DIVERSIFY: FIND OTHER ALTERNATIVE INCOME OPPORTUNITIES
Take advantage of the digital space, and find
other additional opportunities to make money online (alongside domain investing) whether it be affiliate marketing, pay per click sites, google adsense, email marketing, product creation, coaching, graphic design for customers etc.
For example you can have 3-5 of these below systems set up:
- An affiliate website, selling somebody elses products for a commission (with a banner of their product on your site for example)
- A content site with google adsense over them, getting money from people clicking adds
- Any other computing skill you have, you can help others and charge a fee for it? (graphic design)
- Building an email list and promoting products to them
- Domain investing
(This is just for pure example purposes)
So if you have 5 ventures then at least if one of the ventures don't perform well then you have some others which can still generate
alternative income for you.
Try to look for other alternative opportunities you can expand your efforts in, aswell as domaining.
I appreciate having many sources and systems to earn money takes time, effort, learning but it can be done, even if you just have one extra alternative method to make money online.
YOUR QUESTIONS
What if domaining didn't work out for me for a year?
As mentioned above can have alternative backup optional sources/systems to receive online income from, so if one doesn't perform you have others to rely on for income.
What if the net profits after renewals comes out to be negative, because sales were down (either in general or for me)?
Well for me, because of the alternative methods to generate online income from (in the 5 examples above), then I have alternative methods to generate income from,
so if profits after rewewals comes out to be negative, then it isn't really a big deal for me, as I have incomming funds from the other sources.
It doesn't have to be a big deal for
you too, so start to think to find additional alternative methods to diversify your efforts into.
Has any full-time domainer or someone who invested a considerable amount of money in domaining, experienced this
It has happened, stale periods in the domaining, but as I have other systems in place to earn money from then for me it is not really a big deal, as I have not put all my eggs in one basket.
OTHER POINTS
- Diversify your efforts into other fields on online income generation.
- Don't put all your eggs in one basket, find other avenues to make money.
- What skills do you have? can customers online use these skills which you can charge money for?
- Don’t just look for online opportunities, but offline too. You can look for stocks, shares, bonds for example. (Uber driving perhaps )
- If 1 of all the methods you use to make money do not make money within a 12 month period for example, then you have another set of sources which will hopefully bring you income.
- Make a spreadsheet which lists your online profit ventures vs the income generated from them month by month.
- Think outside the box with your online money generating ventures.
- Learn as much as you can for anything new you try, so you get familiar with what is involved.
- Don't be held back to try anything due to fear of failure. Sometimes you just have to go for it and try it.
- When deciding to try a new alternative way to generate money, follow other experts in the field you wish to try, so you can see how they are doing it.
Matt Morgan