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The digital economy in its short span of existence has overtaken many traditional businesses in terms of reach, wealth and influence. The digital economic model has revolutionized the way we live, communicate, transit from one point to another and even the way we project and plan about the future. If you take the Uber “Digital Economy” transport model for instance and compare it with the New York “Yellow Cabs” traditional transport model, your conclusion will only be left for your imagination to fathom. Same thing can also be said about Facebook, Google, Twitter, Wikipedia, as they have all drastically revolutionized the way we access information, learn new skills and understand the world around us.

There is no gain-saying the fact, that we all may not have all it takes to build the next Facebook or Google, but there is no doubt that there are million and one ways, to generate profit by taking advantage of the digital economy. One of the ways to achieve this is though domain names. Do you know that you can make profit with domain names?

If you want a simple strategy for making money with a domain name, here is one idea that 99.9 percent of domain name owners overlook.

Ways you can make profit from a domain name include, but not limited to the following:

1. Sell it: You can sell the domain name for a profit.

2. Rent it: You can rent the name or the traffic from the name to a company willing to pay for the traffic or even rent out email addresses attached to the domain name. For example, if you own the domain name <a target=”_blank” rel=”nofollow” href=”http://www.lawyers.com”>http://www.lawyers.com</a>, you could charge lawyers an amount for your <a href=”mailto:name@lawyers.com”>name@lawyers.com</a> and generate long term recurring profit and it will cost you nothing to do this.

3. Build on it: You can build a website on the domain name and profit from the traffic or the services the website renders

4. Lease it out: You can lease the domain name out to a company that wants the name and the associated traffic. A domain is like a piece of real estate, which can have different tenants, cash flow and owners.

5. Park it: When you own a domain name but don’t want to put up a website until the time is right, you can “park it” with a parking service. A parking service works with Google, Yahoo and some other parking service companies to sell advertising or clicks that take a potential customer from your domain name to an advertiser’s website. The parking service puts up a parking page on your domain and then pays you every time someone comes to your site and clicks on a link. This is a good strategy, especially for sites with lots of direct navigation traffic.

For those of you who watch the market, who watch for trends and pay attention to the new words, concepts, ideas and market changes, there is going to be a domain name out there that draws web traffic. And that leads to income.

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