How To Earn $20,000

There’s an interesting thread over at Namepros, which is the leading forum for investing in internet domain names, but also talks about other aspects of making money on the internet. The question was what was the easiest way to make a nominal $20,000 a year online, and some of the most experienced contributors chimed in with their thoughts.

How to spend $20,000. Although I'd go for less Swarovski crystals on my scrabble board, and more years on my security guard. Story via Luxuo.com

A $20,000 Scrabble board with a $6/hr security guard.

A few of the top tips that were mentioned:

  • Don’t try to sell domain names in tough economic times, and certainly don’t try to sell low value names to other domain name investors. The hourly rate won’t be worth your effort. Your best bet will be contacting business owners directly who might be interested in your names. For most names a $499 – $399 price range will work well.
  • If you want to buy and sell domain names, stick to the top end of the market, or finding the names of expired websites (that still have existing people traffic passing through them). The latter has inherent value as it can be converted into customers, if directed to a monetized website. Trading such names can be profitable during any economic cycle.
  • Consider developing websites to make money, but do it wisely. Get the best possible name that you can afford for your site. Save money by finding a reliable, inexpensive web host. Pay for good design – services like Pagetopia offer $199 websites, so it needn’t be expensive. Write about what you know and are passionate about, and offer real value every day.
  • Paid subscription sites can work well if you offer a good service. Consider a monthly subscription fee of around $4.95 to $15.95.
  • Find out what is working in any online investments. Remember the 80:20 Rule (link it!). Developing one website well is better than a larger number done badly. Everything has its critical mass level.

I’m sure a few of them won’t like me letting out their trade secrets, but you can read the thread and more about the various strategies here.



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