Seven ways to make money online
Approaching the topic with a huge dollop of scepticism that one man could in seven bullet points give the hidden secret causing so many online publishers constant fury, I actually came away pleasantly surprised.
Now I’m not promising seven steps to millionairedom – but Miles Galliford, co-founder of SubHub.com, gave seven bite-sized easily-digestible ideas which might help towards getting some petty cash to make a website not-for-loss.
Miles has got a book coming out this year which goes into far more detail about his money-making brainwaves – but he was kind enough to let us in to a little bit of the action. These points in miniature are more likely to reaffirm some of the stuff most of you already know, rather than come up with the revolutionary key ingredient, but here goes:
1. Tight niche – choose something extremely small and incredibly close
2. Scarcity – if your content can be found for free, people won’t pay
3. Have authority and credibility
4. Create evergreen content (stuff which is valuable for two years for example – like this handy how to might become just that)
5. Have a value beyond the content – e.g. build up a community of some sort
6. Add gain, or remove pain – your website should either enhance users lives and make it better, or prevent them from doing something painful and it should be clear in the minds of readers which you do
7. Create multiple revenue streams – advertising (for a highly niched site, with a low volume of engaged people you could ask for £200 per month), affiliate websites (recommendations), e-commerce (seminars, ebooks) are all things you can put in motion, with the holy grail being subscriptions
Couple of good examples Galliford showed us was beernet which charges £295 for a daily email, and Christianity Today – which invites members to write and upload pastoral seminars and download other people’s to use at a price – it has a £1bn turnover.
As stated above – this post will be nothing new for those pursuing revenue ideas for a number of years, but it may be a handy starter-guide for new online explorers.