In Profit First, Michalowicz explains how this age-old accounting formula turns great businesses into cash-eating monsters, trapping you in a day-to-day, check-to-check struggle to survive. He reveals how to flip that "Frankenstein Formula" and take profit first without compromising your business, and why the Profit First Formula of Sales – Profit = Expenses actually forces innovation, supports sustained growth and skyrockets profits. You are about to discover the step-by-step Profit First system that shows you how to radically change the financial health of your business…from your very next deposit.
Whether a website makes its owner any money depends on the purpose of the website and the effort the owner devotes to making it a moneymaker. A website focused strictly on selling merchandise, for example, depends on sales revenues. Websites properly set up, or optimized, to attract visitors from the Web looking for specific content are different. So-called content websites use several methods to generate revenue, which generally ranges from pennies daily up to thousands of dollars or more monthly.
Need more ideas on how to make money online? Another strategy is using webinars to market your product, service, or course. I’ve done webinars to promote my financial planning practice and to drum up interest in my online course for financial advisors. With a webinar, you’re basically offering a lot of tips and advice for free — usually in a live format. At the end though, you pitch your paid product or service with the goal of securing a few deals.
Re-selling web hosting will enable you to make money hosting your own client’s websites. Large hosting companies like HostGator allow you to white label their hosting services. You could start your own hosting business or, if you are a web designer, include hosting into your web design packages. And the best of it is the hosting companies take care of the hosting for you, so all you need to worry about is selling.
If you want to learn how to apply to Google Adsense and get approved, I have a step by step guide here. Most good looking websites should have no problem getting an Adsense account. This is a personal favorite of mine for it's ease of implementation and relatively passive income for someone just getting started. Here's an example of a Google Adsense ad:
Squarespace & Wix are GREAT for just getting off the ground with your business, and could be a great way just to start but in the end you should be weary of the website you are dealt. You will be limited by their functionality and how they operate as a business. If the platform you chose goes bankrupt tomorrow, your whole website and all the content may be lost. With WordPress, specifically WordPress.org self-hosted CMS, you don’t have to worry about most of that.
Offer career or technical expertise. This may be the most conventional item on this list, but you can use your own career, technical or professional expertise to educate other people on a specific subject. For example, Tim Wackel, a sales expert, has used his advisory blog to achieve massive popularity. When you have this type of site, your best bet is to choose a highly specific niche; most all-purpose general advice has already been dispensed, so you’ll need to find some topics that haven’t yet been explored.
A spin-off for web designers is to offer a landing page creation service. Well optimized landing pages can be the difference between a successful and a failing business. And, as creating the perfect landing page isn’t easy, this is a service many businesses are prepared to pay for. I know people who are earning 6 figures per year and all they do is create landing pages for businesses. There’s serious money to be made.
The profitability of PPC advertising depends on the general traffic levels of the website and, most importantly, on the click-through rate (CTR) and cost per click (CPC). The CTR depends on the design of the website. Ads placed abode the fold or blended with content, for instance, tend to get higher CTRs. The CPC, on the other hand, depends on the nice of the website. Mortgages, financial products and college education are examples of profitable niches (clicks worth a couple of dollars are not rare), while tech-related topics tend to receive a smaller CPC (sometimes as low as a couple of cents per click).
Sign up for a reputable affiliate network: Aside from Amazon, there are dozens of large reputable affiliate networks, such as Share-A-Sale, Clickbank, and Skimlinks, that specialize in connecting you with merchants who are looking for affiliates to sell their products. They charge relatively low commission fees for the privilege of connecting you with merchants, and the merchants on these sites tend to offer much higher commission percentages or set dollar amount payouts.
Robert said he did an average of 4-6 of these gigs per year for a while depending on his schedule and the work involved. The best part is, he charged a flat rate that usually worked out to around $100 per hour. And remember, this was pay he was earning to advise people on the best ways to use social media tools like Facebook and Pinterest to grow their brands.