Many nights has this question plodded through the minds of internet marketers. The answer feels painfully evident, but the mind does a good job convincing us otherwise.
After updating one of my leading niche sites with a shiny new well-targeted piece of content, I find myself debating this question.
What am I building here? A business?
When you sell something because of your branding, you have a Business. What you sell can be a service or a product, and sometimes both.
When you invest money into something, and make a return on that investment with zero branding, you are engaging in Wealth-Gen. The activity you are doing makes money, regardless of whether you have a brand or not.
Niche sites rely on branding (a Business component), but they do not sell an actual product or service themselves (Wealth-Gen component). Because they have elements of both, makes them really hard to classify. Both sides can be argued, and wow are both sides are frequently argued...
You can always tell what side your niche site leans towards by the type of anxiety you get.
If you keep telling yourself you wish you had a real business...
If you feel like you need to take more risk...
you are in Wealth-Gen.
If you wish you didn't have to deal with customers...
If you wish you had less to deal with...
you have a Business.
Business feels risky which makes many wish for a break, while wealth gen can get pretty boring, and leaves you wishing wishing for more.
Personally, late at night i find myself wishing for more, which points to my Niche Sites being more of a Wealth-Gen operation than a Business.
I often tell myself I wish I had a real business. The solution for this is to take more risk. To sell products and/or services. How can I do this?
I haven't decided 100% how I will do this, but a couple ideas stand out.
Do any of these ideas jump out at you? I think any self-respecting niche site owner has thought about selling a marketing service of some kind more than a few times in their career. It seems most of us do that.
On the other-hand, there sure are a lot of us selling IM courses and infoproducts too, right?
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