GOM update and SL money-making primer

GOM update
After a full day of trading on the Gaming Open Market, it would appear that the Linden dollar has remained stable after re-open. This is probably a good thing :)

How to make money in SL
As a potentially new player, Second Life can be a bit daunting. The entire experience smacks you like a ton of bricks, and without any real set "direction", you can get overwhelmed in no time.

Eventually, though, most people seem to grasp the freedom that SL gives you and soon does the normal newbie things (attend some events, schmooze in the welcoming area, explore relentlessly, then find some good land to settle down in).

Next is usually some way/scheme/method to make some money, either for spending purposes or to cash out on GOM or IGE. I'd like to spend a few moments detailing some good ways to get your profit bus moving.

First things first, what do you want to sell? This usually stems directly from what you like to do in Second Life. Some folks like building, others like textures, still others have a thing for scripts.

Next, try to find a niche for your newly-acquired skills. Many many many folks make clothes; but do they make t-shirts with smarmy quotes on them? Is there some sort of unsatisfied demand for lime green skirts? Are people asking around for petunia-flavored furniture, but no one has it? Determine what the market needs best by asking around, checking out other stores, and so on.

Once you've found a niche to fill, it's time to actually produce your product or service. That's usually the easiest part, but be warned, sometimes making products can suck so much of your time away that it becomes more of a "job" than "fun". If this happens, step away for a week or two and take it easy. No need to get burned out :)

After you finish your product or products, it's time to "package" it. This usually means naming them properly (maybe with a brand name), putting them in sales boxes, scripting them to be user-friendly, and so on. This part is critical; presentation is everything in Second Life. Most folks pretty much expect a professional-grade product to come out of stores, and become infinitely frustrated when it doesn't work as intended.

For clothes, the best way to dispense clothes is to use a vendor, or use separate boxes for clothing pieces and sell the contents of each one (very popular, but prim-intensive). It helps to have a common theme with your boxes; many folks pose their avatar in front of a white screen with the clothes on to give the buyer a good idea of what the item looks like. Some also put the names of the product on the box texture itself; the key here is to present it well. Make the boxes all the same size; pose your avatar the same way every time for each box; and so on. Finally, position them on the sales floor in a neat and orderly way, so folks can browse your entire collection effortlessly.

For objects, putting them in boxes is probably the best way. Again, put them up against white screens, take pictures, crop them a bit, and put them in sales boxes. If the objects are no/modify/transfer, make sure you let the customer know ahead of time with a sign or a description tag. Plop them on the wall of your selling area, set the price, and voila.

For scripters, the easiest way for you folks to sell your wares is to put them in vendors that give out scripts (or scripted objects). Ensure that the script is user-friendly, properly debugged, and works well under duress. Many times a scripter will sell a product and then get deluged with customers using their script under the strangest of circumstances, and then wonder why it doesn't work. Again, proper debugging is key. BUT, MAKE SURE you take all of the "user-unfriendly" features out of your object before sale! That means IM spam, position shouting, permissions errors, and so on are removed or fixed before the masses get them.

There is one other area of the SL economy that rarely is noticed; the services industry. Services can be anything from hosting parties to building for clients. They usually involve the most work, but are invariably the most rewarding; it's a different challenge every day, and depending on the market you're entering, you can make killer money doing what you love.

The most common service rendered is usually building for other people. This can be tiresome, and will eventually burn you out if you're not careful (I am currently living proof of this). The best way to get yourself known is to just start building for people. Word of mouth spreads like wildfire in SL; one happy client tells 3 friends and whoever stops by their new home/shop; interested clients then IM you asking for your work, and so it perpetuates, increasing your reputation with each build and rapport with your customers.

Again, it's best to have a niche; many people need low-prim homes, so being able to texture well/make every prim count is paramount. Others don't have a care in the world for prims, and will let you design to their heart's content; every customer is different.

Above all, ensure that you charge properly for your work; just because you can build doesn't mean everyone else can. It is much too easy to undercharge yourself. A proficient architect can easily make $5,000 a job, if not more. Make sure your time invested is worth it. However, if you are still developing your skills, charging high prices will seem greedy and exorbitant. Only when you are comfortable with the tools will folks be gladly willing to pay whatever your price is to get your services.

Other services' fees depend on the demand, and the competition. Apartments are a prime example; charge too little and there is a perceived notion of a "ghetto". Charge too much and you won't get anyone into your building! You must strike a balance between cost, prims, and livable space.

This may all sound like common sense, but there are many folks that don't grasp the fundamentals of selling things, and hence get frustrated and leave the game. Don't do that; capitalism takes constant tweaking to work best.

Hopefully this will help folks.

Lordfly Digeridoo