Category — Making Money Online

So I’m still trying to get one of my businesses off the ground and I finally realized that I might need some capital investment (Play music-Dun Dun Duh)…The problem at hand: I hate debt. My original plan was to bootstrap but that will prove difficult while trying to pay for a wedding, honeymoon, and a new home for myself and my bride to be.

That being said,  I finally talked myself into perhaps getting funding because, like all of us, we want our babies to be successful.

So how much debt is safe for businesses to borrow?

The long answer:

Finance for Entrepreneurs has a nice piece on this topic.

The short answer:

Borrow at least 25% less than they’ll give you.

-E

I am, by no means, an expert on the subject. Everything stated below are simple things that I have observed about my searching habits, the searching habits of others around me, and my Adwords account. Take my advice at your own risk.

Biding top dollar for Google Adwords will probably bring you the most traffic. However, I feel that one can achieve desirable results in the Pay-Per-Click advertising model with a little creativity and with much less money.

Ever since I started advertising through Google Adwords, I have put in many hours of research, and have been more observant to my own searching habits and of others around me.

Being a bargain shopper, I truly believe that biding top dollar for Google Adwords is not always the best idea, especially when you lack deep pockets and/or your niche requires popular search phrases like “buy domains.”

Instead, I feel that having a clever or humorous ad near the middle of the page can be almost as effective.

When people search Google, typically they are not looking for someone to sell them something in an advertisement. Instead, they are looking for keywords which suggest a solution to their problem.

One thing I noticed about my own search habits is that I usually keep my eyes on the left column at least half way down the page before I even glance at the ads on the right. Usually if I am not seeing what I am looking for in the regular search results I look to see if there is anything of interest in the ads section.

When this happens my eyes are already about three quarters the way down the page and scroll from bottom to top (not top to bottom) on my way up to redefine my search terms. That means that I would see ad number 4 or 5 before I ever found ad number 1.

Since I do a lot of things differently than others, this trend really did not occur to me until I started noticing some of my friends and coworkers had similar searching habits. In fact, I think more people do this than you would think.

The same idea can be applied to web browsing also. Since people do not typically browse websites looking for ads, its safe to say that the ads are not viewed until at least the introductory paragraph is read if not the majority of the page.

If you think about it, if this wasn’t true then ads would have a much higher click-through rating than they do now. In fact, almost everyone would be clicking on ads because they would be specifically looking for them. If it wasn’t true ad biding would be less competitive. You wouldn’t need to bid as much because you would get a good amount of traffic from biding only the minimum.

As I stated before, this method is probably not better than simply having a fat wallet to run your ads. Great ads that appear at the top of the page will most likely always perform the best. However, this method is certainly an option to the rest of us just starting a business while living off of Top Ramen and tap water or just trying to conserve money.

If your looking for a bargain way to get traffic to your site, write a clever ad and place it in a lower spot. You may be surprised with the results.

Adwords, making money online, Adsense, ppc, pay per click, online niche

-E

Will Ferrell Owes His Landlord Rent Money!

The Crocodile Hunter, Steve Irwin, Meets Ross The Intern From Jay Leno

Funny Email Forwards: Tongue Twister Joke

Technorati Tags: Adwords, making money online, Adsense, ppc, pay per click, online niche

I never understood why anyone in his or her right mind would spend thousands of dollars on a single domain name.

It just never really made sense to me. I would understand the need for a simple domain name like car.com, if this was still the mid 1990’s where people had to type in a domain name directly. However, with the invent of Google and Yahoo, nowadays it is borderline insane to pay anything more than a hundred bucks for a domain name.

I recently found a published a list of domain names and how much each sold for.

The highest selling names:
cameras.com
flowers.mobi
forclosures.com
mortgage.net
vb.com
sailboat.com
sexeducation.com
creditcards.net
own.com
university.org
hb.com
fun.mobi
credits.com 95000

Thats just crazy!

