Domain names are the names that are used to identify web sites. Some well known examples include yahoo.com, Google.com, Slashdot.org, and hotmail.com. There are basically main two ways in which a person or company can acquire a domain name:-

1. The first way is by registering a previously unregistered domain name with a domain registrar. In this case, domain names are generally sold on a first come, first served basis - a domain remains with the registrant until either the registrant either fails to pay the annual renewal fees to keep the domain, or until the registrant transfers the name to somebody else.

2. The second way is to get an existing domain owner to transfer, usually by selling, their domain name to them. This is known as "domain trading".

Today, there is quite a considerable amount of activity going on in the domain trading industry (known as the "domain aftermarket"). It is also true that some people have made considerable amounts of money in this marketplace by flipping domains, that is to say acquiring the names cheaply and reselling them for a higher price.

Of course not everybody who tries to enter the domain aftermarket will make a profit. For example, if you were to register a lot of domain names with the intention of selling them on, but then fail to find any buyers, you would be out of pocket for all the domain registration fees. In short, success in this business, just like any other, requires knowledge and expertise, including an awareness of what your potential customers are looking for, and how to best reach them. Some of this you will have to learn along the way, but you should look out for opportunities to learn from others with previous experience in the domaining industry - if you get the chance to talk to experienced domainers, you should of course take it, and you might also want to consider reading guides such as "How I Sell My Domains" by Edwin John, or "Domain Cash Vault" by Brian Pubrat.