Introducing The World Of Website Renovation: Part 2
Matt and Liz Raad introduces us to the world of website renovation – a niche that permits immense profit creation from a trillion-dollar marketplace.
The advantage of doing your own website renovation is that you have control over it. Provided that you’ve planned it carefully, you’ll be in control over everything. The design, content, optimisation strategies, monetisation options, and whether or not you’ll sell it now or hold on to it just a little longer.
On the other hand, buying a website means that your work is already cut out for you. All you need is to renovate it on all aspects, from the design to its monetisation options. For this one, you’ll also be able to decide when you’d like to sell it now or later.
So if your goal is to flip websites, you’ll likely choose the second option. It might turn out to be more profitable than the first option. But if your goal is to steady stream of income, you might want to start using the first option. That’s especially if you haven’t flipped websites before. In doing so, you’ll learn about flipping by using your website as a guinea pig while generating income by monetising it.
Still, you might ask: which option is better – holding on to it or selling it after renovation?
The answer still goes back to what your goals are. If you want a steady flow of income, you have the security offered by the buy-renovate-hold option. Through it, you can renovate it for maximum revenue potential and maintain it so its responsive to market changes.
But if you want to make website flipping the source of your income itself, you can buy in bulk, outsource the renovation work, grow it, and then sell them in bulk.
Finally, you might be wondering how much will you make?
When you choose the buy-renovate-hold option, you have to strike a balance between the time you intend to hold on to it against the money that you’re actually making. You also need to make sure that your site maintains it ranking, performance, and monetisation potential the whole time you’re holding it. Realistically speaking, it might take years before you see actual ROI materialise.
For the buy-renovate-sell option, you can certainly profit if you sell with high multiples and in bulk. Now, the value of your website depends on how much income it produces per month per year. Of course, that’s given the assurance that you’ve renovated to the best of your ability and have exhausted every monetisation option possible.
Your website’s sale value now can either increase or decrease when you hold on to it long-term.
So deciding whether or not to hold or on-sell is really an assessment of what you want to accomplish.
In the next the blog, we’ll go deeper into the world of website renovation flipping. Covering how they relate to the concept of investment and creating wealth.