Hey everyone! Today, I’m excited to share the latest edition of my “Extra Income” series. If you’d like to be featured, please send me an email. Previous hustles in this series include running a resume business, helping businesses create online campaigns, being a creative web entrepreneur, and specializing in frequent flyer mile redemptions.
This post is from MMD of MyMoneyDesign.com, a blog that covers traditional personal finance topics like investing and retirement, as well as exploring ways to build passive income streams.
In 2013, My Money Design had a great year with their niche website initiative, which involved creating a collection of focused, authoritative websites that generate passive income through advertising.
So, how did you get started with your side hustle?
I first learned about building niche websites while researching keywords to boost traffic on My Money Design. Many tips I found emphasized search engine optimization (SEO). The more I read about SEO, the more I encountered the concept of “niche sites.” Soon, I was exploring popular websites like Niche Pursuits and discovering the potential monthly income from successful niche sites.
Realizing I was missing out on a great opportunity, I got to work. It took a few months to start earning income, but eventually, it paid off. Once I started making money, my goal was to replicate and multiply that success.
What got you interested in this side hustle idea?
Building niche sites seemed like the ultimate residual income idea. Unlike a blog that needs constant content creation, promotion, and networking, niche sites operate differently. Many of the steps to build a niche site can be automated or outsourced to a virtual assistant (VA). You can hire someone to do keyword research, write content, and handle link building at a low cost.
Once the sites are live, you don’t have to do much while the income rolls in monthly. You just need to monitor them and make necessary adjustments. The costs are also appealing. You can start a site for under $100 and potentially earn $500 to $1,000 per month after a few weeks of development.
Building niche sites doesn’t have to be a cold or mechanical process. Many webmasters create sites around topics they enjoy, which makes the work fun. For example, one of my niche sites focuses on retirement planning, and through writing or reviewing content, I’ve learned a lot about the topic.
What is the biggest lesson you’ve learned as a small business owner?
Just to clarify, I still have a full-time job. My website income is a side hustle. The biggest lesson I’ve learned is to treat your hobby like a business. Have a plan, which includes identifying something valuable to others, creating a website to meet that need, deciding how to monetize it, and making a profit by managing expenses.
What are the start-up costs?
Starting a niche website is surprisingly affordable. Typical first-month costs include:
– Domain registration and hosting: I bought a package through iPage for $36 for three years.
– Article writing (10 to 20 quality articles): $50 to $100 using Elance.
– Weekly VA for link building: $5 per week or $20 per month on oDesk.
Although it’s hard to spend money initially, once you make your first $100 in a month, these expenses will seem minor.
What are your business goals for the upcoming year?
2013 was a big year for me, growing from one barely-existent website to a group of three making almost $1,000 per month. In 2014, I aim to take my extra income efforts to new heights, starting with a new niche website using a monetization strategy I haven’t tried yet: Amazon.
So far, my three niche sites primarily use Google Adsense for income. I’ve read many success stories about sites that use Amazon as their main income source, which seems more lucrative. That’s my next focus.
Beyond that, I’ll continue keyword research to find that perfect low-competition, high-search-volume, high-income-potential keyword. When I find it, I’ll build another site.
What’s the most positive thing about your side job?
The best part of making money on the side is knowing that I can! It’s liberating to realize my entrepreneurial potential. We often think our day jobs are the only way to make serious money, but that’s not true. There are many ways to earn money. My approach is to use my money to make even more money, advancing my efforts faster than I normally would. The ultimate goal is early retirement!
Thank you, Michelle, for letting me share this post. If anyone has comments or questions, feel free to visit My Money Design or email me.
Have you ever thought about creating a niche site? Do you want to make money online? Why or why not?