If you want to make that good good type of money with your blog (business) then you need your own product(s). There is no getting around this.
Some people hate this idea. They want to fight it tooth and nail.
You can live decently off of ads (for now) and affiliate marketing. I'm not telling you that you NEED to create a product. I'm just telling you that if you want to have unlimited potential with your revenue you need to control your own revenue source.
This image is for one of my blogs. This is all ad revenue. THIS IS THE EXCEPTION, NOT THE RULE.
I just wanted to show you that even though I'm (currently) making 5 figures with just ads on a blog, I still don't have faith in it lasting. What this ad revenue buys me is a little bit of time to experiment with products for this blog. Also, it's hard to keep on bringing in more and more traffic each month to make the revenue go higher.
I know some of you reading this are in the position where you just want any type of money now and I understand that. Consider this email long-term thinking.
When you have your own products/services you get to set your own prices. Want more money? Raise the price or do better on your conversions.
Want to diversify? Create more products.
All of this sounds easy except there is one big issue with regards to products and that involves your audience.
While low-cost products don't need to address this as much because they are low cost, eventually you are going to want to move up into the higher-tier of product pricing ($100+) and you can't avoid this issue.
The issue is that if you want to sell anything, you need to know a specific problem that someone in your audience is having. If you can do that, you can sell a lot of things.
But it's not easy. If everyone could do it then ummmm everyone would do it. You probably think you already know the specific problem that you're going to address but what if it isn't the problem your audience has?
I can't tell you how many people I've talked to want to start blogs to help people with depression. I'm cool with that. What I have a problem with is then these same people want to make a lot of good money with these blogs.
How many depressed people do you know want to spend money on a product that is going to help them with depression? Depression isn't the specific problem they are looking to have solved.
Even worse, what if money is the cause of the depression? You want them to spend more money to solve it?
Might need to look elsewhere or approach things from a different angle.
Let's say you want to do a craft blog. With this craft blog, you have the idea of selling printables which because they are low priced people will buy them. Not everyone, but someone will if enough people come to your site.
The problem is, not enough people are buying them. You're busting your ass for $100 extra a month so you decide you need to create another product.
But it is crafts. What the hell is the specific problem in crafts?
Good question. I'm not in the crafts niche so I can't say that specifically I know what's up but I'll give it a shot.
With most niches I like to start at the beginning. What I mean is that I consider someone that is completely new to the niche and what problems they have. I do this because it's pretty easy.
In the blogging niche, for example, they need to know how to use WordPress so maybe a course on WordPress. Then they need to know how to get traffic so then maybe a course on Pinterest. Then they need to know how to make money so maybe a course on Affiliate Marketing.
With crafts, maybe the problem is people don't know what to use for what. What if they don't know what to make and they don't want to go to the store to buy anything? They just want to create right now so how can you help?
Maybe you create a product based around simple crafts you can make with everyday household items.
37 Simple Crafts You Can Make with Everyday Household Items
Within that product you use cornstarch a couple of times. Maybe you have another product you can push them to, 17 Awesome Things You Can Make with Corn Starch.
Now, before you get too hyped up on this some of you might be thinking that this isn't really a hardcore problem that people need to be solved and you'd be correct.
NOT EVERY NICHE IS THE SAME.
People whip out the credit cards for:
Why? Because those are needed for basic human survival. It's in our DNA to have no problem spending more money on products in these categories than others.
Crafts obviously doesn't fall under any of these categories so does that mean you can't make good good money with it? Of course not. Hell, Marth Stewart built an empire off of this shit.
You might have to switch the strategy from a couple of higher priced products to a lot of lower-priced ones.
If you want to make $500 a day from product sales and you have 20 $5 products, then you just need to sell 2.5 of each item every single day.
Before you look at your own niche and start freaking out, there is also another category that people love to whip out their credit cards for but it's a bit more generic.
It's called Irrationally Passionate Hobbies.
Bullet Journaling is one of these things. People have no problem spending a lot of money on bullet journal supplies. Outsiders don't understand why and that's where the Irrationally comes in.
If you find one of these niches then good on you because the main problem that the audience has in these niches is that they need MORE. They need to improve in the niche or they need more of the niche. Give them that and you start to make money. Think Get Better with Calligraphy in 21 Days.
Many people don't make money with their business because they aren't solving a core problem that their audience has. Yes, there can be more than one major core problem throughout your audience but if you can't start with just one then you're going nowhere.
There is no point in sitting down and figuring out your customer avatar if your niche isn't going to support your dreams. Do you know how many self-made millionaires own landscaping, plumbing, or trash removal businesses? Way more than you think.
I doubt any of them really have a passion for that stuff, but they found a niche with a core problem that people have no problem opening up their wallets for.
I don't have a passion for weight loss. I don't have a passion for Pinterest or Affiliate Marketing.
I love to have drinks with good people and work on my aquariums. I'm sure if I tried hard enough I could find some core problems in these niches and address them but I went with more obvious choices.
I'm not writing this email to make you panic about your chosen niche and I don't want everyone to jump ship and swim to Weight Loss Island. I just want you to think a bit more rationally about your audience.
Are they known for spending money on problems directly related to your niche? Does it fall under one of the 4 categories?
A BBC Member showed me a site she admired the other day. She was impressed with the revenue and to her, it validated her choice in selecting the Parenting Niche. The site had a couple of products, like dating ideas for couples.
The problem was that the site made a lot of its money from the Wealth Niche.
How to start a Mom blog. Hello Bluehost affiliate sales!
How to make money to stay home with your kids. Hello Bluehost affiliate sales!
There is no problem with this person making money with the Wealth category. It's just always surprising when people don't dig deeper into their audience to find a core problem they can help them solve.
It's usually there. Sometimes you need to talk to people. Sometimes you just need to keep your eyes open.
One thing you should never do is assume you know the problem without your audience telling you.
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