If you actually took the time to follow the advice of domain services experts in regards to buying and protecting your domain name, then you probably have a few dormant websites lying around. This is because these experts often advise us to buy as many TLDs of our chosen domain name as we can to protect our brand.
So, let’s say you were lucky enough to get the .com TLD for your preferred domain name and chose to buy the .org, .net, and .biz TLDs as well. What do you do with the three websites you aren’t actively using to grow your business? Believe it or not, you can turn these dormant ones into passive income streams!
What is a Passive Income Stream?
Simply put, this type of income stream provides you with a source of income with little to no need for constant upkeep as soon as the initial investment has been completed. When you write a book, for example, you make the initial investment of writing the book and then getting it published. After that, you simply wait for the sales to come in.
The Value of Passive Income
The value of passive income sources is that they provide you with multiple income streams. This means you earn not just from the business itself, but from a number of other sources as well. The importance of having several income sources lies in the fact that it protects you from a great deal of trouble in case you experience a downturn in your business. Passive income serves as a buffer, so to speak.
The idea of using websites as sources of passive income began when some people created websites with just a few pages of content and then promoted certain products as their affiliates. The owners of those sites earned a certain amount of money for every customer they sent to their affiliates. The only thing site owners had to do to keep their sites running was to update their content from time to time.
With the Google algorithm changes, however, this type of sites started getting penalized and soon dried up. Nevertheless, the field of online passive income remains alive to this day. After all, getting affiliates isn’t the only way for you to turn a dormant website into a passive income source.
Transforming Your Site Today
The key to turning a dormant website into a good source of passive income is to make it valuable to a certain group of people. Let’s take a quick look at two types of websites that are usually meant to earn passive income:
- A site that mostly contains pop-up ads, banner ads, and practically any other type of ad you can think of. I’m sure you’ve run into this kind of website several times before. This approach may require the least effort, but it also gives you the least return on your investment.
- A website that contains “How-to” articles, updated twice each month. This isn’t completely passive, since you’ll have to post new content from time to time, but it also doesn’t require much effort and is more likely to turn in a good profit.
In the above example, it’s obvious that the second website offers more value to users than the first. That’s why it stands a better chance of turning in a good profit. Here are a few tips on how you can add value to your dormant websites and turn them into good sources of passive income:
- Create an ebook
Check out all the “How-to” articles you’ve written or published so far. Do you think you can compile them into a book people would find interesting and helpful? Perhaps there might even be a way for you to expound on one of your articles such that you can turn it into a detailed guide. You could then use one of your dormant sites as an online store for your ebook.
Post a summary and teasers for your ebook on that site and then set up a mechanism to allow visitors to pay for and download the book directly from that site. To promote your eBook, you could post teasers on your Facebook, Twitter, and other social media accounts along with a link to the website. You could even post the teasers and link on your business website.
- Create a Subscription Service
As mentioned earlier, you could create a series of articles that offer something of value to people and then post these articles on one of your dormant websites. In order to earn passive income from the site, you could require payment of an annual subscription fee. If you choose to go this route, though, you have to make sure your articles are truly relevant, useful, and interesting so people will consider them well worth the fee.
- Create an eCommerce Website
You already have an official website, so why do you need another one for selling products? This question is probably going through your mind right now. Well, whatever your product is, there are sure to be other products that complement it or are related to it in one way or another, right? You could provide space on one of your dormant sites for other brands to sell their products and earn a commission from each sale made.
Let’s assume that your main products are contact lenses. You could earn passive income by allowing manufacturers of lens solutions, lens cases, and eye makeup to sell their products on your dormant site! Of course, the site will no longer be dormant when you do that, but that’s the point, right?
Dormant websites don’t have to remain dormant forever. They can be excellent sources of passive income as long as you know how to design them such that they offer real value to users. You can make use of any of the strategies discussed above or better yet, use them all on the different websites you have. The more passive income streams you create, the less trouble you’ll be in, should your business unexpectedly suffer financial losses. Remember, it always pays to prepare for the rainy days.
Do you have dormant sites? If so, any plans to turn them into passive income sites?
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