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The power of branching out into different niches



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The power of branching out into different niches

When it comes to making money online, you will have to branch out and start multiple websites.  Not too many people have just one website that makes all of their money.  There are actually a few reasons for this and the main one is that you need multiple revenue streams in order to bring in the bacon (money).  Most successful online entrepreneurs have branched out from what they started doing simply because they wanted to make more money.  It's not because they were curious and wanted to test a new niche or business idea, they wanted a stable income from different areas just in case something went wrong with stream A they could fall back on stream B.

In this discussion I'm going to go over the reasons that it is smart to branch out.  There are a few I can think of off the top of my head, so if you have any additions, please add them in the comments The power of branching out into different niches


Multiple Revenue Streams
Like I mentioned above, most online entrepreneurs have multiple revenue streams just in case something dries up.  You never want to have all your eggs in one basket, or have one revenue stream, because if something goes wrong you will not be generating any money.

By having multiple revenue streams you're essentially having an insurance policy on your main website just in case something goes wrong.  You can fix the problem on website A and still make money through website B to float you along while the problem is being fixed.  Now you can have more than 2 revenue streams, I know entrepreneurs who have 20 websites that all make a little bit of money every day.  The amount of revenue streams are limited by the amount of time you have in a day.  Obviously you can't manage 100 different websites and streams at the same time each day, you will need to automate some things if it comes to this.  And if you do get to 100 different revenue streams, tell me your secret The power of branching out into different niches


Cross Selling
A lot of webmasters will do this because it works really well when you want to build up a revenue stream.  One webmaster I know is in the pet niche and he has 3 different blogs related to animals that generate money through advertising.  What he eventually did was set up his own service and eCommerce store in order to sell items and services to people that were on his websites.  He sold physical items that related to all 3 of his blogs and he also sold a pet grooming service to people in his area.  This meant he now had 5 different websites that all had their own traffic coming in from the search engines but he was also cross linking and selling in order to build up the sales and traffic exponentially.

If you're not cross selling items or services, I highly recommend you try it out.  Even if you have to get into drop shipping, just like my friend did, you will be happy you took a stab at it because the start up cost is low and the profit potential is high since you already have super targeted traffic coming to your websites The power of branching out into different niches


Dominating Small Niches
If it's your first time branching out, I would highly suggest you target some small niches.  The main reason for this is because when you branch out you're just trying to create another revenue stream.  Branching out into a massive niche will just make it so your time to achieve success is much longer than if you were to target a small niche.

With all of your previous knowledge in SEO, Marketing, Website Building, PPC, traffic generation, etc.  it shouldn't take too long to dominate the small niche you just branched into.  If you do the proper on page optimization and off page optimization, you can dominate a small niche in as little as one month.  You don't really need to do much either, just build some great content on the website and you can even automate it slightly by using WordPress and scheduling your posts to go out when you want them to.  I would suggest scheduling a post to go out every 2 or 3 days, which means you will need to write up 10 to 15 articles a month and put them on your website.

A small niche may not bring in a ton of money, but your websites rankings will be much more stable in the search engines if you do everything right, and that brings in consistent traffic which turns into sales.  I know people who only target small niches because they can dominate them quickly and turn them into an income source.  These small niches might not bring in a whole lot of cash with just one website, but imagine if you had 10 or 20 of these little guys bringing in $10 a day for you without having to do much work after the initial setup, content generation and optimization The power of branching out into different niches


Taking Educated Chances
No one becomes a millionaire by playing it safe.  People who play it safe are usually the ones who are comfortable with how much money they are already making.  For this reason, you should always think that the rug is going to be pulled out from under you and you'll lose everything tomorrow.  This will push you to work smart AND hard in order to achieve success.

Now when I say you should take chances, I'm not saying to take every chance you get.  You'll need to do some research on a niche before you jump into it.  I don't want to see you coming back here saying "Razzy told me to take a chance and I lost all of my money!"  if you just do some research prior to investing your time and money, you'll be able to pick a good niche and not a garbage one.




In Conclusion:
When you branch out into a different niche you need to see it as a potential revenue stream, not uncharted territory.  You don't have to be Louis and Clark when it comes to websites, just put up something that people will like and you'll usually make money from it if you can build up the traffic lol.  Multiple revenue streams will give you some income generating websites to fall back on if you happen to mess up your main income generation website.  You'll be able to rely on the money from the other streams while you fix your main one.


Remember to follow me!
https://www.seoclerks.com/user/Razzy


Thanks!

Razzy

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JoeMilford

Hello there, and an informative post here. When you say small niches, what exactly do you mean? I am interested in this very much. I am doing multiple freelance things to trickle in money from many different places and directions, but this revenue is tough to come by, and it definitely is time-consuming on an insane level! Can you suggest to me the locations or names of some of these "small niches" which I could check out?




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augusta

Insightful post.YES, I think some times we try some things out at least for a change, moving a little bit from the usual doesn't hurt.It simply about not putting all eggs in one basket.Taking some small niches is what I might really want to try.I think it makes a lot of sense to rank higher with these small niches.




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DarthHazard

Branching out to different niches is definitely a good idea but you have to be careful. It can bring a lot of benefits especially since it means that you can have multiple streams of revenue. It also means that you have several different niches which you can rely on if one niche is not doing particularly well at the moment. However, the problem is that you might end up wasting time on all the niches. It might be a better idea to concentrate and do well in one niche.




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JoeMilford

Excellent point here. It's the difference between being scattershot, like a shotgun, or bull's eye like a sniper--not all all of us cn jacks of all trades. so you have to find a balance between being really good at one thing or being good at several things or something harmonious in between. Juggling like this can be taxing in so many ways, and I am not sure how many of us freelancers and online business-folk have the stamina to keep up such ventures simultaneously.




