SNM030: Stick to One Niche

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stick to one niche and accelerate your profits on today's episode. Today's episode is brought to you by Social Pilot. The social media and marketing tool for bloggers and small businesses joined over 20,000 social media pros at serve. No master dot com Backslash social pilot today Are you tired of dealing with your boss? Do you feel underpaid and underappreciated? If you want to make it online, fire your boss and start living your retirement dreams now then you've come to the right place. Welcome to serve no master podcast where you learn how to open new revenue streams and make money while you sleep. Presented live from a tropical island in the South Pacific by best selling author Jonathan Green. Now here's your host. I live on a tropical island, and one of my great passions is surfing. I love surfing. LF stand up paddling. I love kayaking. I love being out on the water. I love all of those water sports, and strangely enough, much of the equipment you need for those sports is very difficult to get here. It's nearly impossible to get along surfboard on this island, getting a high quality stand up paddleboard is a complete nightmare, very, very hard to acquire these tools in the silent. However, during my endeavors, I did find an amazing kayak builder, someone who builds amazing one person to person kayaks for a great price. He even offered me amazing, much lower price if I ordered a book. If I bought 5 10 20 kayaks, I told one of my friends about this, and he merely recommend that I begin to sell kayaks on Amazon. I don't sell physical products on Amazon. I certainly don't sell kayaks, and I don't know a lot about shipping massive rocks across the ocean. There's a three areas that I'd haven't delved into the past. I'm doing more and more spreading my wings on Amazon, but this is a massive shift and market. It would have cost a great amount of money. I would have to buy all the kayaks up front, spent 10 $20,000 to get into this business, and then I would've been fighting to sell them before the warehousing fees caught up with me. What a chess game nightmare. I have many passions, many things that I'm interested in, but that doesn't mean that should become my new business that I want to enter every single market I'm interested in. Sometimes we care about a lot of things were excited about a lot of things when I talked to new authors. They often have seven or eight book ideas that are all very desperate. I want to write a Children's book. I want to write a romance novel. I want to write Ah, Book of poetry. I would write a book about my marriage. I want to write a book about learning to horse ride through all very interesting and wonderful topics. This is another version of shiny objects syndrome. Now, instead of being excited about different methods of making money online, different courses we want to buy, we're excited by many different markets. We want to enter into hi and only in a few markets, and I don't move out of the market until I've been in there for a very long time. Two or three years. I don't add another one behind that. It's very tempting. Thio jump, jump, jump! But remember, I've been doing this for seven or eight years. I've been doing this for quite a while. And for the 1st 3 years. I was only in one market, then added a second market and then, three years later, added another one. So very slow growth is the right way to do it. It's the right structure. We think of going in two different markets as a form of diversification. Well, if I have a book about horses and a book about my kids and a book about romance, one of them will do good. It's a shotgun approach to business, and it's predicated on the belief that luck is a major factor in your success. I don't really use luck as one of the variables in the structure of my business. I don't depend on luck. I do everything I can to control the odds in my favor. I have no interest in playing fair. There are plenty of other podcasts out there that are about changing your life, for making money at line or writing books. I would love to have all their audiences just listen to me when it comes to business. Trying to get the largest audience wanting to succeed the most is okay. No, I don't want to take away their audiences. I'm happy for you to listen to other podcasts as well, but I just want to be your favorite. I don't believe that it's a zero sum game. I listen, Thio listen to more and more. I used only listen to one podcast, and then I got bored of it a little bit because they only update every two weeks. So I tried a couple of other ones that I realized there were some competitors and I've changed to one competitor that I got bored of. And then I had changed to another one, actually have a new favorite bad movie podcast. I mentioned a few episodes ago, or maybe a couple weeks ago, that I was really in a one bad movie podcast. I'm into a brand new one. I found what I like even more than the last one. They have a different energy on this one that I really like. It's much more positive. The last one I talked about that I was listen to. I listen to every one of the episodes I got all caught up on, like seven years of episodes of the course of a couple of weeks. Every time at the end. They hate every movie they talk about. They never have a recommend. They never say there's some good parts of summer demon qualities. Now I found a group of guys that in a podcast. I think it's my new favorite, one that actually really love movies, and they like different things about each movie. When you listen to someone take down a recent action, we talked about how much they hate everything about and then their recommendation is for a silent movie from the 19 thirties. Well, of course you're not gonna like the current one, right? Doesn't. There's like a disconnect for me, but I listen to more and more podcasts. Listen, mortal podcasts, and you could do the same thing. But I would love to be your favorite pockets, just like this new bad movie. Bad Guys is my new favorite one. And yes, a post a link below that show notes, so you can try this one out, too, and see if it's your new favorite one diversification. We often hear about it, and we mix up the idea. Diversification means you have multiple revenue streams so that one collapses. You're okay. The problem is diversifying too soon. You don't want to diversify when you have a very soft revenue