How to decide which monetization option to pursue
Any monetization option for a website is a valid one. But if you’re just starting out, it can be overwhelming trying to pick the right path for your website. Selecting one option over another doesn’t mean others are negated.
Consider the following when trying to decide which option to pursue:
How much time do you want or have to devote to your website? If it’s a side hustle, select something that doesn’t need a lot of management like banner ads or donations.
Do your business goals include selling products? You may need to invest time in product development or research before optimizing your website for sales.
What’s the most natural fit? It can be easier to build on something you’re already doing and have a following for, like adding recipe access for cooking videos.
Determine your business goals and measurement of what success looks like before selecting a way forward to monetize your website. These things can always change but it’s good to establish a foundation.
What types of websites make the most money?
In general, ecommerce is one of the best ways to make money. Selling products or services may have higher or more consistent profits.
However, if you have a large enough audience, subscriptions to content or newsletters can generate a lot of income. Many journalists, for example, leave their full-time jobs at media organizations because they have enough of an audience for their work to sustain an income.
How to set earnings goals
Use S.M.A.R.T.—specific, measurable, attainable, relevant, and timely—to guide goal-setting for your website, including earnings.
For example, if you offer coaching services, and you don’t have an established audience yet, your goals will look different at the beginning. At first you may need to build an audience and drive organic traffic to your website via search or through social media. Your earnings goal for a new business may be six to 12 months out for real profit.
How long does it take to monetize a website?
How long it takes to start earning money depends on where you’re starting from. A brand new website will take longer than one with an established following. In general, try to give yourself a three-month lead time to start making a profit from your website.
Even affiliate marketing links need time to turn a profit because they are closely tied to visitors coming to a website and clicking those links.
To promote your website, know that organic traffic is a major way for users to find any business or website. Whether you build that traffic through SEO, social media, or collaborations with like-minded businesses, consistency is key to grow over time. Create your foundation first.
AHD Consulting Solution is here to help you with tools and insights to not just deal with these challenges but turn them into opportunities for innovation success. Accessible to corporations of any size, our sprints and programs include interactive workflows, videos, pre-structured workspaces, and much more. If you want to discuss a potential project, you can email on services@ahdconsultingsolution.com or get in touch with us here. Alternatively, you can book in a free 15-minute consultation call here.
