Matthew

Last week we talked about discovering your niche which is the first step in creating a profitable business as an infopreneur. This week, I’m going to talk about how you can start to build your business around your niche. I was going to put all the elements in starting your business into one post, but as this stage is so important, I thought I’d just focus on the first one:

Here’s the most important tip in starting a profitable business as an infopreneur.

1. Have a plan

Once you’ve defined the niche that you’re planning to be the basis of your business, the next step in making money from your niche is to have a plan. You can call this a business plan if you like. But importantly it needs to set out your objectives – ie what you’re going to do, how you’re going to do it and by when. This will be the foundation and the guiding light for your business. Here’s a really simple business plan on a page.

Once you’ve started on your business plan, you then need to are the questions that your business plan will need to answer:

a) How are you going to serve your niche?

Think about how you going to serve your niche. How often are you going to post? By video, podcast, written text? Are you going to write all the content yourself or enlist the help of others – where are you going to find the inspiration for your posts? Off the top of your head could you think of 50 post ideas?

b) How are you going to monetise your niche?

This is the question that most people fail to answer. Or at the very least they have a vague or fuzzy idea that they will probably make money by writing an eBook. However, at the top of this post I referred to ‘your business’. Without sales or income, you don’t have a business.

This is the most important element of your business plan – you need to think about how you’re going to monetise your site – are you going to produce your own information products, promote products of others (affiliates) or use advertisements or Google Adsense?

If you’re looking to use affiliate products you could go over to Clickbank and search for products in your niche. Clickbank is a giant market place of products which you can promote as an affiliate. (ie. you earn a commission on every sale).

When you go to Clickbank and search on any category or subcategory page, at the top of the page will be the highest selling product. You should note the GRAV number (this being the product gravity) – the higher the number, the better as it reflects the more sales it’s making.

You might also want to look at ‘future’ in the stats as this is the money on the table that you can make if visitors who buy the product you are promoting go on to buy other products from the seller – such as a membership website or training course.

Personally, I’d only promote products that I had bought or used myself – but that’s up to you.

Whether you make money from day 1 or day 450, it needs to be built into your plan – but you’ve got to have a clear idea where the income is coming from.

So, what do you think about your monetising your niche?

Matthew Needham, is a UK based professional interim manager, qualified accountant and consultant. He is the writer for The Big Red Tomato Company and member of the Infopreneur.net TIP Team. You can connect with him on Facebook or on Twitter or subscribe to his RSS feed. If you have an business problem or idea you want to chat through you can hire him for a one hour brainstorm/consulting session by Skype or Email.

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Filed under: Affiliate Marketing • Blogging • Guest Post • Niches

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