Help with site flipping... $50k+ sale
I need some help on flipping a site. I've flipped a few sites but that was quite a few years ago and I didn't do it as a business model... it was just to grab some quick dough to pay for unexpected bills.
About a month ago, I decided I wanted to try website flipping for real. I set a goal to create a website that pulls in $10k/month for 3 months... then flip it for $50k+. I only say $50k+ because I've been told that you can get 5-10x your monthly revenue for your site.
Anyways, I'm 3 weeks into my site launch and we've cleared over $14,000 in revenue from sales. If I keep this up for the next 70 days, what are some steps I need to take to make sure I can sell this for $50k+?
The website sells services for internet marketers including social media needs, list building packages, web design and digital product creation. Packages range from $500-$5000. I outsource 100% of the work and have been interviewing a project manager this week to manage the incoming projects and outsourcing for me. I profit about 45% of that monthly revenue without the project manager.
Question... is the 5-10x estimate based off gross revenue or net profit? I would assume net profit with consistency... but feel free to clarify. Also, is 3 months of my goal revenue enough time?
I would be selling quite a bit more then just a website. The upcoming project manager would go with the business. I've informed each candidate that I plan on selling this within 3 months.
I have a large social media campaign for the business which would be included.... fan page, twitter following, linkedIn, Google+. The FB ads that work would be included.
I've been building a list which is at about 1780 subscribers. This includes squeeze, freebie, OTO product, and 4 weeks of autoresponder emails.
I also have 2 webinars early on in the autoresponder that promote the more expensive packages. This is where most the sales come from. I would include these webinar presentations in the flip as well and I could easily record them so they can be automated for the buyer.
I would love to get insights from someone who has experience selling sites at this level. Is there anything I could add? Is Flippa the place to sell something like this? And, I'm sure there will be more lol.
Thanks,
Travis
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