Saturday, June 21, 2008

Different Ways to Monetize Your Web Site

There are three specific business models for making money on your web site. I am going to strongly recommend just one of them. Still, I want you to be aware of all three so you can make your own decision.

Each of these business models can be built by people with limited resources of time, money and specific computer or web programming ability. You should be prepared to spend 1 to 2 hours a day – so 5 to 10 hours a week. You should expect to spend about $400. a year for your web site and related stuff. Most importantly you should be prepared to work hard, stick to a plan and not get distracted before you have finished your plan.

A word of caution, most people either think they can not make any money on line or that they will get rich quick online. Neither is very likely. I do make a living online. It took several years to get to that point. During that time I was making a living off line. I still do that business also.

Your online business for a small business like an insurance agency is not a replacement for your existing business. It is a great growth opportunity. It will probably grow over the years the make more money for you than you physical location. That takes time.

The thing to keep in mind is the time you spend building the online part of your business definitely does have a cumulative effect. There is no substitute. It is a permanent advantage to you over your competitors. Here are the two specific advantages:

1 – If it took you 100 hours to get to a certain point, it will most likely take your competitor 100 also. So you have a head start.
2 – While getting that head start you have been learning what works and what doesn’t work. So your next 100 hours will be even more valuable. While your competitor is going 20 miles an hour in the first 100 hours, you will be going 70 miles an hour in the next 100 hours. You will be increasing your lead. A great way to win.

The three specific business models which are proven to work for making money online are:

1 - Contextual Advertising
2 - Affiliate Sales
3 - Your Own Product

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