Step #4: Plan Monetization Options

Monetization comes last, but you need to plan about it now;

Now that Joey had his website’s blueprint in hand, his next goal was to fully investigate and plan the monetisation models for his website.

Bear in mind that “failure to plan is planning to fail”
The major mistake that most people make when building their websites is that they choose to focus on monetisation too soon. If you own a business already then its easy to choose your primary monetisation model.

These tools will grow your already existing business. For example, if you wanted to increase growth of your local veterinary practice or even sell your web designing skills to a wider audience, you are guaranteed success using these tools.

Even if your business is completely local do not assume the M, plan for it. Always to look for other monetisation options.

Most people who have failed decide before hand that they want to for example to "do eBay" or even market their own e-book from their website.

They are all great ideas to make money, but...
Just bear in mind that it might be way too early to decided on "the" way to monetize. You need to plan about it first...”don’t put all your eggs in one basket”, plan for various monetization options... Monetisation options change as your website progress and grow.

The best way would be if every visitor to your website contributes to its bottom line. For example they can generate leads via forms, if they are not looking at purchasing something. Similarly they can click on a Google Ad. Alternatively they can access an affiliate text link pointing to a product of a merchant whose products are related to your website theme.

It’s not necessary to sell hard goods or anything to your web visitors, if this is not where your interest lies, If your website is purely an information site, it means you are an “infopreneur”; there are several ways to monetize your traffic.

As an “infopreneur”, you can monetise through;
  • Promoting eBooks related to your theme
  • Google AdSence on your site
  • Or make money through referrals to local vendors (for a fee)
As you can know see it easy to diversify without even selling a product.
Back to Joey, he took off first by reviewing potential monetization models available to him. He considered each one very carefully. It depends on your particular niche and business vision, not all monetization models will apply to your site. Joey tailored his choice of monetization models according to his time constraints as well as priorities.

He knew the key was to never to depend on one income source. By diversifying, his revenue sources, he was planning for his website stability; look you are in charge of your website destiny.

He knew that a visitor interested in reading his eBook Reader Reviews, might during the process of reading, click on a Google ad, or click on other affiliate links like Amazon to enable purchase of eReaders.
He thought of it this way... if he didn’t monetize his website visitor one way, he had to convert the visitor into dollars another way!

Joey took his time as did the review of his monetisation models, as he assessed all the potential income streams that would "fit" with his eReader Reviews Site Concept.

His goal was to make every visitor to his website contribute to his bottom line.

He took time to "think outside the box", he made use of a worksheet to determine all possible options for monetising his site. By working on his plan early it helped him understand whether his Site Concept gave an allowance for more than one profitable opportunity. At the end of the day he had an idea of how profitable his site was going to be.

When Do You Monetize?
Joey did not monetise right away. He merely assessedg "monetization viability and possibilities" of his eReader site concept.

As a general rule of thumb, it is not advisable to monetize before you...
  • Your site has at least 30 pages
  • Your site has been accepted into more than two directories, your site needs to have at least a few quality, relevant backlinks first.
  • You site also need to have started to receive a reasonable steady stream of visitors (the minimum should be at least 20 per day).

Let's look at this against...
The first thing before you effectively monetize your website, you need to have a steady solid traffic base. Why? The answer is simple....

No traffic = No income.
By now you might be thinking... "Hey, Martin, wait a minute, I don't want to miss out on any income sources. I want to build a money making website right from the start!" That’s a Mistake. A big mistake.

My advice is; do not get in such a big rush to make money on your site. Success starts with building traffic (and lots of it) before you even start to think of monetization. It is a mistake to  over-commercialize your website and it is very important  not to commercialize it at the beginning of building your site.

It is important to recall the points below...
  1. By supplying excellent content, you PREsell your visitors, increasing your click through and conversion rate to your income source. That is not going to take place if your website is only one big pile of hyperlinks. Both Search engines like google and viewers may disregard your website.
  2. You can get listed in directories more easily if your website contains "original high quality content" when you apply. It is OK to include the "Contact Me" form early, in order to monetize the product or service you offer.

It will take anywhere from 4-8 weeks for directories as well as Search Engines to start directing traffic to your website.  So visitors only begin coming to your site within 2-3 months. It is advisable to stay non-commercial during the first 2-3 months.

Should you add two high quality WebPages to your site per day, it will take you only 15 days have enough content material to be ready to apply to the get listed in directories. It will take one month if you build one web page per day.

After you have constructed 30+ terrific pages, allow us several high-quality, relevant, non-directory inbound links and once visitors are starting to develop (20+ visitors per day), you'll begin integrating your monetization options to your website -- no point in waiting around, only for a directory.
Now done with monetisation planning lets look at Step#5 whose objective is to teache you how to register a suitable domain name in addition to craeting to right look and feel for your website.

Go Forward to Step# 5 -- Register a Domain Name & Develop a User-centric Design

Go Back to Step# 3 -- Develop Your Website Blueprint

Go to Step# 2 -- Brainstorm to Develop Your Website Concept

Go to Step# 1 -- A Tutorial on Understanding Website Basics

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