How You Can Turn One Idea Into Multiple Revenue Streams
This will be a quick one today. It’s Easter Sunday and I’m taking the day off other than to write this article.
I recently bought a set of products so that I could start a niche site as a quick and easy project. I don’t want to give the products away because the niche is relatively unsaturated (i.e. a million Tim Ferriss clones aren’t currently saturating the market.) However, this guide will work with anything.
I’ll use the metaphor “business books” throughout the rest of the article for the sake of ease.
Review The Products On A Niche Site
This was my original plan. In total I’ve bought about 50-100 products. Assuming you were writing about business books in a specific niche, you could write fifty reviews, ten how-to guides to link from your reviews and then that’d be the majority of the work finished.
Add in a cheap logo and wait for your affiliate links to make the money back. Amazon will give you 6-8% on an order, so over the course of your site’s lifetime you need to sell about ten-to-twenty copies of each book to break even. If you get an affiliate program that pays 20-30%, you’ll make the money back quickly.
Provide A Service On Fiverr Using The Products
If you got one business book on book-keeping and another on writing a sales letter, then you could start doing $5 bookkeeping and sales letters.
I’ve written about this before here.
Essentially, you’ll use this idea to bounce ideas for better services around for the future.
Provide A Service Somewhere Else Using Products
Once you’ve followed the above protocol, you should have some decent ideas to turn into a full service. This will be more intensive, you’ll charge more and provide a more comprehensive service.
(If you’re a capitalist pig, then you don’t even have to carry out said service yourself. You could simply get a Fiverr worker to follow your instructions whilst you sell to a local audience or something. )
Use The Products To Enhance Your Business
Hopefully, you’ll buy business books or other products that relate to your main business. Buying text books is like buying knowledge at pennies on the dollar. There’s almost always something useful you can take from a business book, even if said book isn’t very good.
This adds money to your business quite quickly and in strange ways.
Write About Each Of These Things For This Site
Doing the above for my new niche site will mean I have plenty to talk about. It’ll be the same for you if you try the above. A lot of people run out of ideas for their blog. You shouldn’t have this problem if you’re constantly trying out new things and learning new things.
For instance, I could take each paragraph/bullet point and write a whole article about it later. I could say what worked, what didn’t work and where this is all taking me, and the total investment is still just the cost of the products themselves.
Write About How To Learn The Subject In A Book
If you bought a lot of business books, as per our example, you can do what I suggested above: launch a mini-business, learn and apply the concepts you found and create a case study around your experiences. Throw all of these things together and sell it as a helpful guide for people who want to do the same thing. You’ll know that there’s a target market for it because you’ve followed the steps. You know that the book is full of useful stuff because you’ve lived it.
Final Thoughts
One of the big mistakes I’ve made in the past is to think like a pauper: I could have advertised years ago. I could have spent money on things that would make business quicker and easier.
The fact is, as long as you think of and treat expenses as investments, you can spend a lot more than you’d be comfortable with normally.
Plus, if you follow the above guidelines, you can make each purchase give you multiple revenue streams back. You can spend hundreds – if not thousands – but if they pay themselves back in weeks, you come out ahead very quickly and can look forward to passive returns for a whole lot longer.
More on this to follow.