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Ways to make money online; Learn the various methods and choose the one best for you
There are several ways to make money online by monetizing your website’s traffic. You can provide goods and services through an eCommerce website, use auction websites such as eBay as an online retail tool, sell products for others as their
Affiliate partner or provide free information and earn money through advertising. This is one of my favorite sections of the website because it discusses how you can leverage the heavy traffic your website generates into an opportunity to make money.
I have tried both the ecommerce and eBay business models and have close friends that have tried other models. Though I was successful in both experiments, I will say that there is no better way to make money online than through advertising. I am making money from this website as you are reading this discussion despite having nothing to sell.
How you may ask? I make money by advertising for other businesses, directly through banner ads and indirectly through
Google Adsense. This is an investment and risk “free” approach to making money on the Internet. When I say “free” I mean no product inventory or service commitment offers. You simply do what you do best without paying anyone or buying anything and watch the traffic you generate bring you some good cash.
Traffic Comes Before MonetizingTraffic is the life blood of your online business. You can have the best looking and functioning website online, but without the traffic, your site is simply useless. By applying the Search Engine Optimization (“SEO”) and Search Engine Marketing (“SEM”) techniques discussed throughout this website, you can start generating heavy traffic to make instant money online.
But like I said before, my goal is not to turn you into a programmer, but rather show you that no computer science degree or heavy training is required to make money online. I want you to get rid of that idea from your mind and start fresh. All you need is a good website creation and hosting tool coupled with your hard work and you are on your way to online success. If you are willing to put in the time it takes to find good deals on products to sell or generate good quality content on your website for visitors to flock to you and market your website, the rest will take care of itself.
Below are a few proven methods you can implement to make extra money online. Each method is simple in its application and I can personally vouch for the great success that can be achieved by capitalizing on each one of these:
AdvertisingSelling advertisement space is arguably the most common way to make money online. Big businesses are willing to pay you money to access the eyes that are visiting your website on a daily basis. Advertising is all about numbers. If you can show a company that you are generating a certain amount of traffic to your website, you will have no problems persuading them to advertise with you. Many times these companies will find you themselves, saving you the time and effort to locate them.
Search engines like Google make most, if not all, of their money by advertising for businesses online. When your website begins to generate heavy traffic, you can approach these search engines and offer to advertise on their behalf. Very rarely will they decline your proposition and give you the opportunity to advertise on their behalves.
Search engines provide you with a small piece of code that you have to integrate with your website so that their ads start appearing in certain sections of your website. As long as you comply with their requirements and not engage in any unethical behavior, you will have the chance to make extra money online by advertising on your website.
To get an idea of how effective this method of monetizing your website is, read the article: Grey Googlers Strike Gold.
Google AdsenseHave you read the discussion on opting against a free hosting provider?
If you have not read it yet, please do so now. Never do this if you are serious about your website’s monetary success. You need something concrete that is yours and over which you have full control. Sure we all like things for free, but trust me, creating your own website is very much affordable and you will be so glad you chose this route when you look back to the road to your success.
It is very easy to recover the money you spent from your website once it’s completed. In fact, you can make money without having any products or services to sell. What you need to do is sign up for Google’s Google Adsense program. You will be surprised how fast your checks will be flowing in and depending on your content and the traffic you attract each of those checks can be significant in value.
Because of the heavy visitor traffic I generate on this site, businesses pay me to display their text and image ads on certain relevant sections of my website. And for businesses that go through Google to advertise, Google has made making money for me even easier through the Adsense program. Google pays me every time a visitor finds what they are looking for on my website.
Banner AdsBanner advertising is another big money maker in the online advertising industry. When your website starts getting heavy traffic, other businesses will take notice and will want to advertise with you directly to gain access to your loyal readership. Infopreneurs make a lot of money through private banner advertisements as their websites usually focus on a niche that fits the offering of a big company looking to advertise online.
For example, if your website is about Health & Nutrition, you might be approached by a Vitamin company that wants to advertise their Vitamin products on your website. if you want to get an idea of how much money you can make with this online advertising approach, go to Friendster or Facebook and go to their Advertise With Us sections. You won’t believe what you see. Yes, it is true that a simple, small banner can make you tens of thousands of dollars if you agree to put it up on your website for just a few months.
Affiliate marketingAffiliate marketing is the second most common way to monetize your website’s traffic. Affiliate marketing involves selling the products and services of other businesses in exchange for a fee on a per sale basis. You can make a lot of money through Affiliate Marketing. There are websites that are solely dedicated to Affiliate Marketing in that all they do is sell the products and services of other businesses.
If you know how to attract traffic, Affiliate Marketing can be a great way to make money working online with very little investment. All you need is your spare time, your motivation and the “know-how” – which is provided on this website.
Read a full discussion on Affiliate Marketing here.
Sell your own products, physical or ebooks etc.When your website is attracting heavy traffic, you have the option to sell online and make money. Every day Infopreneurs are adding extra streams of incomes to their websites by expanding into sales. You can either sell your own products and/or information, tangible or electronic, or source your products from elsewhere and sell them on your website. All you need to do is incorporate some ecommerce website software such as a shopping cart into your website. You may also choose to incorporate an ecommerce website template on your selling page to give it the ecommerce feel.
Many times you can sell a product that is already being sold by many others at the same price or even slightly higher and still generate a lot of sales. This is because your Page Rank and search engine popularity will allow your website to appear high on searches.
