7 Ways to Monetize Your Online Business Ideas

You found a profitable niche and now you’re ready to implement your online business ideas in order to earn some extra cash on the side. It’s time to join the internet community and turn your passion into profits.

Launching an internet-based business has never been easier and cheaper. In today’s wireless world, there are hundreds of possibilities for online businesses that can be set up quickly and run part-time.

And the best part: you don’t need a lot of money to start your online endeavor.

First of all, you don’t need an office space to run your online business. You can do it from home, hence the term ‘bedroom business’.

Second reason for the low cost, is the fact that you don’t need to have an extra retail space to sell your stuff online. If you create digital products, the only space you need is some free disk space on your laptop or computer.

Combine Online Marketing with Word of Mouth Marketing

Use your online business idea to create a great company

Let’s have a look at some of the options…

7 Online Business Ideas to Get You Started

1. Write an E-Book

If you are eager to share your valuable knowledge and expertise with the public, writing an E-Book might be an excellent idea. You don’t even need a publisher. Self-publishing has become a reality for many writers. Check out Amazon Kindle and iBooks.

Tip: Research the market prior to writing an E-Book. Go to eBay, Amazon, ClickBank and Dummies.com to see the bestselling categories and titles. Pick a profitable niche you are passionate about.

2. Get paid for blogging and articles

While we are fighting with information overload, the demand for high quality and original content keeps rising. Companies are looking for freelancers and skilled people that are willing to write fresh content for websites, magazine, newsletters & Co. Sites like oDesk and Elance are a good start for picking up paid writing gigs.

Tip: Here’s a great list of 26 sites that pay you to blog.

3. Offer web design services and/ or app development

This one if for the HTML and coding skilled people. There are tons of small business owners looking for ways to improve their online presence and web layout. You don’t have to be that great at HTML to sell your services. You can pick a WordPress theme, tweak it a bit to look different and there goes your product.

On the other hand, if you love coding and have already created your first app, why not create a few more and get paid for it. It’s the era of smartphones and tablets; the demand for mobile applications is booming.

Tip: Doctors, lawyers, accountants are an awesome target group if you’re willing to design websites for this audience.

4. Offer webinars and online coaching

Use free services like Skype or FreeConferenceCall to teach a foreign language for example. What skills do you have other people could profit learning from you? Are you a great motivator? Do you love to teach maths or statistics? Do you love pets? Could you teach people how to take care of their pets?

You could do an online course about “dog training” or “How to shop for the right bicycle”. Be creative.

Tip: Halloween is over and the holiday shopping season is just around the corner. Maybe you come up with some hot tips and help busy business owners to find the right present for their loved ones.

5. Generate income from virtual real estate

You can earn a great deal of money from physical real estate, but you can also make some decent money from online property, including domain names, websites and online services.

Tip: Build a portfolio of rentable and tradeable URL. Have a look at this domain name sales list to see some of the biggest public domain sales ever.

6. Start your own membership site

Another great way to monetize your business information is through a membership site. But before you make money, you need to do some homework. Answer the following questions:

• What are the problems and needs of your target market? What solutions could you offer to these people?
  
• How are you going to position yourself as an expert? What’s your uniqueness?
  
• What valuable content (videos, audios, newsletters, How to tips etc.) are you going to deliver on a regular basis?

Tip: Build a closed community and deliver an outstanding experience. Do an FAQ session once or twice a month. This will increase the level of engagement among members.

7. Manage social media profiles

Are you familiar with the following statement?

“I don’t have time for Twitter, Facebook and all those other social media platforms”.

Great opportunity for you to create attractive social media profiles and conduct successful campaigns that will generate new clients and sales.

Tip: Focus on small business owners rather than big companies. Corporates prefer to work with big agencies.

Of course there are loads of other ways to make money on the side by implementing online business ideas. If you pick a profitable niche, position yourself as an expert and use proven marketing tools to get your message out, you’ll be able to move from part-time to full-time within a short period of time.

So what about you?

It’s more to a successful business than having the right vehicle and strategy. It also requires having the right mindset – the right YOU.

How would you like to monetize your valuable knowledge? Do you have some online business ideas you’d like to share with us? Looking forward to your feedback in the comments below.

Image: Canva