There are several hoops to jump through when it comes to setting up your business website. This includes hiring a creative genius to craft your award-winning web design.

It also encompasses selecting the right web host, and finding and securing the perfect domain name. In the process, however, you may find it advisable to purchase a number of similar domains.

This tactic allows you to redirect traffic from site names that your visitors might erroneously type in. However, it also gives you the opportunity to develop additional sites if you so choose.

It will, at least, stop squatters from taking over and attempting to extort money from you. The downside, of course, is that you have to pay annual fees to retain all of these domain names. This can get expensive.

However, you don’t necessarily have to keep hemorrhaging money just to keep your favorite domain names on tap. You can even save them for later use.

In doing so, you can ensure no one else is using them. You can actually use them to make money. This is done through a concept known as domain parking.

What is domain parking? What are the benefits of this practice? How can you use it to make money? Here are a few things you need to know.

WHAT IS DOMAIN PARKING?

Domain parking is a practice by which domains are registered. However, they aren’t necessarily attached to any online services such as a website or email. They’re basically blank domains. They are registered and paid for, but aren’t in use.

There are domains that remain this way. They feature temporary web pages with messages like “under construction”. Alternately, they merely redirect users to another website with a similar domain name.

They are often owned by the same person or entity. They’re considered to be non-monetized. Parked domains can also fall into the “monetized” category. It does so, when owners elect to use the virtual blank space to host advertising.

BENEFITS OF DOMAIN PARKING

There are several other potential benefits of domain parking:

1. Protect a Name for Later Use

You might have a great idea for a domain name. You might have a business name for which you want to secure the exact domain name. Perhaps you’re still ramping up the online arm of your business operation. Maybe you have far-off plans to use a domain name. In any case, you shouldn’t wait to snag it.

You don’t want to come back later to find out someone is already using it. Additionally, you won’t like having to pay significantly more to wrest it away from its current owner.

2. Protect Variations

You can buy several domains similar to your main website for the purposes of parking. It’s known as domain hoarding.

This practice is beneficial in a number of ways. Though, this is mainly because it allows you to redirect to your main website.

This can be choosing from a .net, .biz, .org, or other extensions that match your .com. It also can be common variations or misspellings of your name.

In other words, you can ensure that traffic intended for your website reaches you. That is true, even if users type in the wrong domain name.

3. Prevent Domain Squatting

It’s not uncommon for popular businesses to suffer from squatting issues. This is when people who register their domain name or similar names.

Then, they hold them hostage for far more money than they’re intrinsically worth. Suppose a well-known brand like Sony or Nike had yet to register their brand name as a domain (i.e. sony.com or nike.com).

Someone else can buy the domain knowing the business would probably want it eventually. Thus, the owner could then charge an exorbitant amount of money.

They do this so the company gets its branded domain name. Many squatters also snatch up similar names to popular brands in the hopes they’ll pay off.

4. Prevent Negative Associations

What happens if you don’t hoard domains similar to your main business website? It may be nothing. However, squatters may move in. Because they can’t get money from you, they set up websites that disparage your company.

Thus, when your customers mistakenly visit, they see content that paints you in a bad light. In other words, squatters could try to blackmail you into paying for domains in order to remove negative content.

Others may simply want to ride on your coattails. They use your recognizable name. They use the probable mistakes in typing your domain name to get traffic that was meant for you.

These sites might sell competitive products or services. Plus, they might be cheaper brands, with a name purposely similar to yours). They also could be something you don’t want to be associated with.

That includes adult content. Worse, they probably have little interest in selling their domain, unlike squatters. Instead, they prefer to trade on your good name.

HOW TO MAKE MONEY WITH DOMAIN PARKING

There is a final benefit of domain parking. It’s the ability to turn unused space into an extra buck. You may bemoan the fact that you have to pay every year.

Yet, in doing so, you’ll keep your many domain names registered. It doesn’t matter if you’re using them or not.

It’s important to realize is that the earning potential of these domains. It could more than pay for the small annual fees required to maintain them. How does it work? The answer is with advertising.

Think of your parked domains as virtual billboards. You’ll find that advertisers are willing to pay you to host their ads on a pay-per-click (PPC) basis.

It depends upon the agreement with the advertiser. You can get paid whenever a visitor to your parked domain clicks the ad. Additionally, you get compensated if they go further and make other conversions.

The best part is that you can basically outsource this to a service. You can choose from those such as the CashParking service offered by domain registrar GoDaddy.

With this tool, all you do is pick a plan, register your domain(s), and share the revenue from posted ads. Naturally, there’s more to making money with domain parking.

You could pursue a strategy of choosing domain names. They can be specifically for the purpose of setting up ads and earning a passive income. You are purchasing domains that you think are likely to get traffic meant for other sites.

Then, you’re populating them with ads you think will appeal to this specific audience. Let’s say you’re already a business owner, however. You might find yourself sitting on parked domains. In that case, simply use them to your advantage by monetizing with ads.

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