Over the weekend, I was chatting with one of my best friends about money. I told her if she really wanted to make money online that she should build a virtual real estate empire like mine.

She chuckled loudly and almost fell off her chair. She said, “Are you still making $0.16 a month for all your hard work and effort?”

I proudly replied, “Actually, my virtual real estate empire or niche websites now bring in a residual income of $1000 a month. Yes, they used to make $0.16 a month but now they make much more. And, I make this money whether I am sitting on the beach or cutting my toenails.”

Well, she immediately stopped laughing and asked me to tell her some more.

Here are the tips that I told her so that could get started making niche sites too.

1. Virtual real estate is not a get-rich quick scheme. It is a slow money making process and takes some time and effort. You not only have build quality sites but you have to promote them too. You can’t just throw up a crappy site, slap some Adsense on it and hope to become an overnight millionaire. It just isn’t going to happen. Instead, you have to work at it, every day before you see the benefits of your hard work and effort.

2. Own virtual real estate in higher paying niches. You can’t just build sites on low paying subjects, even if you love them. Although you can have some lower paying niche sites based on your interests, you must also go after the higher paying niches too. After all, it is a lot easier to get 20 people to click on your ads that make 20.00 ($1.00 a click) than it is to get 200 people to click on your ad (.10 per click).

3. Test your market and conduct market research in order to find the higher niches. You should spend about 40% of your time conducting and testing your market before you create your sites. This way, you’ll save yourself a lot of time and energy by knowing if your site will be profitable before you build it.

4. Provide your readers with solid and quality information so that they keep coming back for more. Build content that will motivate and excite. Create sites with “staying power” so that you can get repeat clients and referrals from others.

5. Don’t ignore the rules. Always read and understand your advertisement partner’s Terms and Conditions. For instance, Google prohibits you from clicking on your own ads so don’t do it. If you don’t, your account might get banned.

6. Use different monetization methods when building your sites. For instance, you can use Adsense, Bidvertiser, Kontera, eBay auctions, affiliate products, etc. The more monetization methods you have, the better. This way if one method dries up, you have many others!

7. Always improve. Never stop making improvements to your site. Play around with your ad formatting, try different affiliate products, utilize traffic building techniques, etc. Never stop learning and growing.

8. Don’t lose faith. Virtual real estate is a great way to establish a steady and long term business. However, it won’t happen quickly. Although your sites could make a whopping $ 0.16 the first month, they could very well make $1000 or more a few months (or even a year later). You just have to keep working the process and don’t lose faith.

So, do what I told my friend, go out there and create some niche sites.Once you take action, you won’t be the joke any longer; instead you’ll be an inspiration as you chuckle all the way to the bank!

Related posts:

1. Quality or Quantity of Niche Websites? Definitely Quality!
2. Passion or Profit in Picking Your Niches?