You can create multiple income streams from your niche. No matter what industry you are in.
Successful businesses use this strategy to succeed. They don’t just focus on one income source to grow their companies.
If you want to build a successful brand, you have to build different revenue streams. All you need to do to achieve that is research your niche, understand your customers, study the competition, and sell services or products throughout your sales funnel.
We will focus on creating multiple streams of income from three niches. We will cover three random examples.
If your niche is personal development, you can start a membership site that targets business owners. Take the following steps to create multiple streams of income:
• Create and promote your main product on your landing page. It could be a 35-hour online course or an in-depth eBook on online marketing and success
• Promote a content marketing report on the order form or checkout page as an upsell. Advertise this offer after the customer buys the main product
• Add a “Recommended tools” section on your site and promote a relevant offer after each lesson
• Offer personal coaching. Advertise at the beginning of each lesson or place the ad at the top of every website page
• Promote product discounts in the membership area and via email. It could be your product discounts or discounts from your joint venture partners
• Advertise your premium offer to members via email and in the membership area
If you are an online tutor or good at teaching and want to monetize your skill, here’s how you can create multiple income streams:
• Create your signature product. Note: we will use an online course for this example
• Brainstorm course ideas. Consider your skills and interest
• Define your audience
• Identify bestselling niche courses
• Understand your audience
• Write an outline of what you will cover
• Pick an engaging topic. For example, it could be “How to Get Qualified Leads to Your Website”
• Create your course
• Sell your course and add an upsell on the checkout page. It could be templates to help students complete certain tasks
• Offer discounts to students. Invite them to join your online course membership site at 50 percent off the normal price. The site should have all your courses at discount prices for existing students
• Divide lessons and sell them as single products
• Have a “Recommended resources” list within the main product. Advertise relevant tools. Such as software your students can use to simplify and manage business processes. Such as email automation software. Advertise as an affiliate
• Offer personal training
You can monetize your hobby and create multiple income streams from it.
Take the following steps to achieve that:
• Pick one hobby you enjoy the most or one you are most experienced in. For example, photography, journaling, videography, stand-up comedy, travel, web design, knitting, gardening, cooking, and baking
• Watch YouTube videos or purchase an online course to master your skill
• Brainstorm product ideas. Identify bestselling products or trending topics in your niche to develop a profitable business idea. Use keyword research tools like SEMrush and Google Keyword Planner to find popular topics in your niche
• Turn your product idea into a service or create a product you can sell. Note for this example we will use web designing as a service
• Build and launch your business website. Use www.wordpress.com
• Build at least three websites and add them to your portfolio website page. Bid for work on various freelancing platforms. Charge between $100 and $300 because the goal, at this point, is to build your portfolio
• Create a professional account on a reputable freelancing platform and sell your web design services. The best platforms to consider are Upwork, Fiverr, Guru, and Toptal. Choose one platform and focus on it to increase your chances of success. Set the right price for your services once you build your portfolio. Research standard market rates and charge accordingly
• Create web templates and plugins. Advertise them on your portfolio, website, and template websites like Theme Forest and TemplateMonster
• Develop scripts and sell them on Code Canyon. You can also promote them to your mailing list
• Launch a blog and share quality content that adds value to your target audience’s lives. For example, share web design tips, how-to guides, listicles, and so on. Monetize your blog. Sell your web design services, scripts, and templates on your site.
• Join reputable affiliate programs and advertise tech products on your blog or business website. You can recommend Codecanyon products, Theme Forest products, and Amazon products. The best affiliate programs to consider are Kinsta, Amazon Associates, Share A Sale, CJ Affiliates, and ClickBank.
• Create and sell a web development online course on Udemy. Cover beginner-level lessons, intermediate-level lessons, and advanced-level lessons
You can create multiple income streams from any niche. The most important thing is to understand your industry, pick the right product, know your audience, create your signature product, and market different offers in various stages of your sales funnel.