Everybody is talking about the social media these days. Just a few days ago we had Kutcher vs. CNN in the first Twitter challenge. The goal was to reach one million users on Twitter and also contribute to a great cause in the process. The social media industry may be maturing, but there is still a lot of money to be earned. Let’s not forget that as great as Facebook, FriendFeed, and Twitter are, they are not perfect. You all probably remember myspace and its dominance a few years ago. Where is it now? It’s barely holding on. Things change quickly in the social media, and that means entrepreneurs are always going to have the opportunity to make money with their products and services. If you are willing to learn new things and think outside the box, there is no limit to how much you can earn in this industry. With that in mind, here are a few ways to make money online from the social media:

  1. Paid applications: writing an application for Facebook and Twitter is one of the best ways to make money online. As long as you provide a unique value, there is no reason you can’t monetize your work.
  2. Free applications: free applications can help you get a lot of traffic back to your site and even promote your other products. You can’t beat free.
  3. Services: there are many services that you can provide to folks who want to get in on this whole social media thing. You can help them achieve more followers or promote their businesses online. You could teach them how to get started with the social media. Consulting and coaching is one of the best ways to make money in this market.
  4. Videos: you can take your service to the next level by creating a video product that shows people how to do things. It’s more than consulting. It’s teaching a lot of people how to get things done.
  5. Products: you can always create products that let people do more with the social media. This goes back to item number 1 but these products will address a set of needs. You can create a program that lets people grab information from various social media sites and track their reputation across these networks. The sky’s the limit here.
  6. Corporate services: most corporations are still not on board with a lot of things that are going on in the social media. They are proactively looking for solutions that help them manage their reputation and get more out of Twitter and Facebook. What a better way to make money than offering these companies a solution they can work with.
  7. Reports: you can always sell reports as long as you provide real value. You can also put together a book if you have gotten real results on sites such as Facebook and Twitter.

There are many other ways you can make money on social networking sites. The sky’s the limit here. You can create all kinds of mashups and get more specific with the above tactics. Social media is here to stay. Why not make


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