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Great idea...

Discussion in 'Starting Your Startup' started by blenly, Mar 14, 2016.

  1. blenly

    blenly Entrepreneur

    I feel like I have a great website idea and I'd love to give it a go however I can't see how I could monetise the service that the website would provide. Has anybody else had a similar problem? I'm not sure whether to run with the idea and worry about trying to monetise it later or if I shouldn't start until I have a clear plan.

  2. theshoe

    theshoe Entrepreneur

    Spend some time on your competitors sites in this niche and see how they monetize. Do they have adsense? Do they have reviews with affiliate links?

    Also, spy on your competitors with a tool such as follow.net. Follow has a free and paid version. Also use the free version of semrush.com and ahref.com to see what keywords your competitors target and the traffic volume those kw's get.

    When you find their kw's, load them into adwords kw planner to find the "cost per click" if you wish to monetize your site with adsense. You'll earn roughly 68% of the cpc quoted in adwords. Some advice I've received... look for kw's that earn min. $1 per click. Optionally, only go for kw's that are less than $1 per click if there is sufficient search volume for the kw. Again, this last paragraph is if you want to monetize with adsense.
    blenly likes this.
  3. doodles67

    doodles67 Entrepreneur

    I do not know what your idea is, so it is difficult to give specific advice. If you are passionate about your website, you should develop it and monetize it at a later date. There is much to learn from developing a web presence, from marketing to site design, so your idea may never make money; however, the experience will be worth the effort.

    In the beginning, it may be possible to add affiliate marketing or to add a donation button (Paypal). Would it be possible to write an e-book and sell it on your site?

    Good luck in your future endeavors.
    Valerie likes this.
  4. Valerie

    Valerie Entrepreneur

    I have to agree with doodles67 on how the vague reference to what your aspirations are makes it a slightly difficult to give exact advise, but theshoe gives great ideas for gathering intelligence on the competition, which is rather important.

    Depending on the website style, your domain and host provider, you may have direct access to Adsense and other monetizing services from the get-go. A lot of website builders like Weebly and Joomla have those services integrated already. If you can't find that, make sure that monetizing is indeed possible on that specific site (for example, a free Blogger or Wix site has limited ways to be monetized). Also make sure that the website you're using is compatible with scripts for placing ads and other SEO optimization plug-ins, et cetera. Check out affiliate marketing on places like Shareasale and Linkshare or Amazon Affiliates as well. You could probably learn quite a bit about that on Entrepreneur Fix's sister forum, Affiliate Fix.

    From experience, I can say that setting up a plan of how you want to monetize and with what services is better than starting a webpage and finding out you can't do anything with it. Hope that helps!
  5. djentre

    djentre Entrepreneur

    Tell us your idea or at least the segment its in or something.

    Use a decision funnel to make your decision regarding whether its a good idea.

    Monetizing a site can be done in a variety of ways. You first need to build your user base. Maybe start a blog, setup a forum, or engage people on social media.

    Once a base is built, you can create a paid VIP lounge/special membership forum/site. OR you can offer information products starting from something that's free and going all the way upto say 99 bucks or something. OR you can monetize using the regular ad programs that are out their. You can become an affiliate and try to pitch those products via your website. There really are innumerable ways to monetize. First you need to decide what kind of a website its going to be.
  6. Nikita

    Nikita Entrepreneur

    I'm not an expert but I have seen a lot of websites that don't have any obvious way of monetization as well as apps but I do think it helps in terms of beefing up the portfolio of whoever owns it for future investors. I think you should just worry about getting the site up and running but just make sure you have a plan and a timeline and a means of dealing with people stealing your idea because once it is out there you don't have much control anymore.
  7. Goldstandard89

    Goldstandard89 Entrepreneur

    Depending on the idea, you might want to try making a free blog instead. I personally like Tumblr because I have an art focus and they have a very loyal fan base. Wordpress is another option. The problem with websites is converting traffic into sells. If you do decide to invest in a official website, I would build in how you plan to monetize the service into the website at the beginning. The website might as well pay for itself. You might want to buy the domain you want while you decide though.
  8. T J Tutor

    T J Tutor Administrator Entrepreneur

    Yep! As many have mentioned, there is no way to give you solid advice without more details of the product and the market.
  9. Vinaya.Ghimire

    Vinaya.Ghimire Entrepreneur

    No idea is great until you make it happen. In other words, in order to find out whether your idea is great or not, you will have to work on it. For example, I have a great idea about travel website, however, if the website cannot earn, it is a flop idea. Main point is you will have to work on the idea to make it great. Question is whether you can do it or not.
  10. Lynda

    Lynda Entrepreneur

    Making money from a website can be a real pain, and you might have to accept making a loss to start with. It's hard to say much without knowing what you're planning, but there are three main ways to make money online: Ads, affiliate sales, or selling your own service, and if yours doesn't fit into any of those three, it's going to be difficult.

    The first thing you'd need to do is to get the site established and build a user base, because you won't get much revenue without people to advertise to or buy things. The larger and better paying ad networks won't usually take a site that hasn't been going for a year or more. You could try having a premium offering or a members section with exclusives.

    The question to ask is whether you have a service people will pay for, and how much they'll pay for it. Have you tried doing research not just into your competitors, but your potential customers to see how much they would be likely to pay for the service, and how much disposable income they have?

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