How You Can Use Niche Selection Skills to Create Multiple Income Streams


Which Niche? - a most comprehensive set of niche selection systems - guides, worksheets, mindmaps.

Having learned how to select lucrative niches, how could you start creating multiple income streams? I have put together a list of ideas for you to consider if you are still on the fence and don’t know what you would like to do. Here are some of them:

  • Set up a shop – your niche selection skills will help you decide on which products will sell, and which ones won’t. You will also make an informed decision about the market you would like to target, and decide on your marketing strategies.
  • Membership Sites – create as many sites as you like, set up drip-fed content, and profit for life. Membership sites are good because you don’t have to update them once you’ve set them up, in order to profit. It’s a good idea to do so though.
  • Micro-Niche Marketing – very narrow subjects are great income generators. Create niche websites, fill them up with content, sell affiliate products through them – digital or physical.
  • Information Sites – set up and sell your own products as well as affiliate information products. This could involve e-books, video and audio courses, and much more.
  • Amazon Kindle Publishing – having a niche research skill, you will always have lots of hot subjects to write about.
  • Set up an Amazon Review website – this is similar to micro-niche publishing. Set up a website to review products in a particular niche. Narrow it down to very specific niches, so that you don’t have to compete for keywords with lots of other sites. However, make sure that you can find lots of mid to high range products on Amazon.
  • Set up a hobby-based website. It is, of course, fine to choose something you are passionate about. However, if you want to make money out of the hobby, I suggest that you separate yourself from emotions and look at the commercial potential for the niche. Think how you can make money out of it. Maybe by selling your own information products. Or perhaps by reviewing products already on the market and selling them as an affiliate? Can you sell physical products? Which marketplace will you use to resell physical products – unless you hold own stock?
  • Set up a website based on a particular holiday. Even though profits from such websites are seasonal, they can be very lucrative. So if you set up a website for every major holiday, you can reap big rewards when the time comes for it.
  • Create software or a plugin. Good software and plugins which solve particular problems are always in demand. Investigate which problems have not been addressed yet, or if they have – how can you improve on what is already available. Make sure that you know how the process works. You can outsource the creation of software/plugin. However, you need to be able to follow through with the project, so you will need to have an idea of what it is that you are trying to create, how it’s going to function, etc.
  • Create a coaching program. This is a good idea for a subject you are an expert in. Don’t try to go where you have little knowledge and are hoping to learn as you go. People will know. Learn and practise it first.
  • Write a course. The same warning as for creating a coaching program applies here.

You could focus on just one of the above tasks, or create a variety of income streams. Focus on one method at a time. Master it well, get it to work, then move on to others. The best solution is to have your businesses work for you. For example, once you write a book, you will be receiving royalties for as long as the book is selling on whichever platform you choose. The same with membership sites.

It is a good idea to have information updated from time to time, especially on websites which people use regularly. This shows that you care. However, you don’t have to do it yourself. A lot of tasks can be outsourced these days, and all you need to learn to do is manage it efficiently.

To help you create select the right niche for your business from the start and get started creating multiple income streams, I have created a detailed guide, a set of mindmaps and worksheets. Check them out here.

 

Which Niche? - a most comprehensive set of niche selection systems - guides, worksheets, mindmaps.

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