How Do You Make Money Online?

by Matthew on May 25, 2011

When I mention to people the idea of making money online, most people I’ve talked to immediately think “write a popular blog and then sell ads.”

This does work…for other people. But I’m not likely to become an A-list blogger, nor am I particularly optimistic about the whole “selling ads” gig. The Newsweek article a couple years ago by Fake Steve Jobs pretty much put the nail in the coffin. At its highest point, before I removed it from search engines, my personal blog was receiving 1600+ hits a day. Quite a bit of this traffic concerned various esoteric legal subjects (was in law school at the time), especially the Putative Spouse Doctrine of all things, and the blog definitely generated enough traffic to max out my hosting provider’s database query limits daily. I was forced to use some sneaky tactics to work around the issue before I jumped ship to a new, very awesome provider in Dreamhost. Even then, that’s nothing near the kind of traffic I would need to make any decent money from ads. Reasonably decent traffic I had, but monetizing that through ads seemed like an insult to my visitors who were probably just hoping to get some extra credit on their Family Law exams.

So, ads…OUT. I’m not going to get rich selling ads. Maybe other people, but not I.

Instead I’m going to get rich selling PRODUCTS or SERVICES, but products are probably better for me and I’ll explain why. First, selling product scales more easily without additional people. Secondly, it’s what I know and have experience with. The folks who started the company I work for got rich selling products. My current day job is managing a software product. For the last several years, I have literally defined the requirements for software products which an engineering team then creates. These products are then sold for vast sums of money. My skills lie in defining products that the market needs. My skills combined with the scalability aspect means that product sales are probably better for me.  Of course, the beauty of Internet business is that you can change gears if needed at pretty low cost.

My thinking at this time is to manage my own software products. What I need to come up with are the products and money to outsource the development of said products. Then, I need to perform the role of marketing and sales to sell these products. This is totally achievable. I already have the core competencies. I just need to take bold action. I already do have some ideas up my sleeve…we’ll see how those work out.

Also, along the lines of Internet marketing in general and just to get it done and have it behind be as experience, I’m going to write an eBook about making countertops out of concrete, which I have some extensive experience with.

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