Hold on one sec for those of you with dollar signs in your eyes! Not to sound pessimistic but you are probably about 7 years too late and lack deep enough pockets to purchase enough good domains to get any kind of ROI.

Now that your back to reality I can tell you that there is a better way to come up with domains.

What really sets domain names apart today is how memorable they are.

I repeat. What really sets domain names apart today is how memorable they are.

How do I come up with a better domain name?

You can either try coming up with a domain name yourself or you can pay a company to do so.

Coming up with one yourself?

Combine two simple words
Take a look at YouTube. Two simple words with the tag line “Broadcast Yourself” which is golden because of its implied meaning and connotation to the words Tube and You.

WordPress is another one. When you think of press you think “publish,” so WordPress must mean that I can publish something.

Change the spelling a bit
A googol is the number one followed by a hundred zeros. Google wanted to organize the worlds information online. So they changed the spelling and Google.com was born.

Use an acronym
Yahoo stands for “Yet Another Hierarchical Officious Oracle.” Pretty geeky, huh?

One of my favorite startups, Meebo, used this method even though its the acronym for an older project that the founders were working on and has nothing to do with instant messaging. “Mouse Exonic Evidence Based Oligonucleotide” in case you were wondering!)

Algoco, the service lets you make money from surfing the web, stands for “A Global Community.”

Still can’t think of anything good and available? Pay people to come up with one.

I’ve done both and have noticed that large web design firms usually charge a boat load for only 2-3 people who work for the company to generate a few domain names for you to pick from. Another rip-off if you ask me.

If you are going to pay someone to come up with a domain name, I would recommend a service like Clever Site Names where you submit a description of your website and a whole community of people generate custom available domain names for your business. Its usually pretty cheap and best of all if you don’t find a domain name you like, they will refund your money.

As you can see, you have many options when coming up with domain names besides paying thousands for a parked domain.

Simple, one-word domain names do not necessarily perform better. What matters more is that your website is useful and has a memorable name.

Why do people keep paying thousands for domain names then? The answer is beyond me.

-E

(sources Moniker, Freewebs, Meebo, WebRankInfo)

Technorati Tags: algoco, yahoo, google, meebo, parked domains, domain names, website names, business names, coming up with names

If you think your simple solution to a simple problem cannot be made into a successful business, then think again…

For instance, the expense of taxi fare prices in cities such as New York influenced entrepreneurs to come up with a creative solution. Their business called Hitchsters.com, connects people traveling to or from the airport to share a taxi ride. You even get to select whether you prefer a male or a female.

Have you ever wanted to buy a designer hand bag for a special event but couldn’t justify the cost of the bag for only one use? Your solution may be with a company BagBorrowOrSteal.com who rents out designer bags for either a monthly rate or a one time rental.

Coming up with a available domain names for new websites is becoming more difficult since domain investors buy many of the easy-to-remember domain names, then try to sell them for thousands of dollars more. CleverSiteNames.com worked out a solution for website and business owners to come up with more clever domain names. For a flat, refundable fee, you can list a description of your site or business on the site for others to offer up suggestions of available domain names. If you don’t receive a name that you like, they refund your money.

Ever have a rainy day or rainy month ruin your outdoor business. Worry no more with this company that provides weather insurance to businesses that rely on good weather.
Or you could take this concept a step further like WedSafe.com did, to insure that your wedding day goes as planned, rain or shine.

What if you didn’t get much sleep last night and you have an important meeting today. Need a quick power nap to recharge your batteries and clear your mind? MetroNaps.com has your solution since they offer power naps to professionals in the city.
If you move around a lot but never have a place to store those cardboard boxes,
BoomerangBoxes.com may be just want you need. The company primarily reuses cardboard boxes and disposes of unusable ones properly. It may sound like a silly idea but Boomerang Boxes sales are expected to exceed $750,000.