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Corzhens

You are right that we have to be careful when there are several niches to attend to. The focus and concentration are divided on those niches and the quality of your output may be compromised. I have experienced writing articles for a blogger and maybe if there are more than 1 blogger that needed my services then I would not be coming up with high quality articles because my attention will be divided.




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vinaya

I am working on different niches. I have a handful of websites on various niches. Here are some of the niches that I am working on
lingerie
anxiety
trekking and mountaineering
current news
wellness
I have different kinds of websites on these niches. Some are affiliate store, some are dropshipping website and some are simply blogs.




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DarthHazard

Wow, that's actually quite a large and varied group of niches. Are you working on them as in developing them still? Or have you already started them and just working on them as in ensuring they continue doing well? I could never do this because how different all the niches are. There are just so different that it would be difficult to dedicate time to them all, therefore, some of them would end up not doing well.




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vinaya

Some of my websites are work in progress where as some of my websites are complete websites, having enough contents, properly monetized and already earning traffic. I am a full time online writer and internet marketer. I have no other income source than writing and blogging.




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overcast

I have experienced the issue of relying on one stream of income. And this has caused me to worry a lot these days. And this has to be fixed in many ways. You can see that if you are into article writing and after some of the time you don't get new leads. And that is the time you have to consider branching out to other options of the niche. And for this reason I am saying that one has to branch out to other niches. If you can see that part then a lot of future damage can be stopped there as well.

There are different niches out there. And if we can manage good earning in one niche then surely we can add more niches in the order. So this can be something you can take into the account. I personally think that branching is always a good idea but you have to delegate the work.




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JoeMilford

I came to the web for freelance options in order to supplement my one income; I was worried, just like you, and I knew that I needed to get out there and find new ways to make some cash. I have been chopping away at this for months, and a little bit of money is starting to trickle in. Exploring different niches is a great idea, and I am all for it; however, I think we all have to be careful of spreading ourselves too thin.




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overcast

Yes I am into WordPress and other skills too. But due to low cost fiverr prices. I think it's harder to get the jobs these days. And also it's harder to change the mentality of the buyers too. So it may take times there as well. I think branching out into another niche is my current option. I am finding out other genres and the earning options.

So far nothing much concrete found. I have realized that article writing is one way to get into for me to earn some money here and there. And that should be more than enough on that point. That's the thing with the earning with freelancing options.




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JoeMilford

overcast,
I think you are right about the ad-writing option, I visited Fiverr, and although I have heard a lot of good things about it, it just did not seem to work for me. It could just be my lack of savvy with it, but still, I have, like you, started looking elsewhere and at other options. I think that having several niche options going at once is a good idea, and as you see one, or a few, start to take off for you and prosper, then apply maximum focus on those and go with it.




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overcast

I think if you check the buyers requests section from your seller panel. You'd be shocked to see how the people are treating the workers. Like say 5$ for 500$ worth of work. And then they are giving bad ratings too. So I think it's better to stick with the buyers who are having reasonable rates. I think it's not easy to setup consistent income on the basis of the fiverr based earnings. It's just too hard to set it up. Hope things changes though.




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JoeMilford

overcast,
You have given me good advice before, and I am going to go back and take a look at this Fiverr again and see what happens based upon what you have said here. I have no problem giving it another chance--what do I have to lose, eh? Still, I hear what you are saying about the rates, and I can't totally sell myself out in those ways just because of the time restraints my "day job" puts on me and all of my other responsibilities.




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Pixie06

I am an online seller but have not tried cross selling yet. I am quite successful at online selling and I am currently developing some new products. I think that I will have to start thinking about cross selling. Maybe this will help me to earn more. I cannot predict what will happen to my business in the long run. Cross selling and diversification are definitely important.




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Henrywrites

You really made goods @Razzy that I'm quite convinced that the is just the reason many are still not expanding their income generation channels. I cannot forget what my lecturer then in school told us about the need to have jobs that we can do so as to help complement our main source of income. What surprised me was that he said that no matter how much one earns, that it is important to have another source of income in order to always fall back to it.

I'm really happy that that is your first point of this article for it really showed that you're enlightened as well on how to expand the way we make it in life. Thank you for the tips.




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Joteque

There are many options online to explore revenue streams. I myself am still getting my feet wet in the online marketing and niche marketing. Just like you JoeMilford I have alot to learn and I am doing some freelancing as well. There are definitely other avenues as mentioned by Razzi that I have yet to venture. With some time and dedication as well as following these guys who have mastered the trade I hope we can all be great and successful.




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Authord

Nice posts, the real truth here is that, or should I say my own opinion is to first of all be able to command respect in a particular niche or on your first niche before delving into another niche. If you don't have a ground on one I don't think you will suddenly develope spines on the other.
But it's feasible, that's if you're know your onions well. And it's actually cool and it's benefits are numerous.




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kgord

I think multiple streams of income are great, and if you have authority in different niches that is fantastic. However, I think the danger with multiple streams of income and different revenue streams is that they might all be so small that you may not be getting the kind of income out of them that you wish to have.




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Corzhens

I like that idea of dominating small niches. However, it is easier said than done. I have a friend who is doing just that with his forums. He has a musical instrument forum which is not very unique but not a common niche either. That’s fine and I’m sure he can get people to be interested in that niche. But with that math forum? I wonder if he has people posting on that forum. That’s really a small niche that is easy to dominate but its uniqueness makes it difficult to find members.




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