There are many ways to build a nice side income online and even a possibility of totally replacing your job but the problem for most new marketers is not the amount of opportunities but a lack of focus and direction. Spend any amount of time on an online advertising forum and one will get drawn into buying everything they see because in their eyes, they would be afraid of missing out on the next big thing.
Not to discredit the content being sold, although there are many questionable ones out there, the whole point is to avoid information overload in this industry. Knowing this, what is the best option to pursue? We’ll discuss two that have proven success stories for those who follow through.
Domain Buying And Selling
A domain is basically the web address that one types into their browser to be directed to a website. In order to build a website, one needs to have ownership of a proper domain name. Now, there is a practice of actually buying and selling domain names for profit. When you first begin in this type of business, one can just go to a popular registrar and purchase a domain that they think would be attractive or “catchy” and sell that domain for a premium. That is a simplistic explanation of it but that is the process one can follow.
Of course there is more to this method such as purchasing an EMD (Exact Match Domain) to capitalize on “type in” traffic, scanning for dropped domains, negotiating with other domain speculators, and participating in active domain forums. There are even domain services that actually keep a large inventory of domains that you can then sell if you happen to be a privileged member of that community. The main advantage of learning these methods is the initial capital outlay is minimal with margins being quite high once you become familiar with the nuances of the business.
Website Flipping
“Flipping” a website takes domain purchasing to the next level. After understanding the value of a particular domain, the obvious step if you have the inclination to do so is to build a complete website around it instead of selling the domain on its own. This effectively increases the domain value tremendously since now you’ve just made the job easier for a potential investor to maximize their investment. If you’re new to the whole process, educating oneself on web design, online traffic, conversion optimization, list building, monetization and more will in turn lead to increasing value and more than likely, profits for the website.
Although the upside to this model is earning some profits in the interim while building up traffic and usually a greater end sales prices, it does have more of a steep learning curve so it is a good thing to learn while banking in some profits from domain sales. For experienced marketers, this model is particularly lucrative as the website marketplace is only growing more competitive as new players are always coming in.
As one can see, these were just 2 potential business models that one can pursue to earn more income. The key is to begin somewhere and stay focused on the end goal without letting anything distract you from this. Others have proven it can be done, so what’s stopping you?
