I’ve seen fortunes made with this exact business model, yet most marketers are too scared to try it. I did this several time with great success.
Here’s what you do:
Get an idea for a WordPress plugin. You can either find a need and fill it, come up with a great idea on your own, or look at what’s available and figure out how to improve upon it.
Once you’ve got an idea for your plugin, you should do some market research to make sure you’re not the only one who thinks it’s a winner. Or you can do some research and find out how well similar plugins are selling.
When you’ve finalized your idea, get a coder to create the plugin for you. There are many freelancers on line from all over the world at various prices, so finding the right one for your project should not be difficult.
Or, you can use who I use – Reddensoft. They are based in India, and they are super to work with. Responsive, communicate well, deliver as promised. Give them a try. Ask for Dipak and tell him I sent you 😉
And yes, you’ll need to PAY the coder, or partner with them.
Once you’ve got the plugin, test it to make sure it works smoothly. Create your marketing for it and then sell it. You can package it with various rights, PLR, multi-site and so forth so that you have 2 or 3 different price points.
I know quite a few marketers who consistently make 6 figures a year doing this, releasing a new plugin every month or two.
If you have bigger ideas in mind, this will work as well. Quirkel is a service I developed and worked with programmers to have built – I don’t write code.
And at the right moment after they’ve made plenty of sales, they sell the rights to the plugin for 4 or 5 figures to another marketer, who often repackages it and re-releases it.
There’s a ton of money to be made this way. All you need is the right idea with good marketing and you can make a fortune.