The digital economy in its short span of existence has surpassed many traditional businesses 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 for the future. If you take Uber’s “Digital Economy” transportation model, for example, and compare it to New York’s “Yellow Cabs” traditional transportation model, your conclusion will only be left 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 is no profit, say the fact that we may not all have everything it takes to build the next Facebook or Google, but there is no doubt that there are millions and one ways to generate profits 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 a profit with domain names?

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

Ways you can make a 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 to a company willing to pay for the 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 their [email protected] and generate long-term recurring earnings and it will cost you nothing 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 set up a website until the time is right, you can “park” it with a parking service. A parking service works with Google, Yahoo, and a few 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 places 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 browsing 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 will attract web traffic. And that leads to revenue.