Would you rather take a job that dictates your lifestyle or would you rather have your lifestyle dictate your job? It’s an important question you must ask yourself, especially if your definition of freedom involves living life on your own terms. If you’re working for someone else, your life may largely revolve around the terms of your boss. That’s not always fun.
I’ll be honest, I think answering the lifestyle question is a tricky question for most would-be entrepreneurs. After all, everyone defines success a little bit differently. On the surface level, all entrepreneurs should strive to produce something that provides value to a customer. That product must be scalable in order to bring your business to a point to where you can begin to earn passive income. In order to get to this point, you must come up with a formula for success.
Finding Your Formula For Success
Building websites for profit became my passion well over a decade ago. In fact, I caught the bug at age 16. I’ve been able to live life on my terms ever since. Just because I got started at a young age doesn’t mean you can’t start now.
My formula for building passive income streams is rooted in website entrepreneurship. My goal is to provide value to my visitors within a specific niche in order to monetize the traffic enough to show a perpetual profit. Saying that and doing that are two completely different things. Becoming a master and a trusted resource in your niche is often all that is needed in order for you to build a website that brings in passive profit.
Your website may require significant development, investment or content, yet if you’ve hit a profitable niche, your content will become valuable through programs such as Adsense and affiliate programs. If you begin to earn money with a website, you could always flip your website for a nice windfall on the time and effort you invested into your website.
Executing Your Formula
If you believe that you can provide value to would be website visitors, you should begin building your website right now! Don’t worry so much about the name of the site or establishing backlinks; my best advice would be to start writing highly relevant content that others would want to share on social media. In today’s age of social media, all that it takes is the right share by the right person to get your website the kick start it needs to become profitable. If you do not get the response you expect on social media, it could be an indicator that you need to go back to the drawing board.
The hardest part of building a website is the time that it takes for the website to begin showing profit. The premise of building websites for passive income requires you to put work and investment into your project upfront, so that you can reap the benefits of the website down the road.
While it is possible for your website to become an overnight sensation, the odds are stacked against you unless you already have a strong following on social media. One of the biggest problems for would-be website entrepreneurs is that they aren’t patient. They may start a project but many entrepreneurs won’t follow through or cultivate their content. The website then becomes stagnant and no profits are seen.
A Brief Overview of Website Monetization
So you’ve built your website, you’ve submitted relevant content that end users would want to share. What’s next? You must convert your traffic into profits. So how do you do that? There’s a variety of different methods but most entrepreneurs will do one of the following:
- Join an affiliate program. (Amazon and Commission Junction are popular choices)
- Sell services directly from your website (Would require a shopping cart of some sort)
- Setup AdSense – You make money when someone clicks on the advertisement.
- Plug Products & Services for Money – When you dominate a niche, others will want to do guest posting on your website. You could feature this article in return for compensation.
You will want to do your research and use common sense in regards to the types of monetization programs you will utilize on your website. For example, if you have a website that republishes books that are out of copyright, the person reading your content is most likely an avid reader. What type of products could you pitch to an avid reader?
Use common sense when you start building websites for profit. The best question to begin asking yourself when building a website for passive profits is, “Who is my visitor and what would they want to buy?” If you can identify the answer to this question, you can likely begin earning passive profits with your new website venture.