Let’s face it: some websites aren’t worth much, whereas others rake in several thousand dollars each month in revenue. The surprising truth about the latter is most examples aren’t operated by well-known businesses.
It might shock you to learn that many of today’s profitable websites come from humble roots and typically start off as side projects by individuals with full-time jobs. These days, various Internet resources make it easy to build profitable websites.
With that in mind, what is the “secret sauce” for building a website that can offer an excellent passive income stream? Take a look at the following steps for inspiration if you wish to become next year’s Internet entrepreneur of the year:
1. Choose A Niche
One of the biggest mistakes some would-be Internet entrepreneurs make is being too broad about the aim of their website. It’s a far better idea to look at specific niche markets and determine which one is the right fit for your ideas.
The niche you choose should be one where there is little competition, yet you’ll be providing a valuable online resource or service. Consider using free online tools like Google Trends to help you find the popularity and competitiveness of specific niche phrases and keywords.
2. Buy A Relevant Domain Name
Once you’ve determined which niche is right for you, the next stage is buying a relevant domain name. There are a couple of options open to you; it’s worth considering which ones are most appropriate to your objectives.
For example, you could register a fresh new domain name that no one owns. Another idea is to buy an existing domain that isn’t getting used by the owner. A domain broker can help negotiate the best price for purchasing a domain owned by someone else.
3. Use A Reliable Yet Low-Cost Host
After you’ve organized a domain name for your new online project, the next step is finding a hosting company that you can pay to host your new website. Your goal is to find one that is reliable, offers the features and benefits you need, and is affordable.
Thankfully, the Internet is awash with hosting companies that tick all those boxes, so you shouldn’t have trouble finding the right web host for your needs. Always read online reviews and feedback of potential web hosts you shortlist before coming to a decision.
4. Install WordPress
Now that you’ve got a hosting platform sorted out, you can begin building your website. The thing is, how can you achieve that goal? There was once a time where you would have needed to code some HTML or use software like Microsoft FrontPage.
Nowadays, most people use the free and highly versatile WordPress CMS (content management system). You can easily apply themes and add-ons (plugins) in WordPress to create a unique website that fully meets your design and function requirements.
You can use WordPress as a fully functional website, e-commerce solution, blog, and community forum, to name but a few examples.
5. Start Monetizing Your Website
So far, you’ve invested some time and money into your new website. Now is the time to make it pay for itself and provide you with a passive income stream. You might be asking yourself, what are the best ways to monetize your new site?
There are several options at your disposal. For example, you can publish regular content on your site and use affiliate links to earn a commission from any sales made via your site. You could even allow advertising on your site like banner and text ads from Google AdSense.
6. Supercharge Your SEO
Your website is now up and running, and you’re adding fresh new content to it regularly. You’ve started monetizing your site, but you notice that you aren’t getting thousands of visitors to your website each week. The way to correct that problem is through SEO.
SEO, or Search Engine Optimization, is necessary for links to your website to appear in relevant search engine results pages. Take a look at Google’s SEO Starter Guide for help in supercharging your SEO.
7. Decide Whether To Continue Or Sell
Once you’ve got more unique visitors accessing your content each month, and your passive revenue increases, you should decide whether you want to continue with your project or sell it to the highest bidder.
Many online entrepreneurs build profitable websites and sell them afterward, either to other entrepreneurs or companies looking to integrate your content into their own sites. The choice is a personal one; don’t feel pressured to keep your site or sell it.