There are many ways to make money online. I have been making money from most of the below methods.
Selling the space in your website to advertisers: You can sell the space in your website to advertisers. There are literally hundreds of online advertising networks that get the advertisements from thousands of advertisers and display it in your website. Based out of my experience, Google Adsense program is the best advertising network offering the highest Cost per Click leading to high revenue for you as a website owner. You could really make a living off your income just from ads revenue from Google Adsense. There are other alternatives like Chitika, Infolinks, AdBrite, Clicksor and Media.net. You could also sell the space in your website directly to the advertisers.
Affiliates: You can be a partner or affiliate selling other’s product through your website. Affiliate marketing generally works on a commission basis. You get 4% to 70% commission on each sale. The percentage is determined by the type of product you choose. For instance, if you own a website related to New York, you can be an affiliate for hotel bookings in New York, Flight bookings from or to New York, books on New York and local tour packages in New York. There are affiliates for almost all kinds of websites.
Product or Service: Sell a product or offer a service through your website. For instance, if you are good at PHP and Photoshop, you could offer services like web design, Search Engine Optimization, Logo design and Banner design. May be if you have a family business you could offer the same service in your website and expand it phenomenally. The limitation with service industry is, the revenue is very much dependant on the number of customers or amount of time you spend. Revenue is linear. If you are earning $20 per hour offering a service like Web design, your earning potential is limited to $3200 per month (160 hours multiplied by $20). Of course, you can hire more people and increase the revenue. Or you could be an exceptional web designer that people are willing to pay you more to get your service, but at the end the business model is linear. I don’t mean to discourage you from getting into service based offering, just that product based offerings are far more profitable and has a higher Return on investment (ROI), most importantly, it can be quick. There are thousands of people and companies that are into service oriented business and are making millions of dollars a month. One of my prime online revenue for me is still through my web solutions company – infiniX. Look for specific areas, where you can come up with a product. What I would like to emphasize at this moment is – there is a HUGE opportunity to earn money through your website by offering either a service or a product as a service.
Links: If you have pages in your website that has high page rank, you could place links of the other websites in this page and charge the website owners for each link. The links from your page/site are valuable because of the high page rank. Many website owners will be willing to pay for placing the links of their websites. I am yet to try this, but I have seen many website owners making a good residual income out of this.
eBook Creation: eBook publishing is one of the best ways to make money online. If you are passionate about something and are willing to write it in a 40 to 60 page document, you are good to go. Let’s say, you are thrifty and have saved a lot of money being thrifty. You can write an eBook on how to get rich by being thrifty. Write it from your real life experience, which would be honest and hence appealing to the readers. You have to identify the topics that are really in demand. eBooks on how to make money, how to be a successful public speaker, how to be more productive at work, Jokes and how to attract women are always in demand. One huge advantage of writing an eBook is that, you don’t have to work hard to sell your eBooks. Your affiliates work hard to sell your eBook and you pay a commission to your affiliates for every sale they make.
Flipping Websites: Create a website, monetize it and then sell it. If your monthly revenue from the site is $40, you can sell the website at least for $960. Generally, websites can be sold for their 15 – 24 month revenue. There are portals like Flippa which you can use to sell your websites. If you do not have time to create a website from the scratch, get a website from these type of portals and enhance the website. Once you see an increase the revenue you can sell it for a higher price.
If you had noticed, for all the income streams I have mentioned above, website is the key. You need a website to generate money online. The first step in creating a website is identifying the topic for your website. You have to check if there is a viable market for the topic you are going to deal with. You have to check if you will be able to survive the competition. The topic in which you are creating your website around, determines the success and failure of your business.
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