Yeah I was thinking of making some online shopping sites, maybe just setup dropships for a lot of things (my primary job involves me working with a *lot* of vendors directly so I can figure something out) I'm very good with PHP so I should be able to even automate an entire store, (order is placed, payment processed and purchase order sent to vendor) I think that would be a very good idea. Than a large portion of the money I set aside for it can go to either further developing the site and than marketing. Maybe I should try setting up a few automated stores? Sounds like a good idea, I *definitely* though will try to just reserve a couple grand to each project (if possible since working directly with vendors sometimes they have they're own reseller requirements)
Do yourself a favor and invest in a site between $1 - $1000.00 and turn that into an income within 6 months, if you can't do that your just going to waste $20k. Throwing money at problems is not a solution and most people make that mistake over an over. Once u get the hang of making an income stream from low cash (5k and under) you can apply that process to larger and larger projects until it becomes a full time gig and quite automatic.
Hm... Thanks for the advice I'll definitely be sure to look into all of this. Any other bits of advice?
That's a great advice here, I wouldn't jump to a lot of websites, I would go with one and make it work, after that, after getting familiar with how to run it I would go further. The fact is that even like this it may get tricky, since every site may have it's own particularities and running it may be different from other sites you have previously owned.
Instead of buying a readymade site, go for a new one based upon your niche area and develop a very good website and then apply online earning methods on it. Because to get success in any field, you should have interest, passion and knowledge about that field and this rule applies for websites also.
Investing in websites is a great idea, but make sure you understand how to operate and build the websites. Better you try building sites yourself first from scratch so that you understand how to do it, then once you know how to do it you can buy other sites and build up your portfolio. Otherwise your money will be wasted, and you won't know what is a good site to buy
Yeah, I've actualy made a *lot* of websites in the past so I don't think it should be an issue, we'll see how it goes
Yes, I think you should know exactly what your doing, including how to value a website and promote it, before you invest money. I strongly recommend you save money for promotions should you need it before you buy a website. Some people have a strong bias to buy websites they see something specifically wrong with as they can usually fix it and get something cheaper. Be positive you know why the website is being sold, and be sure you know how they were getting traffic. Good luck.
Well, like I was saying before yes I do know how to run one and even promote however I do need some practice at promoting websites.
I have bought 2 websites, 1 was good, the other was bad. My best piece of advice is to be particular. Go through and try to find ones that you wouldn't just be buying for potential. Countless websites have some mediocre content on them, a decent design, but aren't making a single dime, or are making very little. If you want to buy a website that will make money, buy one that is already making money. The only exception is if you can buy one for near nothing and think that you can "flip" it. But generally this is a bad idea if you aren't really experienced in internet marketing. Just keep in mind this motto, "If it isn't making much money, it isn't worth much money". Also, you might check out my site where I have an appraisal system I built. http://www.priceasite.com It is realistically what I think a website is worth, what I would pay for it, etc.
My advice is to look into service or software delivering sites, especially that are unique in the market. For example, you could be selling a unique service (It can be anything) or a unique software/script (Such as directory scripts, hosting billing scripts, etc.).
I'd buy ONE site that for about $1000 that has shown some reasonable profit. Before you buy, learn what sites are selling for and don't overpay. Do your due diligence and make sure you know what you are getting Don't fall in love with it just because it is your first site. If you can't make it more profitable and can't figure out why, then sell it and find something else to do. If it turns out to be a dog, but you can see what you did wrong in picking the first site, you got a cheap education. Dump it and look for a site that is more likely to work, based on what you learned from the first site. Once you get a site that works, decide whether the way to grow your business is to put money into the site you have (adding features, content, an advertising campaign, etc...) or whether you are better off adding another site. While putting all your eggs in one basket is generally not a good idea, spreading yourself out too thin is also a recipe for failure. Trying to build SEO and content for five unrelated sites rather than concentrating your efforts on one good site means that no site is going to pull away from the pack.
start by buying some $100 - $300 sites now and run them for an hour a day or so in the evening so you get used to it and know what your doing. youll soon find out if you like it or not, and if your any good at it. You can then sell these sites later and go after the big ones if thats what you want