This young man made a million dollars simply by selling pixels for advertisements on a web site located at MillionDollarHomepage.com. His newest venture, charge $2 per pixel, then give away half of the profits randomly as a lotto.

This company sells large bows for large gifts such as cars.
This novel writer turned her hobby of writing into a successful business. She creates personalized novels where you can chose yourself to be the star of the book.
These real businesses are proof that your simple idea, too, could be worth millions.

-E

YouTube Video - Voted best beer commercial of the year 

Technorati Tags: Simple Business Ideas, Make Money Online, Business Ideas, Cool Business

Over the past couple of years, I’ve noticed a trend of odd but legitimate businesses arise.

For instance, if I would have told my parents that for a living I wanted to sell pixels on a web page or create a million dollar brand with a catchy phrase and no products, I probably would have been institutionalized. Let these crazy stories prove to you that no idea is too unusual to profit from.

Bobble headed toys of famous characters and people

A unique way to notify your friends and family of a pregnancy

Those smiley faced antenna balls

Selling used mannequins

Use your vacation to test out your unusual dream job

Sell cuff links on EBay

Creating unusual party hats for corporate events

A Record Company for musicians who play in subways

CPR dummies for practice on…Dogs?

Who ever thought an ecosystem in a bottle could be so profitable

Do not let anyone tell you that your business idea is stupid.

-E

How to spot a millionaire 

Technorati Tags: Business Ideas, Stupid Business, Unusual Business, Unique Business, Online Business, Make Money Online

Starting your own business can be straining on your finances, especially if your used to living off of larger amounts of money, eat out often, or you just must have the latest and greatest of everything (cars, electronics, video game systems, whatever).

You can try getting rid of that pesky cable bill and replace that time with more productive things. Or you can just learn some simple money management techniques that will allow you to keep more of your hard-earned cash.

Readers Digest had an interesting article some of the things you could do to take control of your finances. Many of the tips can be translated over to aspiring entrepreneurs since finances are a very important part of starting a business (for yourself and the business).

From the article
“DO refinance your mortgage if your rate is more than two percent higher than current rates, and you have less than two years until maturity, says Aileen Pollock, a Toronto financial advisor. Check with your mortgage holder to determine the penalty for getting out of your deal…

“DO pay off your consumer debt before investing. It’s like earning a re-turn that equals the interest charged on your debt…

“DO pay yourself first. “That’s my most important rule,” says Alison Keene, a senior vice-president and managing director of BMO Nesbitt Burns in Calgary…”

Read the entire article at Reader’s Digest

-E

Technorati Tags: Money, Save Money, Keep More Money, Readers Digest, Pay Yourself, Entrepreneur, Finances, Bootstrapping

Although I have only attended the 1st semi-annual Startup School, I can honestly admit that the advice I received there is priceless. Below you will find summaries of the Startup Schools that have taken place so far. Guest speakers at these events include Steve Wozniak, Paul Graham, Chris Sacca, Chris Anderson, Tim O’Reilly, Om Malik, Mark Zuckerberg, Michael Mandel, and the list goes on. The advice you will receive will include Intellectual Property, C Corporation vs. S Corporation, best way to start a business, and how to strike business deals.

October 2005 Notes

2006 Notes part 1

March 2007 Notes and Via Scribd

-E

The Amazing Blindfolded Pianist That Plays A Medley Of Mario Brothers Music. Truly Amazing Video!

Technorati Tags: startup school, y-combinator, Steve Wozniak, Paul Graham, Chris Sacca, Chris Anderson, Tim O’Reilly, Om Malik, Mark Zuckerberg, Michael Mandel, businessweek, harvard, silicon valley, young entrepreneurs, start a business

Forbes has an interesting article and slide show of cities that have thriving college campuses and recommends those cities for starting new businesses.

View the slide show of Top IQ Campuses

If you are looking for a good place to start a business, check out Cool Town Studios, where you will find many useful articles on places to start businesses.

