The digital economy in its brief span of existence has surpassed many traditional companies in terms of reach, wealth and influence. The digital economic model has revolutionized the way we live, communicate, move from one point to another, and even the way we project and plan the future. If you take Uber’s “Digital Economy” transportation model, for example, and compare it to the traditional transportation model of New York’s “Yellow Cabs,” your conclusion will be left only to your imagination. The same can also be said for 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’s no gain, to speak of the fact that we may not all have everything it takes to build the next Facebook or Google, but there’s no doubt that there are millions and one ways to make a profit by taking advantage of the digital economy. One of the ways to achieve this is through domain names. Do you know that you can make money with domain names?

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

Ways you can profit from a domain name include but are 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 name traffic from a company willing to pay for traffic or even rent email addresses attached to the domain name. For example, if you own the domain name http://www.lawyers.comyou could charge the lawyers a fee for your [email protected] and generate long-term recurring profits and it won’t cost you anything to do this.
3. Build on it – You can build a website on the domain name and benefit from the traffic or services the website provides.
4. Lease It – You can lease the domain name to a company that wants the name and associated traffic. A domain is like real estate, which can have different tenants, cash flows, and owners.
5. Park – 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 ads or clicks that take a potential customer from your domain name to an advertiser’s website. The parking service puts a parking page on your domain and then pays you every time someone visits your site and clicks on a link. This is a good strategy, especially for sites with a lot of direct navigation traffic.

For those of you who watch the market, who watch the trends and pay attention to new words, concepts, ideas and changes in the market, there will be a domain name that attracts web traffic. And that leads to revenue.