Don’t Get Stuck in a Niche

If you’ve been following this series, you will have got a system working and earning you money. You will have scaled it up to increase the revenue, and you should be feeling fairly comfortable.

So what do you do next? Well there’s one good thing about being in that comfortable position where you have money coming in with only a little maintenance work to keep it ticking over. Although you shouldn’t take your eyes off the ball for too long, you now have a little more freedom to look around for other income streams.

Don’t wait until your first income stream starts to dry up; you need to get the next one up and running long before that happens.

So look around for a completely different niche. You can apply the same techniques that you used for the first one, and duplicate what you already have in place. If it’s a niche that you have less knowledge of, you will need to do some research, of course, but there is a lot of information on the Internet. It’s not difficult to apply yourself to becoming familiar with a subject well enough to start marketing products within that niche.

Of course, if you choose a niche that you are familiar with, such as a hobby, then you are ready to get started straight away.

Ideally, you should build up a business working in at least 3 or 4 different niches. If you have just one income stream and it stops for some reason, you have lost everything. If you have 4 income streams that bring in roughly the same amount of money, then if you lose one of them, you have only lost 25% of your income. The more income streams you have, the less you lose if one of them fails.

Another good reason for increasing the number of income streams is that there is less pressure on each one to bring in large amounts of money. For example, if you wanted to earn $5,000 per month and had 2 income streams, each one would have to average $2,500 per month. But if you had 10 income streams, they would have to average only $500 each.

Rather than choosing say 10 different niches, it might be easier to choose 3 niches and set up several income streams from each of them. It’s a lot more difficult to spread yourself over numerous niches than it is to specialise in a small number.

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October 21, 2011   Posted in: Affiliate Marketing

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