I’ve seen fortunes made with this exact business model, yet most marketers are too scared to try it.
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 might run it past a few people 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.
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 of at least 5 different marketers who consistently make 6 figures a year doing this, releasing a new plugin every month or two.
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.