This transcript was generated from the episode audio and may contain minor errors.
[Music]
Can you buy and resell digital products? Digital products specifically. We're gonna talk about digital product flipping. We often talk about reselling, going out to buy clothes or computers or games or cameras or all kinds of other physical goods. But what about buying and reselling digital products like websites, domains, other digital assets.
Welcome to another episode of "Sidusle School." So glad you're out there. Thank you for tuning in today, episode 2,748. Whether you're already running a Sidusle or thinking about what to do next, the whole purpose of the show is to give you some practical tips, ideas and inspiration. So today's question comes from Jamie in Salt Lake City. Jamie has been doing the reselling thing with physical stuff and is now curious about digital product flipping.
So let's talk about it. If you have ever wondered about buying, improving and reselling digital assets, or if you've never heard of it and you're like, "That could be interesting. "I don't have to fill up a storage unit or my garage "with a bunch of physical items." And then dealing with all of the shipping and logistics associated. Let's talk about how this might work. Detailed question and my answer coming up after this quick shout out to our sponsor.
[Music]
Hi Chris, I'm Jamie from Salt Lake City. I've been flipping physical products for a while now, thanks to your podcasts and books. Recently I've been wondering about the potential in digital product flipping. Are there opportunities to buy, improve and resell digital assets like websites, domains or digital products? I'm excited about the idea of working with digital assets, but I'm not sure where to start.
What should I look for and how can I make sure I'm investing my time and money wisely? Thanks for all the inspiration and practical advice. [Music]
All right, Jamie, thanks for this question. I'm not sure we've ever talked directly about buying digital assets and then reselling them or buying them specifically for the purpose of reselling. So it's a little bit different than physical product selling.
It has some more complexity. It has a much longer timeframe. You don't typically buy something and then resell it right away when it comes to a digital asset the way that you would with physical goods. So just understand that. You're gonna have to hold on to inventory for longer.
It might require some more cashflow management, might require more upfront investment. But basically, in a nutshell, digital product flipping involves buying digital assets such as websites, domains or digital products, improving them in some fashion or just holding onto them for a while and then selling them for a profit. So as mentioned, this could be websites. It could be domain names. It could be full on e-commerce sites and blogs and actual businesses.
Basically, what you wanna do is look for websites with good content, but poor design or monetization, at least if you're buying websites. And if you're looking for domains, well, some people buy a bunch of domains and hold onto them for a while. There are sites like Flippa, Empire Flippers and CEDU, S-E-D-O, they're popular for buying and selling websites and domains. And sometimes, of course, you can directly approach website owners or domain holders to negotiate a purchase. So how do you do the research?
Well, you wanna check current traffic using tools like Google Analytics. There's some SEO tools, SEM rush that allows you to analyze backlinks, domain authority, like how good is this domain? How popular is this website? What might its value be over time? Now, as I said, there's some complexity to this, but some people do this as a primary business.
So it is not without potential for sure. And once you have improved the asset or held onto it for a while, list it for sale on platforms like Flippa or Empire Flippers, or maybe even just on eBay. Basically, you wanna build a portfolio to where you always have assets that you're holding onto, assets you're improving, assets that are for sale, so that you're developing a better way to manage that cashflow in the long term. Obviously more to be done, but those are the first steps. So let me know how it goes.
Listeners, if you have a question, a comment, an experience, sidehustleschool.com/questions. We'll continue to feature them throughout the year, along with updates from other listeners as they launch and grow their projects. Thanks so much for being out there. My name's Chris Guillebeau. This is "Side Hustle School." [Music]
- From the Onward Project.
