I’m getting quite ambitious these days…and now I’m dead set on building a brand new niche business from scratch which I am aiming for 7 figures a year profit after 3 years. I wanted to share my blueprint with you - I was also hoping you would give me your thoughts on my plan by commenting below.
First off, you probably know by now that I am also involved in the Internet Marketing niche (no kidding! haha). I fully expect my IM business will be a 7 figure earner by my third year, however I don’t want to become one of those ‘IM only gurus’ - you know the type. The people who only make money online by selling how to make money online products (there’s a lot of them!). While I’ve made most of my money by working in niches outside of make money online niche, I want to keep it that way so I wanted to build a new niche business to keep my income distributed.
Here is My First Draft Blueprint to Developing a 7 Figure a Year Niche Business
As my skills improve, I’m seeing how important it is to go after the big fish instead of the little guppies. Here is why:
When you go after the little fish (we’re assuming the little fish are the easy catches), you can only go so far. You will make money A LOT easier, however your potential is limited. Your business is also very insecure because you don’t have a brand. An example of going after the little fish is building affiliate sites. I’m not saying affiliate sites are bad (in fact, they are a key component in my blueprint), they are just limited.
The big fish is what I want now. Going after a type of big fish would be creating your own products - however it goes way beyond that. The biggest fish is developing a brand and becoming a leader in your niche. That is the big fish I am after.
I’ve also been noticing that you are much better off focusing on one niche at a time - ideally something you are very passionate about. My passion is martial arts, and it just so happens to be a very big niche online, so this is what I am targeting.
This is how I am going to hunt down these big fish in methodical order:
First order of business: move into my office building. I now officially have office space that I can go to to get some serious work done. I’m noticing that working in my bed room is only hurting my business. Over the past like 9 months I’ve been unable to get more than 1 hour of work done per day and it’s really starting to get under my skin. If I want a 7 figure business, I need a place I can go to work at least 4 - 6 hours per day with no distractions. No video games to suck my time away, no bed nearby to demotivate me, etc.
Alright, on to the actual action steps.
Phase 1: Build a network of affiliate sites (there’s a twist)
Ok. Since I tore my ACL a few months ago, I physically can’t make the products I want to make, so I have to compromise. I need about 3 more months before I can do anything physical, so in the meantime I am going to build up my assets as best as I can.
You know how I said going after the little fish (affiliate sites) is limiting? Well, that is not entirely true if you use the little fish as bait for the big fish.
What I want to do here is build Amazon affiliate sites around buyer keywords. My goal is to build sites around buyer keywords for equipment, books, DVDs, etc. I will have no distinction on price point. Normally with physical product sites you want to sell items priced at $100 or more to make a good commission per sale. I am going after EVERYTHING no matter what price point. If it’s a $5 item, it doesn’t matter, and here’s why.
Think about this: When someone types a buyer keyword like ‘Top Flight XL golf club set’, what are they telling you? You know that they like golf, but most important you know they are someone who is willing to buy something online.
Now think about this: What if you were able to get this person on your mailing list so you can market products to them in the future?
It doesn’t matter the price of the item they are searching, as long as I am able to qualify them as a buyer. That’s the entire goal of my Amazon affiliate sites for this application. I don’t really care about making money with them by selling physical products as an affiliate (although that will be a side-effect), what I want is to get those buyers into my mailing list.
If you get 1000 buyers to your network of sites per day, and you can convert a very small amount of them to your mailing list - say 10% (average for opt-in conversion from a blog), you would add 100 buyers to your mailing list every single day. That is extremely valuable.
Phase 2: Build opt-in freebies and a basic product
Once I have my network of affiliate sites running and my ACL gets a bit more time to strengthen up, I am going to proceed to phase 2 where I will create my first freebies (training videos) as well as a basic product that I can sell for $19.95 (the average price of info products in my niche).
This is more of a test than anything else. I want to make sure that the type of product I want to sell (an info product) will take in this market. There’s no reason to invest insane amounts of time in making a product in a niche if you have no clue whether it will sell (I made that mistake with my first product I made).
So I’ll build my opt-in page, filter my Amazon traffic to it until I have an initial list of say 1000 buyers. I will then promote my basic product to them to see how it takes. From that test, I will be able to determine if that style of product is something martial artists are interested in buying online. If it doesn’t take, I will create another product with a different twist and repeat my test.
All in all, it will take me about 6 hours to create my opt-in freebies and my first test product. No sweat if it doesn’t work out for whatever reason.
Phase 3: Build out my sales funnel
Once I determine what style of product sells, I will then start building out my sales funnel. One key piece of the funnel is a monthly membership program (this is going to be my big fish later on). Why is a membership site important? Well two reasons: Once they sign up, they won’t cancel if the price is low ($10-15/m). The reasoning is like this: ‘If I cancel this membership, I am giving up on my health and my martial arts. I am a failure if I quit’. It’s like a gym membership. If you quit your gym, you give up on yourself. No one wants to do that.
The second importance of this membership program is that it will lay the ground work for my ‘big fish’ later on. I will be able to use this membership to start building up my community and brand.
Phase 4: Map out paid traffic sources
Once I have a converting sales funnel, I will start pumping in the paid traffic to my opt-in list. The good thing about the martial arts niche is that you don’t have to worry so much about the guidelines of the sites you advertise on. A martial arts business is seen a legitimate subject, so you won’t get declined or slapped. Things like make money online, weight loss, forex, etc. are considered shady to these networks, so it’s very hard to get paid traffic to niches like that.
I’ll be using Facebook, Adwords, and Yahoo PPC for this. I will also contact some of the bigger martial arts sites and get some media buys going with those niche sites.
The importance of using paid traffic is that not only can you build a list really really fast, you don’t have to do any extra work once the traffic gates are open. No need to spend time on manual traffic generation.
Phase 5: Tackling the big fish!
Once I have a massive list of people who are interested in martial arts, I am going to make my monthly membership program my front runner product. I don’t want to give too many details away on this, but this membership is going to be my 7 figure a year baby. Eventually I want to make it the go-to site for anything martial arts related. A big free community with a paid membership as the back end. And once I have my big list, I can do a real ‘launch’ for the membership site. At this point, I also plan to have some JV partners I’ve worked with prior so they can help me get the word out.
The big fish is my big dream idea. It’ll be a truly unique idea that no one has ever done before. While it will be based off of proven principles, the overall concept I have in mind is so unique that I will be the front runner in this niche. I don’t know if you read my post about not going after the ‘big dream’, however in this case it will work since I will already have a large subscriber and fan base, and will also have all the knowledge I need to follow through with my idea. It also helps that I am extremely passionate about martial arts, so I will always have an interest in pushing my business further.
So there you have it! This strategy, in my opinion, is the way to go (at least for me) for now on.
What do you think? Leave me a comment!
I’m interested in knowing what you think about my plan! Feel free to comment below with thoughts, tips, suggestions, etc.
Thanks!
Dan Brock