For the longest time, you have yearned to break free from the 9-5 routine. The rigmarole gets to you in the long run and you are willing to do whatever it takes to have a passive income that aids your financial independence.
Purchasing and selling domain names is one such passive income generating avenue which can make your dreams of sipping margaritas by the beach and still having your accounts fill in with money a reality.
How does this work?
Basically, domain names are like virtual addresses. And having a domain name business is like having real estate on the internet.
When you purchase a domain name, you buy it at the cheapest price you can get it for, and then put them up for sale again setting up a desired price for the domain name which now belongs to you.
How to buy domain names?
When it comes to purchasing domain names, you can look up sites like Monikar, Godaddy, Namecheap, etc. Simply type in your desired domain name and if it shows available, you can buy it for some dollars for a year.
There are certain domain names that their respective owners forget to renew or overlook them for too long and they expire. You can purchase such domain names too, if you deem them handy in the future.
How to sell domain names?
You can simply notify on your landing page that your domain is up for sale. The interested buyer can then contact you regarding the purchase. But the best way to market your domain name is to get it noticed by potential buyers by listing your domain on sites that sell domain names. Sedo, Flippa and NameJet are some sites that can help you out with this.
When it comes to domain names, you got to be smart about what you buy because if there is no scope in selling it, you are just left with a domain name that is leaking you money.
Stay smart and choose wisely.