Although there are tons and tons of success stories within the world of website flipping, you’ll undoubtedly find that there are more people who fail than succeed! Needless to say, this is bound to be quite worrying – but the fact of the matter is that most of the people who do fail at this business do so for some pretty common reasons.
Knowing these reasons will undoubtedly help you to ensure that you never end up suffering from the same issues.
As you might expect, the top reason why people fail at website flipping is:
- They simply fail to take action, or take action and then give up too easily
- They do not bother to learn about what they are getting into
- They get into it thinking they’ll be playing with millions within a short period
All of these problems are the top reasons why people fail at most things related to business in general – and they apply equally well when it comes to website flipping. To be specific, however, there are a few website flipping-related reasons that you should watch out for too.
1. Not able to evaluate the website
This is one of the biggest problems that beginners face when they first try to flip websites is that they have no idea how to evaluate certain websites. What this means is that not only do they do not know how much they should be buying certain websites for, but they also won’t know how much they should be selling their website for. Needless to say, this is going to be the start of a vicious circle that can only end very, very badly!
2. No experience in growing a website
Next, another big problem that almost everyone faces at some point or other is the fact that enhancing and improving websites before flipping them is never as easy as people think it is. It is an extremely involved area that starts with evaluating a website to see where it can be improved, before actually implementing those improvements! Those who have prior experience in internet marketing, web development, or even just traffic generation will undoubtedly find this less of a problem than complete beginners.
3. Not looking at the bigger picture
Last, but certainly not least, one of the other major reasons why people fail at website flipping is that they don’t develop a plan as to what they intend to do. Without a plan, you’re going to find that even though you might put in a lot of effort into improving websites, those efforts will be untargeted at best and so you won’t obtain results that are as good as if you’d sat down and planned things out. More importantly, some of those results might not even manifest themselves till after you’ve flipped the website!
4. No knowledge about the niche
This can be very detrimental to the future growth of the website. It will require a lot of time and energy on your part to get yourself familiarized about the niche or you’ll have to pay someone else.
In my opinion, if you don’t have much knowledge about the niche. You should steer clear from it because you’ll know about the nuances only after spending a lot of time in the niche. Monetizibility, amount of work required, SEO, etc are some of them.
5. Buying without checking for easy fixes
You should buy a website that is weak in places where you have expertise so that you can easily fix those and flip it for profit. If it will have strong traffic and strong revenue then there are very few places for you to make improvements. It will have high cost for you as well.
As you can see, there are many reasons why people fail at website flipping. All that you need to do now is make certain that you don’t number among these people!