People dream of leaving their 9-5 jobs behind and earning a living with an online business. But it feels impossible to turn your moneymaking side hustle into a highly profitable venture raking in six figures per year. The good news is that with the right strategy, it is possible.
Identify a profitable niche
The foundation of any successful online business is identifying a niche that is both in-demand and profitable. Take some time to brainstorm side hustle ideas within industries with a track record of generating big money online. Some possibilities include:
- Digital products – Selling online courses, ebooks, templates, photography, graphics and more. This is a $67 billion per year industry.
- Affiliate marketing – Promoting the products of other companies and earning commissions. Top affiliates easily earn over $100k per year.
- Software or apps – Developing a subscription-based SaaS product leads to millions in recurring revenue.
- Consulting services – Share your expertise via Skype sessions or teaching small group coaching programs. These are the proven methods to 1000 a day online.
Once you’ve narrowed down a niche, conduct detailed market research to validate profitability and demand. Use Google Keyword Planner and social media ads tools to gauge search volume and cost per click for related keywords. Check competitor sites for pricing models. Surf LinkedIn to connect with potential customers about pain points. The goal is to home in on an underserved “sweet spot” worthy of a 6-figure business.
Create a minimal viable product
After identifying your ideal niche, it’s time to test the waters on a small scale by creating a minimum viable product (MVP). Your MVP should target just one core buyer persona within a niche. Identify their biggest struggles or needs, then create a product designed to solve those pain points. Some examples of effective MVPs include a 6-week online course, a 50-page informational ebook, a 1-hour coaching session, or a basic software tool with just 3 key features. The purpose is not perfection, but rather to put something out there so you start earning income, testing your market viability, getting customer feedback, and refining before investing heavily.
Amp up your content marketing
Once your MVP is ready, organic content marketing across multiple channels will become vital for attracting your ideal buyers. Start a company blog dedicated to serving their interests, challenges, questions, and needs. Optimizing blog posts for related keywords will help you rank highly in the long run. Create YouTube videos, launch a podcast, share articles on social media, guest post on industry websites, network with influencers, and look for relevant opportunities to contribute quotes or expertise to media publications. The goal is to focus narrowly on your niche while maximizing reach through content. This strategy drives a steady stream of organic traffic to your online business 24/7.