#3 Expand Into A New Niche
Just as you can add different business models to your online strategy, you can also increase your income by adding different niches to your business. They don’t have to be connected, but many feel there’s good reason to expand into related niches.
If you have expertise in a specific niche or industry, consider expanding your services to a new niche. This could mean using your existing business model to serve a new audience or developing a new business model tailored to the needs of a specific niche. By expanding into a new niche, you can tap into a new market and attract new clients, ultimately increasing your income.
Example: Weight Loss & Fitness Website
Start out by brainstorming niche ideas that connects to the problem-solution formula. For instance, when you consider weight loss, you can think of a myriad of things that contribute to weight gain (the problem) where there’s a solution you can present to them in the form of digital courses or tangible products.
You may consider how poor sleep contributes to added weight – as does stress. Aging and hormones can pack on the pounds, too. Cooking is a related niche topic that can help with weight loss, too.
When you have a related topic, you can easily cross-promote the niche websites you operate. On your weight loss blog, you can link out to your low calorie cooking website, and vice versa.
Your stress relief blog can cater to all stress plagued visitors, but you can also have content that specifically addresses stress and weight gain. You can then cross-promote on your weight loss and exercise website.
If you have niche interests outside of the related topics, such as woodcarving, for example, you can certainly target that using the same business model you’ve already mastered.
If you excel at affiliate marketing, you might have a formula down. For example, your system might be to conduct keyword and niche research to discover what is currently trending.
Once your research is complete, you would then create a set of blog posts targeting some longtail keyword phrases. Top tips, reviews and lists are very popular blog post styles. You can also create a YouTube video for each blog post and share on other social networks.
Your formula should be easy to replicate in any niche, saving you lots of prep time. Some things might change, though. For example, your audience for weight loss might be big on Instagram, but there’s not likely to be a woodworking audience there, so you’d need to share that niche’s content on another social network like Pinterest.