It’s a phenomenon in the real estate industry, spawning countless television shows and books, and now flipping has moved online. Entrepreneurs are quickly realizing the potential in building or buying websites, then rehabbing them and flipping them for a quick profit.

Identify the niche you want to work in. Choose a niche you are familiar with, and focus on niches that will continue to grow rather than ones that may prove to be fads.

Design a simple website that immediately catches your visitors’ attention. You have only a few seconds to catch their interest before they click on the "Back" button, so compel your visitors to stay on your website.

Buy a website with potential if you don't have Web design skills or you simply don’t want to build a website from scratch. Flip that website by making it valuable to your target market.

Drive traffic to your website through pay-per-click advertising, article marketing, forum marketing and other advertising methods. If you want to eventually flip your website, you must prove that you have a steady stream of visitors every month.

Make sure your website is making money, whether it’s the residual income of a membership site or income from selling niche products. In addition to the traffic your website draws, potential buyers will want to know how much money the website brings in every month.

Begin advertising the sale of your website once you’ve got adequate traffic and the website is making decent money monthly. Create a powerful sales letter to sell your website.

Sell your website to the highest bidder, and start working on your next website flip.