Everyone takes a different approach. But take a look at the interest rates on offer at the moment - paltry!
Reinvest the money in your website business. Take trips out to take photos for your site. Buy books about your subject and publish reviews about them. Review anything to do with your subject even if it costs a $ or two to make the trip.
Differentiate your site by the simple fact that you took the time to visit whatever it is and took photos to prove it. With all the dross out there earning a meagre existence from copying other people's articles, yours will shine through in the end.
Some good suggestions thanks, but in all honesty I'd like to try and move away from earning primarily from a single website.
Congratulations on hitting your milestone.
If you live in the U.S. and think inflation is around the corner, you can buy TIPS, treasury inflation protected securities. Due to the way they are taxed they are best held in retirement accounts.
Buying other web sites or domain names can be a good investment. You can buy them to make money as well as drive traffic to your other sites. I don't find a lot of good deals, though. A lot of the stuff on the auction sites is just junk.
Good for you mate. Well done.
|I am however, earning this money primarily through one hobby site |
Twelve years later I'm still here.
|be it a change to Google's business model or to competition. |
It's the latter that will affect you. Twelve years ago I was largely alone.
That's life and totally beyond your control as indeed Google is.
The things that come to mind are:
- pay off credit card debt (and other personal debt)
- build up a minimum 8 month emergency fund
- set some $$ away for retirement
If that's done, don't sweat the small stuff. My biggest site is 10 years old and I'm still a little paranoid that the dollars won't keep coming in. Overall I try not to worry about that and just keep things clean.
It's been my experience that starting a bunch of new sites to spread out your earnings potential is more time than it's worth. Just keep at your main hobby site and give 100%. Keep an eye on the competition and stay ahead of the game, introduce new things before they do.
I'm 10 years into a "hobby site" that makes "working" unnecessary and things are still going well.
First make sure you have 6 - 12 months expenses saved and available. Once you've got that done looking around for other opportunities will come with a lot less stress.
In the meantime, if the workload of your current site allows, maybe start to work on a new site of interest to you.
Plow it back into your site?
Its working now, but what can you do to make it sticky and attractive?
Everybody has different risk levels, but personally I like the security of having a variety of different sites.
You have to keep in mind that the information posted here tends to be from the survivors, because most of the people that had one site and lost their web income usually don't stick around and keep on posting here.
|Everybody has different risk levels, but personally I like the security of having a variety of different sites. |
I think that running more sites actually increases your risk of income loss.
If you have most of your debt paid down, then I'd bank that extra cash for the moment, and start looking around for another niche to build or buy a site for. I have a lot of different sites. Some make money, some don't (yet) I've shut down sites that I just couldn't make perform. Many of my sites are seasonal event-driven sites, so I've tried to arrange it so that I have most of the year covered. My biggest issue is lack of time to devote to all of them, so the best earners get most of the attention. If I were you, I'd just start with one. But take your time, look around, and see if you can find a niche that fits. Meanwhile, you're saving the money, so if you need to hire copywriters or designers to help you get going, you'll be ready.
Congratulations. Be prepared to go back to pre-milestone income, although if you keep improving and marketing your website, the medium term trend should be consistent growth on all levels.
|I think that running more sites actually increases your risk of income loss. |
It may well increase the risk but more importantly, it spreads the risk.
I'm still working towards making a living from my sites (though I don't have a job) and would not be happy to have all my income from one site. I would also not be happy if all that income came from one source (ie adsense)
As it is, I get about 70% of my income from my best site amd 70% of my income through Adsense. I would prefer both of those percentages to be lower.
Consider diversifying your income by writing a "how-to" book about your hobby. The book can mention and promote use of the website. I have recently done this with a self-published book and made decent money on the book and it has enhanced traffic to my website.
If there are magazines that cover your hobby, consider writing articles for them. This can also enhance your website traffic while bringing in another stream of related income.
|I'm still working towards making a living from my sites (though I don't have a job) and would not be happy to have all my income from one site. |
You're right. I think Google started with just one site and they've been diversifying ever since. Although I could argue that all the sites they've launched don't make money and pull valuable resources away from search...
Quite obviously we're a one site operation. We've got 17 different topic covered in that one website. It was actually someone here that convinced me not to break up the one site into 17 sites.
|You're right. I think Google started with just one site and they've been diversifying ever since. Although I could argue that all the sites they've launched don't make money and pull valuable resources away from search... |
If you want to be the next Facebook or Youtube it is probably best to focus on just one site. I have more modest goals, like maybe retire a little early if I want to and never have to work in a cubicle again. So I try to have multiple sources of income and within my web income have multiple income producing sites. I also try to have sites that make money with as little day to day upkeep as possible.
I have several sites, but most of my income comes from one medium-sized site that is 14 years old. I quit my full time job five years ago. There have been high's and low's, but in that time, there is a certain level I've never dropped below. Even when I occasionally disappear from Google the other traffic I get still makes me as much I made at my former job. After we pay off our daughter's college tuition bill we are looking to invest in a small vacation home somewhere.
Congratulations..Having one mega site or owning several niche sites is entirely up to your personal aspirations and capacities. However, if I were you, the first target would be to ensure that my website income is more than what I would need on a monthly basis. If not, then re-evaluate your milestone target.
Secondly, delegate responsibilities. It is my opinion that you can cook a better broth with more cooks. So, as soon as you can save money for employing someone (even a remote freelancer for certain specific tasks), please do..free up more time and work on more value-adding tasks.
|brotherhood of LAN|
|Buying other web sites or domain names can be a good investment |
That's what I was thinking. Patiently research sites for sale and buy a website you see potential and interest in.
Congratulations on the success of your first site.
Good site are tough to find for sale... but definitely worth looking for if you have some extra money burning a hole in your pocket.