It’s very rare for people to go beyond the first page of a search engine’s search results. Just think about the last time you went past page 1 of a Google search that you did? Exactly! If your website consistently appears high on searches, and it should if you follow the techniques discussed throughout this website, you can sell pretty much anything you want and you will do just fine. It’s all about search engine visibility.
eBay is another great option for you if you want to engage in online retail. eBay as a business model is discussed in greater detail in the section discussing Auction Websites.
Generate leads for yourself and othersI love this approach personally. I once met an Infopreneur that operated an information based website on personal finances. He was a retired financial planner and his daughter had given him the idea of starting his Blog to discuss personal finances. At first he earned money from Google Adsense advertisements only. But once his website traffic grew, he started sending interested clients to certain financial planning firms that he contracted with. He received commissions for each person that he referred. In fact, he started providing financial services as well to clients that found him through his website.
Here is how it worked for him. He generated local leads through his website (people that are interested in hiring personal financial service) and referred them to his network of local financial planning firms. He took anywhere from 5-10% of the total fees the local firms charged their clients. Not a bad idea considering you can get hundreds of leads a week from all kinds of localities when your website is generating top traffic.
If your website consistently appears on top of searches every time someone searches for a local financial planning firm, you will soon run out of firms in your network and may have to start turning down business. This is a problem most businesses would love to have! Similarly you can use the lead generating method for pretty much any business or profession. Some common ones are travel bookings, handyman repair services, real estate, hotel and car rentals, etc.
A retiree turned Infopreneur. Certainly a great way to make money writing online!
Show others how to do what you are doing – exchange time for dollars
When others take notice of your success, you will be approached to either teach them how to do the same or just do it for them. Or, you can take the initial step yourself and start your own business, whether full or part time. You can either teach others how to become successful online or you can help them by building them a good looking and functioning website that is heavily optimized and continue to market it online for their business. This is a great way to work online and make money for someone interested in a home based online business.
Personally, this is my least favorite way to make money working online, but only because it involves trading your time for money. There is nothing wrong with that. But it’s my personal preference to rather build a business that I can run on autopilot which will bring me residual income overtime. But, that’s just a personal preference.
You may very well love this method because it involves interaction with others and it will put you in face to face contact with your clients. If you already left or are planning to leave your corporate job but miss the environment of working together with other people this might be an option you would like to consider. This is how business is known to most of the world. You provide a product or service in exchange for a fee. It can be challenging and a lot of fun at the same time.
I have done this myself in the past when I helped a couple start their home based online business where they sold hand-crafted specialty cards. I had a lot of fun creating the website and I made some money on the side doing it. For many other web designers, building and marketing websites for others is a full time profession. There are hundreds, if not thousands of firms that do just that for their customers.
That being said, if this is the route you are considering, the hottest niche to target is small businesses. There are millions of small businesses out there that do not have websites. Many don’t understand the power of websites and what it can do for their businesses. Others just never have given it the thought, or the chance. If you can persuade small business owners that in this age a website is almost a must for their business, you can secure countless projects that can keep you busy for the years to come.
This approach is a win-win situation for everyone involved. You get to do something you are very passionate about that is fun to you and the small business experiences a big boost in their sales and profits.
You Can Become a “Buy-out” CandidateYour website’s success can make it a buy-out target for a bigger website. When you begin to generate a lot of traffic, others will begin to take notice of you. Many will be interested in having access to all that traffic you are getting on your website and therefore will offer you a lot of money to buy your website.
You don’t have to sell your website and there is no way someone can take it over through hostile means. This is not the stock market where anyone can take over a company by buying all its stock shares in the open market. The only way someone can buy you is if YOU are willing to sell your website to them. The good news is that in the world of mergers and acquisitions, online business models demand the most in terms of price.
Here is a brief tutorial on buyouts (pardon the tangent):
When businesses are bought, the price paid for them is typically in some multiple of the annual earnings. So for example business “A” generates $10,000 in annual earnings. Buyer “B” might come by and offer business “A” a multiple of 5; meaning 5 times the annual earnings to buy the business today. So if business “A” agreed to the offer, it would receive $50,000 (10,000 times a multiple of 5) today.
You can also think of this as buyer “B” paying 5 years worth of earnings to business “A” to take it over today. This is how I used to think of multiples; as advance payments in exchange for your business. Of course, multiples and all other terms of any deal are negotiable but this is how typically deals work out.
Back to the good news; I have seen online business models typically go for multiples of at least 10. I have a friend who recently sold his ecommerce website that was generating $80,000 (which is not hard to do) in annual earnings for $775,000; that is a multiple of 9.7. Wow!
ConclusionThe approaches discussed in this section are just some of the ways to make money online. It is really very simple implement each of these methods and you can make a lot of money from them. However, as mentioned above, Traffic is King in the Internet capacity. No traffic = no money = no nothing. Forget about it. So although I say each method discussed in this section is simple to implement and profit from, it is not easy to get the traffic needed to become successful at all.
If you want to get that traffic, you can do one of two things: either spend a lot of time and hard work on establishing your traffic using the SEO and SEM advice on this website, or go with a one stop website solution provider like SBI, a web design and marketing program that was created just to get you loads and loads of traffic so that you can focus on the various ways to make money online.
SBI was created keeping SEO in mind with each step of the web building process. There is no program that comes close to the capability of SBI. Read more about the many average people who are making well above average money online using SBI from the comforts of their homes.
SBI can get you the traffic, the toughest component of online success, needed to succeed so that you can focus on what you do best for your business. SBI taught me how to make money online from advertising through content driven websites like this. Read moreabout the benefits of using SBI to create, optimize, market your website and start to make money online now.
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