This article is intended for two types of people. First, for newbies to the world of online passive income who are considering their first niche website. Second, for those who have tried to make passive income online from niche websites but did not succeed.
For the first, may it save you countless hours of work that will ultimately earn you less than your neighborhood kids selling lemonade (I use this as an example because I myself made more money selling lemonade as a kid than I did from my first niche website).
For the second, may this book assure you that you’re not alone. Successfully making passive income from niche sites is NOT easy. This article will help you identify your past mistakes and avoid making them again.
This article is brutally honest. Before my own attempts to make online passive income I read many wonderful books, blogs, and articles on what I now call the “allure of online passive income.” While reading, I often thought “this sounds too good to be true!” And while yes, plenty of people are making money from their niche websites, the sad reality is that the vast majority of those who attempt niche websites fail. If you’re one of these people, I morn with you. If you’ve yet to try, kudos for being wise enough to first do your homework, to read an invaluable booklet before spending heaps of time, work, and money on something that may never succeed.
In short, knowing what not to do will allow you to spot dangerous pitfalls and mistakes before it’s too late. Knowing what not to do will save you LOTS of valuable time and money, and – most importantly – it will nearly assure your success (nearly because there are, of course, tons of factors involved in succeeding with any niche endeavor – remember: brutal and realistic).
Okay without any further delay
Let’s get to it…
Step 1: A Healthy Mindset
Somehow you’ve learned of this intoxicating world, the one that keeps many “wantra-” and “entre-preneurs” up late and working hard. Perhaps you yourself are one of the “-preneurs.” Or perhaps you’re interested in joining the force. Maybe you’ve just begun your first site, or perhaps you’re on your twentieth. Regardless, there’s always a beginning stage to every niche website project.
The beginning stage of any endeavor has the potential to begin on the right foot – or the wrong one. Striving to create a profitable niche website is no different. The key here is to establish a healthy mindset from the very beginning. By doing so, the necessary work will seem less painful and, in the end, bear greater fruit. How does one do this? One does this by being patient. Nearly every stage of a niche website project requires work – tiresome work. Impatience will surely contribute to making bad decisions. It also risks burnout.
The initial stage to any niche site likely differs among their creators. For those with experience creating niche sites, do your projects first start-out with an idea that you then decide to develop into a site? Or does the desire to create a niche site come first and the idea follow? Experience suggests both approaches to be common. Veterans likely see a profitable niche first and then try to capitalize on it in as many ways possible (which includes a niche website). For newbies, the desire for a niche site likely comes first and is then followed by the challenging task of researching and choosing a niche. Perhaps you’re such an individual and have learned about niche websites from a friend or blog and are now trying to find your first niche?
Regardless, rule number one is arguably the most important to remember when beginning any niche site:
DO NOT RUSH!
In the beginning, there’s a temptation to do too much research too fast.
Most agree that this temptation comes from the overwhelming amount of research needed at the beginning. And certainly, faced by so much to do, who doesn’t want to get it done as quickly as possible? After all, every minute you spend researching is time you’re not spending on the actual building of the site itself. The temptation is to forget that proper research is the beginning of your niche site.
Let’s think about important initial research. The core chunk of research when beginning a niche site for passive income is, well, deciding on a niche! Simple, right? If only… Niche research requires important consideration of the demand, competition, keywords, and – most importantly – profit potential. This last point – the profit potential – is at the core of the initial research; it’s what the other questions (demand, competition, etc.) are really trying to answer.
This research is important, even crucial to the success of a niche website. Thus, it’s important to view this stage as the actual beginning of your site. But of course you haven’t yet started on an actual “site,” right? For this reason, I suggest thinking in terms of projects. Project-based thinking is key. It lets you group all necessary tasks into one “mental compartment,” a project.
Despite the importance of adequate and thorough research in the beginning, there’s a great temptation to want to do too much too fast. Seriously. I’ve spent countless hours in this phase. No, more specifically, countless consecutive hours. A wiser approach is to divide and conquer, one hour here, another there (with sufficient time in-between, and coffee breaks don’t really count, though they might do in a pinch). This approach allows for better critical thinking and ultimate decision making. How much time in-between? It’s hard to say, though of course everyone works differently. At a minimum, I usually think in terms of fifteen minutes or so. But beyond the amount of time, also consider the type of time. Intervals between your research that help to clear your mind are best. I find that walking outside works particularly well. Even better, a night sleep.
Generally, this temptation towards unwise research habits puts our “protestant work ethic” in front of our brains. “Too much research too fast” fools us into thinking that working harder (rather than smarter) is our key to success. Such mindsets nearly assure eventual project failure. How do we avoid this trap?