So by now, you’ve narrowed the topic area of your “big idea” down to a possible SUB-NICHE or two… excellent start!
Now, you need to think about WHAT you want to do (and HOW) to actually MONETIZE that! After all, there’s not much point in doing this if you can’t make some money from it is there? Gotta cover your costs at the very least 🙂
So HOW are you going to do that?
As a reminder, we’ll look at a yet another different way of outlining revenue models… Remember, most business/revenue methods used are HYBRIDS – i.e. a MIX of 1 or more of the examples shown below…
Where products are offered for sale, such as:
- Affiliate (Merchant)
- Affiliate (Publisher)
- Drop Shipping
- E-Bay / Auction
- MLM / Network Marketing
- Product Review
- Sales Letter
Where large volumes of content are used to attract lots of visitors:
- Advertising / Sponsorship
- Information Product
- Lead Generation
- Self Publishing
Where online/offline services are sold:
- Flipping (Domain names/websites)
- Lead Generation
- Software As A Service
- Virtual Assistant
To simplify… Are you thinking of selling:
- PHYSICAL products?
- DIGITAL products?
- OFFLINE Services?
- ONLINE Services?
- Something else?
And are these products and/or services being manufactured, created or provided by YOU?
Or, are you more likely to be acting as an INTERMEDIARY, wholesaler, affiliate, or partner somehow and possibly even referring potential customers or clients over to another outlet or provider?
Are they delivered ONline, OFFline… or both?
Can these items/services be sold GLOBALLY, or only in your immediate LOCAL area? Have you checked out shipping? Is that a relevant issue?
Are you looking for something that is a ONE-OFF sale, or perhaps RESIDUAL or ONGOING income? Eg membership sites, paid subscriptions etc
What about something that is “set and forget” because you are naturally lazy (like me) and don’t want to work too hard??? LOL
You may not necessarily need to know the specifics of all of this… yet! But, it could be useful if you have a rough idea of what you might do, when you start this research phase.
But if you don’t know – that’s fine! This research shows you exactly WHAT your “competition” is doing in that space. And the whole point of this is to work out HOW you can do it better 🙂
Where do You Start with Your Research?
And… while you were looking at your competitors… you should also be able to see WHERE all of your potential customers are lurking. And that’s our discussion for your next lesson, who are your ideal customers?
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