A few days ago, I started looking into Forex as a way to make some extra money. As you might know, I usually lean towards unconventional income sources, like my cattle, coconuts, or land investments, rather than traditional stocks and shares.
Today, I want to talk about creating websites. I almost called it a passive income source, but it’s actually pretty hands-on for most people. While it may seem easy for some, it does require effort and dedication.
To get started, you need to register a domain and get hosting, which you can do for under $100 a year. Your domain name is crucial because it should give potential readers an idea of what your site is about. For example, a domain like Janeslittlehobby.com doesn’t convey much about a knitting blog, whereas knittingwithjane.com is clearer. Take your time choosing a domain and hope it’s available. If not, domain registration sites often suggest close alternatives.
Once you’re set up, it’s time to publish content! Here are a few website types you can consider to earn extra income:
**Niche Website**
– **Pros**: These sites focus on specific keywords and require minimal upkeep once established. You can make money through ads or affiliate sales. If done right, it can be a source of passive income.
– **Cons**: A very specific niche means a smaller audience. While less competition is good, you need strong SEO skills to make it successful.
**Drop Shipping Website**
– **Pros**: You sell products from another supplier who handles inventory and shipping. You can start without any investment in stock and just forward orders to the supplier.
– **Cons**: Margins are low and competition is high. You need to sell in high volumes to make it profitable, and setting up a payment platform can be costlier than running a simple blog.
**Starting a Blog**
– **Pros**: You can write about anything you enjoy, and with some effort, you might start making money.
– **Cons**: Blogging is not passive income. It takes a lot of time and effort. If you don’t enjoy it, you might be better off with a different job because it can take months or even over a year to make decent money.
I chose to start a blog because I love interacting with people, and I don’t have the skills to build a drop shipping site. I also didn’t want the high startup costs associated with web design and paid advertising, especially for a small percentage on each sale. Although I like the niche site idea, I haven’t come up with a creative niche yet, and I would need to outsource the SEO work since it’s crucial to get it right.
With a blog, you have the freedom to take it in any direction you want. You can monetize with product reviews, affiliate sales, ad banners, or sponsored posts. Sometimes, you might even get free products or giveaways for your readers. I appreciate the flexibility that blogging offers.
I understand that the best way to generate passive income is through an automated niche site. Even if I were to cover my blog with ads, the income wouldn’t match the potential of a well-maintained niche site.
However, like many bloggers, I’m not in it just for the money. I genuinely enjoy blogging, and any income I make is a bonus.
Do you have a website? How do you monetize it? Do you consider it passive income?