To run, you have to walk first, right? So, before we talk about monetization, let’s have a quick glance at what’s important in the first place.
Choose your niche wisely
Before you start an online business, check one more time that this is exactly what you want to do. Though not impossible, it’s not easy to iterate or pivot in business. It happens very often that one changes his/her game plan, but try not to come to that point, just because you didn’t think it through.
Even though this is an used line, try to choose something that drives you and that you have passion for. Personal business is very stressful – the burden of success is on your shoulders and sometimes it can be very heavy. If you don’t have an inner drive that’s going to get you through the tough moments, you might burn out very soon – and you don’t need that.
Work on your individuality
OK, assuming that you’ve got the previous taken care of, think about the potential audience. Research the Internet, get to know your competition, potential readers and make a strategy on how to be different. Do what you have to to separate yourself from the crowd.
Create quality content
By quality content we mean everything about your website: web design, name, URL, about page, articles…
Don’t undermine this. Creating quality content will help you a lot – it will separate you from weak competition and you’ll seem trustworthy to your visitors and readers.
Communicate with readers and develop loyalty
Before you start with any kind of monetization, you might want to create a bond between you and your readers. Reply on comments, ask for feedback and write what your readers want to know. Also, you can reward your loyal readers with special actions, benefits, free ebook or something similar. Make them feel special and they will appreciate it (and you).
Now that you’ve got all these basic steps covered, you can think about monetization. Here are some of the ways for monetizing your online business:
#1 Creating your own products/services
If your online business is about products or any kind of services, it’s pretty much clear how you’ll earn from your website. By selling products/services your customers will be able to fulfil their needs,l. You need to know one of the most important things – it’s not about you, it’s about your customers. It’s all up to you, but at the end of the process customers are supposed to want and need that product. So take your time and do a research on what people need and how you can help them.
You might think now that you can’t do it because you have no product. It’s okay, because you can always create some kind of service: an ebook, online course, consulting or similar. No matter what your website is about, you can create business and help somebody.
#2 Affiliate marketing
If you think that you can’t create either product or service, you can choose affiliate marketing. So you have traffic and some online company has the products – so your job is to promote their goods. You’ll have customized link for purchase, so any time person buys a product from your link, you’ll get a percentage. It’s really simple, that’s why this may be the most popular way of earning money from an online business.
Affiliate marketing has its good and bad sides – it’s simple, you don’t need any investment and you’ll ensure passive revenue. On the other hand, the competition is really really big and you’ll realise how hard it is to find quality and matching products to your niche. If you affiliate with a low-quality product, your image might be broken.
Opinodo.com is an innovative way to monetize your online business – your “job” is to recruit people from your email list or new visitors on your website, for market researches. Recruited people will fill out surveys and earn money doing it, and after they are done, you as a publisher will also receive money.
Another very common way for monetizing your online business is adding a donation box to your website. Everything on your website is free and you have nice traffic? You can always ask your readers for a donation – not only because you deserved it, but because your entire content is free and available for everybody and you have website maintenance expenses. Fair enough.
What you need to do is to add a plugin for donations to your website – it could be on every page, a pop-up or anything else. This way of earning from your website is really simple, but there are certain risks: your image might go down because you’re asking for money or you might earn less than you expected. Also, this way of earning is unpredictable – you might earn a lot only in one week, but at the same time you may not earn at all for an entire month.