Whether you want to spend $30 or $50k on Flippa, there are a few considerations you need to keep in mind in order make a good investment. Risk is involved in any investment you make, so it’s important to know that there is no guaranteed profit. However, certain investments can definitely be bad, so I prepared a short checklist of items to keep in mind before buying on Flippa
1- Know what you want
I want a website that can make profit and be able to manage it or teach someone else to manage it for me. This task can only be achieved with experience. Not to dissuade you, on the contrary, experience is a beautifully attainable character. Start ‘watching’ a lot of websites on Flippa. Watch anything that peaks your interest. Look at the ‘Just Sold’ tab and browse through the list. Pay attention to what is being bought by veteran users, aka people who have spent a lot of money on the website (This is displayed next to the bidders’ list on any sold/auctioned website). Start making mental or written notes of any patterns you find.
2- Identify scams, plain bad deals, and good deals
Verified analytics, verified income, video walkthroughs, and prompt communications are all things you should be looking for by default. There is a reason that Flippa stresses this, and as such, you shouldn’t neglect any of these items. Even if you are spending $100 on a website, don’t expect to get less support. If profit is promised, dig deep and find out what they mean. If you’re counting on a seller-prepared document with detailed information how to ‘promote’ your website and begin to make profit; take a step back. If you have no idea on how to promote a website and looking to learn after buying, you have to make a critical mental choice. Either decide that this purchase is an absolute experiment, with no emotions or stakes placed on it, simply because this guarantees you learn the most out of the experience.
This is simply because if you enter a game for the sole purpose of winning, you will begin to become stressed when loss seems a higher possibility; but if you’re in it to learn, loss is not possible.
3- Do not become addicted
There is a difference between addiction and motivation (duh). But on auction-based services like Flippa, the difference between the two can become marred. Investing $40 for an experiment can seem like a simple choice, and it can allow you to do another one quickly after the first one failing. The secret is not to end up cluttering your list of assets with 15 or even 100 useless websites that scream $1000s of dollars wasted in your face. Make sure that every website you’re buying can at least teach you something.
All the above advice might seem scattered and all over the place. But I have acquired it through making those very specific mistakes. It has been a great experience, and I feel like if anyone interested in entering this field keeps these things in mind, they can serve as a catapult towards making wiser investments.
In the meantime, it appears like I’m still getting a lot of traffic; we’ll see if any of you are real. Share your thoughts!