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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
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
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
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
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.
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.
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