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In addition to setting up a MySpace profile and advertising your business through a network of friends, you may also want to consider advertising directly through MySpace. MySpace allows you to do this in a number of different ways.

One way in which you can advertise on MySpace is through “video ads.” These flash videos are placed in various spots throughout MySpace. These can either be in the form of a video screen or a banner, which pops out into a movie with a viewer hovers his or her mouse over the banner.

These are the most expensive of all forms of advertising MySpace sells; however, they are also reputed to have the highest click through rates, too. Depending on the price you want to pay, you can select the places in which these videos play and the amount of views you receive.

If you’re looking to pay less for advertising, you may want to purchase something cheaper, such as a regular banner ad, a text ad, or an image ad. All of these are relatively inexpensive; however, MySpace may require you to purchase a high volume of impressions, as most of their advertisers have budgets well in excess of $5,000.

This advertising certainly isn’t free, but it may be more effective in the short run, as it will allow you to immediately drive visitors to your profile or to your website without spending the time to build up a massive friends list, to join groups and forums, and to post semi-regular bulletins, reminding people to check out your profile.

Another major advantage to advertising directly through MySpace is that they will segment the demographics for you. For instance, if you just want to advertise to people who are in bands, they will set your ads up in the optimal place to reach that demographic.

With that being said, if you are serious about advertising on MySpace, you may want to send them an email to inquire about their rates and positioning. They will send you a media kit to help you determine what is best for your business.

At this point, it is a good idea to look back on what we’ve talked about so far and reiterate the different techniques and steps needed in order to make money on MySpace. Let’s start with the basics:

1. Create a profile on MySpace.

Before you do anything else on MySpace, you will have to create a viable profile that will actually convince buyers one of two things: 1) you are another human being; or 2) that you are a serious, professional business. Either option is fine; however, you must clearly demonstrate either in your profile.

2. Advertise on MySpace.

This requires some start-up cash, but if you have it, it may be one of the wisest moves you make. This is especially potent if you already have a profile setup on MySpace. You can simply advertise, drive traffic to that page, add friends to your list, and then send them periodic bulletins, as if you were sending out mailings to a list.

3. Purchasing bulletins on MySpace.

This is another effective technique for marketing on MySpace. Rather than going directly through MySpace, you can find people who have large friends lists and ask them if they are interested in “selling” a bulletin to you. You can either write this bulletin as you would a solo ad; or you can use it to announce some contest, which is probably a better option.

4. Use private messages to make sales to individuals.

Private messages keep the tone somewhat more personal than a bulletin would. Additionally, you will want to use first names when communicating through messages.

5. Don’t ever spam your friends lists.

Remember that commercial uses of MySpace are not exactly encouraged; however, they may be tolerated, provided that your efforts are not overt and disruptive. For this reason, you will want to remain low-key. Avoid getting flagged or reported.

Follow all five steps and techniques I’ve outlined above and you’ll have a good chance of making money on MySpace. All you have to do is find the right market and then figure out how to segment them from the rest of the crowd.

One important consideration to make when using MySpace to make money is whether or not you are technically violating their terms of service with your specific use. In the case of most sellers on MySpace, they are actually violating the TOS; however, it seems as if MySpace does not have a particularly big problem with their doing so.

If you plan to sell a product or service through bulletins, you are technically violating the MySpace TOS and can be fined for each individual message you send out. Additionally, if you attempt to sell anything as an affiliate on your actual MySpace profile, you are technically violating the MySpace TOS (although you more than likely will not be called on it).

So what are some forms of activity that do not technically violate the TOS? It’s unclear, but there are a few that are debateable.

One such use is selling ads through an account with a lot of friends, provided that each ad is for a contest. If you do this, you are simply announcing contests are not necessarily in conflict with the TOS; however, it may be arguable that you still are.

Another debateable use of MySpace for commercial purposes involves creating a profile, inviting friends, and then simply advertising your business as your hobby. You could, for instance, put something up about your business in your interests area. You could then direct people to your profile by posting bulletins frequently that are somewhat related to your business.

Another arguably fair use of MySpace involves using it to drive traffic to non-monetized sites. If this site isn’t currently monetized, there isn’t necessarily a problem with directing traffic to it. For instance, if you created a forum and wanted to drive traffic to it, you could technically do it with MySpace, provided it wasn’t a commercial forum. You could then later monetize the forum once you stopped driving traffic to it.

These are all examples of how you can potentially use MySpace to make money without violating their terms of service. Please note that all cases are arguable – and will not guarantee that you do not get banned or fined.