familiarise yourself with trademark laws. If it’s too good to be true, it probably is.
Only .com Domains Are Worth Buying
Gold.co.uk sold for £600,000. Just because it’s not a .com does not mean it will not make money. As a UK domainer I tend to concentrate on mainly .co.uk domains. This is because I understand the industry and know the market. The .com domain market is larger and there is potentially more profit to be made, However, this brings with it a lot more competition and the global market.
I’m sure there are a few domain flippers that read this blog. Please feel free to add any more myths in the comments box below. The crazier the better!