Blog Minx

Those three magic words ‘make money online’ appear in more places than Paris Hilton (almost). But to make money, do we need to spend money first?

I am generally reluctant to spend money online because ‘most everything is free: entertainment, information, videos of Paris’s extra-curricular activities, you name it. And there are many ways to make money that don’t cost a dime, such as adding some affiliate ad code onto your site. But sometimes spending can be a form of investment, if you’re expecting a return on your money, and if the cost is low it can be worth a shot.

Pros of spending online to make money:

• If you’re quick, you can secure a good keyword/url/placement and reap future rewards, in the form of money and/or traffic, once the buzz grows.
• If you make a successful investment, you can share your experience with others.
• You can build on your initial success to generate more money with other savvy investments.

Cons of spending online to make money:

• It’s a risk; there is often no guarantee of making money.
• Success can be random. Often it’s 10% idea but then 90% execution. Who would’ve put their money on Million Dollar Homepage working out?
• You may feel a bit silly if you share your ‘find’ with others and it flops.

Below are two recent examples of ideas from fellow bloggers (inspired by the Million Dollar Homepage story) that may help you promote your site and make money, if you are prepared to spend money in the first place.

1. Ryan Shamus (who must drink, like, a thousand Red Bulls to juggle all his projects) has created a new site called Blogging’s Most Wanted, where you can buy a square on the homepage that links to your site for $15, plus go into the draw to win $1,000 (first prize) and $500 (second prize) once all 625 squares are sold.

If you click the link above and direct your gaze to row 2, box 5 (it’s like playing Battleship), you’ll see mini me. I really need a logo, I’m sick of that blue top – so last season. Anyway, read more about BMW here and find out how to get $5 back on your purchase.

2. As part of his quest to make a fulltime living online within a year, Bryan (no relation to Ryan) at OneMansGoal is selling squares on a page of his site for $10 each. And he’s promising a whopping $10K (US$), once they’re all sold, in a random draw to one square owner. AND he’ll donate another $10K to that person’s charity of choice! Read more details here.

Those are just two examples from a growing number of site owners looking to make money by selling ad spaces cheaply on a single page, with a prize giveaway as part of the incentive. What do you think? Would you take part or stick with marketing your site for free?