Beginning Your Journey in Website Entrepreneurship
Website entrepreneurship is described as the process of buying, selling and developing websites for profit.
At first glance, the process of getting into this competitive field may seem impenetrable. If you find yourself identifying with this mindset, the points below will help give you a basic framework that will assist you on your journey of buying, selling and developing websites.
Buying a Website? Do Your Research!
If you are a business savvy person, performing your due diligence is the very first step in acquiring any business entity. If you are buying a website that has already been built out, you should always perform extensive research on the website before ponying up the cash. Common questions you should be asking are:
- How many times has the website been bought and sold?
- Can the current owner provide Google Analytics data that meshes with the website’s Alexa ranking and Google PR ranking?
- Can the current owner provide verified income statements?
- Do you have specialized knowledge in the website’s niche?
- Does Google Trends have the niche on the uptick or downtick?
These cursory questions can help you mitigate risk as you begin to purchase websites in efforts to generate passive income. When you go to “flip” a website that you have previously purchased, you will want to ensure that you can answer these same questions before a potential buyer is able to ask. This shows that you are prepared and that you’ve done your homework which could fetch you a higher premium at the time of sale.
Building and Selling Turnkey Websites
Perhaps you have an idea for a website that you could build and sell for profit? This term is called a turnkey website because you build the property, develop it and sell it as a solution. The new owner can simply “Turn the key” and begin seeing results. Basic guidelines for building and selling turnkey websites are as follows:
- Ensure that the niche you select isn’t oversaturated
- Target long tail keywords that specifically describe the product
- Select a memorable .com domain name that includes target keywords
- Build the website using a popular content management system such as WordPress, Drupal or Orchard
- Provide a repeatable benefit for your visitors that makes them want to come back or share your website in social media
Get Educated on Website Entrepreneurship
If you’re just beginning your adventures in flipping websites for profit, the best investment you can make is an investment in yourself.
Regardless if you are a beginner or a seasoned veteran, sharpening your technical skills will benefit your bottom line in ways you never thought possible.
Instead of hiring a seasoned developer, you might be able to write the code yourself with enough practice. If you do need to contract help for your website development team, being educated on the latest technologies will allow you to make more informed decisions in regards to what skillsets are most critical to your enterprise.
The success of your website entrepreneurship endeavors will largely rest upon your shoulders. If you commit to putting in the work, building websites for profit will begin to resemble a cooking recipe. As long as you mix in the correct amounts of the right ingredients, you will likely see consistent results each time you execute the recipe.