So you have a great idea? Congratulations! You could have the start of a million dollar online business – but only if you know how to roll your idea into several different profit streams. If you don’t know how to do it, here’s a simple step by step process to create multiple products and a sales funnel from just one idea. You don’t have to find a thousand ideas to make money online – you just need one good idea and the ability to transform that idea into a cash cow.
1. Make sure you have a good idea.
Before you begin the process of planning out your products and offers, make sure you do a good deal of market research. Don’t invest your time in something that won’t work. It doesn’t matter how great you think the idea is – if there isn’t interest in the idea or if there isn’t enough room in the market, pass it by.
2. Develop a blog.
One of the best ways to test out an idea in the initial stages is to start a blog. Blogging will give you source material for your future works, and it will help you establish an audience with your target market. You can sell advertising or display affiliate recommendations on your blog.
3. Create an e-course with affiliate promotions.
After you’ve developed an audience with your blog, you can launch an e-course. An e-course will help you build a list (which will be essential in the future steps) and it will allow you to make backend sales with affiliate promotions. Just be sure to balance your promotions with quality information.
4. Sell a short report.
Establishing your list is important because the next step is to sell a short report. A short report can be priced between $10 and $30 and will introduce your list to the quality that you have to offer. Sell your report to your list and on your blog.
5. Launch an e-book.
Your short report should focus on one aspect of a problem that your niche is experiencing, but in your e-book you can go in depth. For example, if your short report covers how to save money at the grocery store, the ebook could be about saving money in a variety of different categories. Because of their length and in depth nature, you can charge between $30 and $100 for a quality ebook.
6. Create a home study course.
Home study courses take your idea to the next level, with an increase in profits as well. With a home study course you’ll be printing the materials but it will be well worth it. You can charge $200 or more for a good home study course. Some are even offered at $1000 or more for quality information.
7. Develop a membership site.
Finally, you can develop a membership site based on your idea. Membership sites have a variety of prices, but the real benefit of them is that you can make recurring monthly income from your target market. It’s a great way to make money from your idea and can be used in conjunction with any of the other ideas.