Also, check out these Top Tech Towns.

-E

Most websites suck, but many people and most businesses still have one

People pay anywhere from $100 to $20,000 to develop and maintain a website, for which, they will gain little or no return on.

Success of a website usually depends more on the content of the site rather than just the look. Furthermore, getting returning visitors takes more than the “If you build it, they will come” approach.

Most websites suck because they lack a direct purpose

Everyday people put up blind sites that have no direction or clearly stated purpose. That’s fine, as long as you understand no one is going to use your site except for you and that your probably not going to make any money.

Since there is an estimated 80 million websites and on average, web surfers spend less than 8 seconds on a web page before deciding whether to move on or not.

The odds are not in your favor.

Keeping your audience is usually achieved by placing great titles in larger fonts near the top of your page. A clear and concise statement about your page usually decides the fate of your site. This helps with search engine page rank too!

Most websites suck because they lack good content

In other words, if your site doesn’t deliver what it promises in its purpose, people will not find it useful. This may sound like a no-brainer, but you’d be surprised at how many websites lack good content (Hint: Get Rich Quick sites that tell you “how to” after you buy their book).

By improving and increasing your useful content you not only increase the chances that people will visit your site, you will also increase the odds that people will read what you have to say.

So you have a concise purpose and you have your useful content, now you need to make sure your content is interesting.

Most websites suck because they are not interesting

Not many people want to read dictionary style writing in MLA essay form. Nobody except your mother cares about what you ate for lunch (unless, of course, you run a food review site).

Good content gets a read once, great content gets a returning audience, hungry for more. So, spice it up a bit. Make it happy, or sad, or compelling - do something to grasp your audience and keep them coming back for more.

Also, don’t be afraid to have a little fun with your writings. It will make it more interesting for your readers and more interesting for you. After all, if your not interested, can you really expect others to be?

Now go on and revise those old, boring web pages of yours!

-E

Technorati Tags: Websites that suck, Websites, Good Website, Best Websites, Content, Entrepreneurship, Get Rich Quick, Web Traffic, Blog, Blogging, Make Money Online

As the old saying goes, “don’t put all your eggs in one basket” (no Easter pun intended), is still true today with regards to making money online. The internet changes so fast that what may be a excellent income stream today, may be gone tomorrow with little notice. That is why I recommend using the following tips to grow your online business presence.

Think Simple. Simple ideas are, well, simpler, both to implement and maintain. Leave the big ones to the big guys. Take the new domain naming service CleverSiteNames.com, for instance. Simple idea, endless possibilities.

Take each idea, feature, and business step by step. As Tina Seelig says, “You can do it all, just not all at once.” Break down your problems and solve them bit by bit, not as a whole. Your results will come much quicker.

Automation is your friend. Automate anything that can be automated. Software like WordPress has gazillions of plug-ins - feel free to take advantage of them, in fact, feel like your getting the bad end of the stick if your not using them. It will save you time and frustration. This is especially true if you are running multiple popular websites and/or online businesses. There are only so many hours in the day. Wouldn’t you rather be spending time with family, doing a hobby, or starting another business anyway?

Traffic is King, but the content which dictates traffic is Queen. Its like the saying goes “getting initial customers is expensive, getting sustained customers is where the money is.” (I’m just full of sayings today!) The same rule is true on websites, even if you are not selling anything per se. Without great content, it is difficult to get anyone to return to your site more than once.

User driven and constantly changing sites give people a reason to return. I’m not talking about layout, though. Change that rarely or you will probably piss off a lot of people and prevent them from coming back. I’m talking about content. Update and add new content often. You may not notice immediate effects, but in the long run, your traffic is likely to expand as your content grows.

-E

Technorati Tags: Multiple, Online, Business, Traffic, User Driven, Content, Wordpress, CleverSiteNames.com, Domain Name, Naming, Easter, Simple, Automation, Simple Business Idea