So let me guess. You want to have more money for your retirement, but you don’t want to work 24/7 to make it happen. That’s fair enough. You’ve spent your whole working life chasing deadlines and reporting to your boss. So how do you achieve this? Property? Shares? Websites?
…Yes, websites! Web businesses are one of the simplest ways to build a stable passive income, which is perfect if you want to boost your retirement savings! Even the most conservative investors acknowledge the growth potential and stability of digital investments.
Here’s how you can use Flippa to earn passive income and build a nest egg for your retirement.
Pick Your Niche
First, you must pick a niche for your retirement project. Why? Because it’s the ‘sub industry’ your website will operate in. We suggest you pick something you’re already interested in, it’ll make the process more fun!
- What niche am I already a part of? Perhaps you’re an automotive enthusiast, a hobby photographer or an antique collector. It’s a good idea to explore your interests and hobbies, because they can reveal what niche you’re already part of.
- What do I like to read? What you consume can also help you pick a niche for your retirement project. It’s also a good trick to test the size of your market. You want to make sure that your niche has a big enough market (hint: if a magazine covers your niche, then it’s big enough).
- Who do I like to help and what can I help them with? If you’re struggling with this, think about what you do for your friends, family members, and colleagues on a volunteer basis. Maybe you’re the person who fixes people’s computers, or the person who gives their friends the best cupcake recipes.
If you want to succeed online, choosing your niche is key. Fortunately, Flippa makes this step easy. After you’ve finished this article, go to the homepage, and hit the green ‘get started’ button! Flippa will give you many results that will help you find your dream project.
At this stage, I’m going to assume you’ve picked a niche that you’re interested in. Your next million dollar question is: how can I make money from my site? Let’s talk about that next.
Earning Passive Income
Here are 4 simple ways to start earning passive income to build your retirement nest egg!
1) Become an Affiliate
If you don’t have any products or services that you can offer straight away, then consider affiliate marketing. This means you choose a product from another company to promote and sell on your site. You’ll get a cut of any sale. For affiliate marketing to work, I recommend you use the product yourself and that you’re happy to endorse it in public. You must disclose your affiliate relationship on your site, because it’s the right thing to do.
Rule of thumb: Make sure your affiliate product fills a need or desire of your target audience.
To be successful at affiliate marketing, use your market knowledge and pick products that will most benefit your audience. If you give them the results they want, they will buy from you again.
If affiliate marketing sounds like something for you, then browse these affiliate marketing sites on Flippa. If you want more specific results, you can also check out these available Clickbank and Commission Junction auctions.
Say you’re interested in Android, buy a website in that niche. You then start to write about development or upcoming features, etc.
Advertisers love niche websites with top content. Better yet, advertisers in related industries can pay top dollar through services like BuySellAds to reach a targeted audience. Flippa is perfect for this as you could be purchasing an established website with traffic already! It’s just up to you to produce the content on something you love!
3) Share Your Expertise
You have a lifetime of expertise under your belt. Don’t let it go to waste. Several companies, business owners, and young professionals could need your help. If you still want to contribute and feel part of something bigger, then consider taking on a smaller coaching or consulting role.
Obviously, you only pick the projects that excite you. You can shape the role to suit your needs and preferences. Like to stand in front of an audience? Give a talk. Like to give short coaching calls? Set up a Skype account. Add a contact tab and give your readers an easy way to get in touch with you. Leverage your expertise and make the most of your existing network. Let people know that you’re now offering a limited amount of coaching/consulting sessions. You could bundle this service with some advertising on your website, and overtime as your reputation and profile grows – you could even start charging for the calls!
If selling your expertise is something that sounds like the right fit for you, then check out these Flippa auctions.
4) Sell Your Own Stuff
Have you got a dusty manuscript lying in the bedroom drawer? Or maybe you have photos and artwork that need to find a new home?
Internet makes it easier to sell your products online. My dad is a great example of this. He’s soon about to retire, and just like you, he’s looking for something fun to do on the side. So I got him his first website and helped him set up his own photography store. It’s nothing fancy and it’s far from perfect, but it’s there and we’re making sales. What’s so great about having something to sell is that it can lead to other business opportunities, too. Just the other week, my dad was approached by a co-worker who asked him if he could photograph her wedding. Bingo!
If you want to save the time and frustration from trying to set up your own store, why not browse Flippa’s ecommerce auctions? That way you can start selling your stuff sooner and focusing on building more assets that will add to your retirement funds.
Over to You
Traditionally, people have turned to physical property, shares and more to build their retirement nest egg. It’s now time to complement this with a digital investment. Remember, the website you buy on Flippa could earn you more monthly revenue than annual interest from a savings account. Digital property also has fewer barriers to entry compared to other methods to top up your retirement savings.
What’s stopping you from getting a site and creating a nest egg for your retirement? You don’t need a fancy logo or a big budget. But you do need to find a way to help people and add value to their lives. You can do this by being an affiliate, writing content, offering your expertise, selling your own stuff, or doing a combination of all four!
Acquire your website earning passive income. This is your nest egg. You make the rules and decide where to go. People are waiting for your help. Why not give it to them?
This is only just one way to use digital property to boost your retirement savings. Got any other ideas? We’d love to hear from you in the comments below!
Thanks to Olle Lindholm for writing this post and Andrew for the photo!