Since the tech boom of the 1990s, online business has become, well, big business. From auction selling sites to full blown websites, there are myriad ways to earn money online. Many people, perhaps yourself included, are looking to make money online and are thirsty for all the great money making suggestions you can possibly find!
Following are five ideas to help you ensure that you are making the most of your online business:
1. Online banner advertisement on your site.
Whether you sell products or provide information, one way to bring in some extra cash is to sell online banner advertisements on your website. You will make the most money off of banner advertisements when you can show that your website gets a lot of traffic. So your first goal is to draw traffic to your website. Then, pull those statistics and use them to demonstrate the value of your website to potential advertisers.
2. Sponsored posts.
A sponsored post is similar to an advertisement, but it also adds value for your customer. Let’s say that you own a website on parenting, it’s a free resource for parents to come with questions and for information about handling their kids. You might sell banner ads for various services, but also considered sponsored posts, like having a sporting goods company pay to put an article about safety in sports, which of course mentions their products, on your website. Again, to do this you need to have a website that is already established and getting a lot of web traffic.
3. Access your savings or sell your structured settlements/annuities.
Now let’s say that you do not already have an established website, or that you are looking for a way to get some fast cash to fund a big revision or change in your online business. Often, entrepreneurs such as yourself turn to their own wallets for such funds. You might access your own savings, making a personal loan to the business. Or, if you are receiving payments for structured settlements you might sell these payments and put the money towards growing your online business.
4. Consult online lenders.
Today the online business person has more loan options than ever before. There are many online banks that offer spectacularly low rates. From national banks such as Bank of American, to online only institutions such as Lending Club, there are hundreds of places that you can turn to for a business loan or a personal loan to make the business changes that you need to make.
5. Use crowdfunding.
In the past people had only three options for getting the money together to open a business: they could save it up, borrow it from family, or get a bank loan. But modern communications technology has brought with it the new concept of crowdfunding. This is when instead of getting a huge lump sum of cash from one or two people or companies you get a small amount of money from many different sources. There are a variety of websites online that can help you access crowdfunding and raise the money that you need, particularly for innovative products or services.
As you strive to build your business remember that customer service and word of mouth are both important parts of your marketing mix. Keep your customers happy and they will not only come back to you regularly, but they will also tell their friends and your business will boom.
This post was written by Sunny Popali, guest contributor for Pixel Productions Inc.