All through the investment series we’ve been talking about getting started with investing, not only for retirement, but also for your career and an additional income stream, such as dividend investing. Today I want to talk about another option for those willing to invest a bit of their time and money online.
If you’re a solid writer and you’re willing to learn about running a business, blogging and/or buying and selling sites could be business investments for you. The best way to understand how to asses a website is to start one yourself.
First of all I want to point out that while it is possible to make money online through this avenue it’s not a walk in the park.
As I’ve been blogging through the last 5 years I’ve seen a ton of eager bloggers start off with a bang, hoping to be the next personal finance star. Talking with them through email and the forums they mention how they’re looking to make a full time job out of their blog within the next year. While that level of success has happened quickly for a few (thinking of Crystal from Budgeting In the Fun Stuff), there is usually a ton opf work that goes behind that success.
Too many times, I’ve seen good sites get neglected and abandoned as owners get burned out and frustrated. Some of them expected traffic to just come in and others pushed themselves and their site too hard on others in the network, burning bridges.
Have a Business Strategy
I think many fail to achieve their dreams because they want the income of a job, but only do the work of a hobbyist. For example, if you’re looking at buying websites and flipping them for a profit, do you know how to complete your due diligence? Do you understand how to properly access not only a site, but the niche?
Do you have metrics for:
- Social Media Community(Subscribers, Twitter Followers, Facebook Fans)
- Pages Indexed
If not, then how can you know if you’re getting a site with some great potential versus a site that is on a decline? Don’t worry if you’re not ready yet. There are a ton of resources for you to check out (they’re free too!). If you really want to learn the ins and outs of making money online, then check out The Financial Blogger. The site is packed with a ton of information as Mike shares his knowledge. He covers how to build sites and how to buy sites.
Browse through the site, especially the posts on:
- Making $125K Online in 12 months
- Hitting 6 Figures Income at 28
- How to run multiples blogs without burning out
Mike and his team have done a great job providing real numbers and stories behind running a successful blog network from the bottom up.
Thoughts on Alternative Investing
Investing isn’t just for the rich. If you’re willing to hustle now, it can pay off big in the long run. What are you investing in now? How many of you are bloggers and website owners? Do you plan on selling any of your sites?
If you’re just getting started, don’t forget to check out my previous posts:
- Investing Basics- Get Started!
- What’s Your Investment Strategy?
- What are Some Investing Risks Worth Taking?
- What are Some Investing Risks Not Worth Taking?
- A Personal Story of Risk Taken
- Dividends- The Best Investment Option Out of College?
Please share your tips in the comments!