Whether as a part-time or full-time job, managing an online business has become one of the most sought-after ways to generate income.
Among the numerous opportunities available to build a highly lucrative business on the internet, making money from your own website is an excellent option for beginners. It can help you earn some extra cash or passive income by selling services or products within your expertise.
In this article, we will go over several online money-making ideas that can be a fulfilling way to make a living – from blogging to selling products.
Why Is Monetizing Your Website Worth It?
Apart from earning extra money, monetizing your existing website provides freedom and flexibility to define your working hours while generating passive income streams.
Creating and monetizing a website requires relatively minimal investment. From setting up a domain, paying for a hosting plan, to purchasing premium plugins – the amount of money needed to start making money online will still be much lower compared to setting up a physical business.
When you create a website using WordPress, monetizing it is easy as this content management system (CMS) offers many tools to help build and manage your online business. For example, if you plan to set up an eCommerce store, WordPress provides plugins for payment gateways and inventory management.
Before looking for ways to monetize a WordPress site, develop a comprehensive plan outlining your business objectives, regardless of whether you want to create your own online store or make money blogging.
Focusing on a specific niche helps identify the target audience and overall website objectives. This also lets site owners tailor business messaging to resonate with potential customers. Furthermore, narrowing down the website niche will help you formulate the best marketing and search engine optimization (SEO) strategies.
5 Ways to Make Money Online
Once you have laid out a solid plan and identified the target audience, determine which monetization option fits your niche. In this section, we’ll look at several ways to make a profit online using your website.
1. Advertising Space
The most common method for selling ad space is through the pay-per-click approach. Essentially, you’ll earn a certain amount of money each time a user clicks on the ad. Generate revenue from credible advertisers displaying their ads on your website using Google AdSense.
As an ad network, Google AdSense serves as a link between your website and potential advertisers. Apart from pay-per-click, Google also offers a pay-per-view method to sell advertising space – meaning you’ll earn money after the ad receives a certain amount of views.
To maximize advertising revenue, optimize all the site’s landing pages that run the ads to get high visibility on search engines.
Alternatively, it is also possible to run ads on your site’s social media accounts, like Facebook. This can help generate more traffic to your website and eventually drive ad revenue.
2. Affiliate Marketing
Affiliate marketing is an excellent way to make money online by promoting other businesses’ products through your blog or website. Valuable content like product reviews, comparisons, or tutorials are the most effective ways to include affiliate links on your site and earn a commission for every successful sale.
All you need to get started with affiliate marketing is to find products or services to promote that fit your blog niche.
Use platforms like Amazon or eBay Partner Network to join an affiliate program. Alternatively, it is also possible to find potential affiliate partners by looking at what other bloggers in your niche are promoting. Then, reach out to the business selling an affiliate product or service and ask them to collaborate.
Let’s look at a few factors to keep in mind if you want to start affiliate marketing:
Ensure that your visitors remain the focal point of your blog. Consider which products or services provide value to your readers and align with their interests.
Only collaborate with credible businesses. Maintain your readers’ trust by promoting high-quality products or services.
Be transparent with your readers. Write genuine reviews and ensure that site visitors are aware when an article has an affiliate link or is sponsored.
Apart from affiliate links, sponsored posts can also help you make money online from your website. Sponsored content can range from a dedicated video review to a long blog post. However, remember that even when evaluating an advertised product, it’s important to share honest reviews to maintain your audience’s trust.
3. Sell Digital or Physical Products
Whether you’re selling physical or digital items, WordPress plugins can quickly transform regular websites into fully functional online stores that serve global customers 24/7.
Selling digital products is an excellent monetization method for those with limited time, as it does not require inventory or shipping management.
Meanwhile, selling physical products requires more care and attention. However, with the help of an eCommerce plugin, inventory, as well as payment and delivery processes, become easier to manage. That way, site owners can focus on prioritizing customer services and marketing.
To start selling items and making money online, have a clear idea of what to sell. Then, promote it to current and potential customers. For example, you can sell personalised items like coffee mugs or canvas bags.
If you’re opting to sell digital goods, here are a few product ideas:
eBooks. Transform your expertise into an actionable guide and sell it. Construct an outline for the digital book, set a writing plan, choose the marketing methods, and establish a target release date.
Online courses. Create a thorough series of video, audio, or text-based classes to educate users on your valuable knowledge. An online course can be in the form of virtual open or private lessons.
Visual products. Graphic design enthusiasts can sell illustrations, website themes, or premium design elements like icons and fonts to make extra money on the side.
In addition, you can also sell services by using your website as an online portfolio. Depending on your skill set and passion, offer paid services such as content writing, website creation, or graphic design.
4. Own a Membership Website
Adding a subscription or membership function to your WordPress website is another excellent method to make money online. To attract members, you will need to provide valuable and premium content, such as educational tutorials or exclusive reviews.
Providing a membership service is a powerful yet simple way to generate profit. For example, this also works for online tutoring services or eBooks – instead of selling individual licenses at a lower price, lock the content behind a premium paywall.
Note that a membership website is only as successful as the content it produces. So, be sure to consider readers’ feedback so that you can continuously improve the material and increase user satisfaction.
5. Promote on Social Media
The massive number of users on social media platforms such as Twitter, Facebook, and YouTube has created opportunities for businesses to engage with customers and maximize their revenue.
Social media lets site owners interact with customers by sharing and creating content that promotes their brand or business. They can then collect feedback from the audience to help identify what works and what doesn’t. This data makes it easier to create improved content strategies to attract new customers and build stronger relationships with existing ones.
Moreover, marketing your business using social media networks is cost-effective compared to other methods like paid ads. However, it can equally drive traffic and revenue to your online store or website.
There are many ways to earn money from your website. Luckily, monetizing a site is easy, thanks to platforms like WordPress.
To recap, here is a list of the best online money-making business ideas using a website:
Renting ad space
Signing up for affiliate marketing
Selling digital or physical products
Owning a membership site
Utilizing social media
Earning a profit from monetizing a website takes time and dedication. Regardless of the method you choose, always remember to put customers first. Focus on providing solutions and good quality content for users rather than simply making more money.
We hope this article has given you meaningful insights into the many website monetization methods. Keep working towards your goals, and good luck!
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.