stream. If you're making $100 a month from a romance novel, you know, then go out into a coloring book and try and make another $100 a month. That's not the correct form of diversification. Start out by building an entire business. It's actually successful. Control a single market, a single sector and then diversify this podcast. This entire server master message is very limited in scope. There are certain things that I will never talk about it episodes. If I want to cover them, we'll have to bring a guest to talk with them. They're outside what I like to do, and they're outside my area of expertise. You'll never hear me teaching Facebook advertising, teaching goo advertising. I don't run those campaigns myself. It's outside my skill set. It's outside my knowledge area. I do run pay traffic in some areas. I do a lot of pay traffic with Amazon. I know a lot about that area of pay traffic because it's something I understand, and it really sticks with my passion. So there are areas I like, but when it goes into an area that I'm not expert at I don't pretend to. I don't try to expand into other niches. Many of the people in that space have a message about becoming a millionaire very quickly. They're all about get rich quick schemes. How'd it quickly build this type of business? How to quickly become a millionaire, make $100,000 a year? They promised huge amounts of money. You'll notice. I don't make promises like that very often, if ever. I'm into longevity and real business structure, and I'm into a different approach. I'm here to help most people make their 1st $1000 a month. That's really the first thing I'm working on, helping people to build that. And that's probably 90 to 95% of my audience, very likely that fits you. If you're already making $10,000 a month online, Most of my message won't resonate with you unless you want to move into one of the areas that I'm expert. If you really want to move in the Amazon, then that part of my message will resonate with you. But in general, most of my men shell is about learning how to do local consulting and make your 1st $1000 a month. How to write, block, post for other people or get into blocking yourself or creating YouTube videos and really starting a business that can go the distance. Once you hit that 1st $1000 a month, then it's easy to go from there to $10,000 a month. Because you have a foundation that's solid. It's a lot harder to go from nothing. A $10,000 a month. It's a lot riskier, a lot less likely to succeed. It's a lot more challenging, so my market is very defined inside my head. I have a very specific list of things that I teach about in a very specific philosophy. That's why I don't talk about high ticket products very often. I could certainly promote 35 10,000 our products to all day long. But that's not the audience I'm looking for. That's not true. Wanna connect with? I want to really help people, especially when how moms have just had a kid and don't have to go back to work. I want to make enough money so you can stay home but still spend time with her kid just like I d'oh I spent time with my Children all the time. That's why I work from the home office. That's why occasionally you hear a little bit of background noise in these podcasts because I like to be near my kids. I do everything I can to remove all that background noise. I use all the technology, but I don't want to be by myself all the time. I love being around my kids, so that's what I want to provide for you. I want to give you the same connection. When you're choosing your market, you may discover that it's a dead niche. That's something people run into. And that will only happen if you didn't do any research first. For example, one of my friends wrote a whole book about quitting vaping those electronic cigarettes. That niche doesn't exist yet. He might be ahead of the times now. In five or 10 years, when more research comes out, they discover those air super bad for you and really poisonous and horrible. Then that natural existed. He could start to profit from it. If you're in a market where no one wants to buy what you have to teach, you can really struggle, but it's very rare. If you follow my research methodology, everything I teach about research before you choose your market, then you won't have that problem. If you're in an itch in your think about quitting, please check the show notes and email me, and I'll do a quick research for you. There are certainly niches that are very successful on Google and terrible in Amazon. Advice first. Sometimes you have the right idea, but in the wrong place. The reason we stay with a single market is because staying power building a business takes time in the longevity is far more profitable When you have a brand new book on Amazon. Every single person is a new customer who's never heard of you before. You have to constantly recruit, find and connect with new people. Every customer you find. If your book is to 99 it's worth about $2. If you recruit 10 people a day, you'll make $20 a day. That's all right. It's not bad. That's a nice little bit of money. If you put out a second book in a completely different market, you have one book in romance and one book and science fiction your two passions. You're back to square one. You have to recruit every single reader from zero. You have to start over every single time to find more people. You're constantly trying to bring in new customers. If you write two books and romance, you can magnify your profits. Instead of just growing, arithmetically turns geometric. Instead of looking like a straight line that's slowly going up staircase, it starts to look like a rocket ship shooting in outer space. It starts to look like a parabola. If you like the mathematical terms, you have a romance book in a science fiction book and the each cell 10 copies a day. You now make $40 a day. You've doubled your profits. But if you have to romance novels that each cell 10 copies a day, several people who buy one will buy the other and vice versa. Instead of making $40 a day, you'll make 60. When you bring out 1/3 book, your jump to $100 a day Fourth book could bring you 150. Where's the person doing four books in all different markets, even if they're doing really well, it's making $80 a day. You've doubled the amount of money you could make simply by saying in a single niche. The structure of a content marketing business is a pyramid and not a pyramid scheme. It just happens to be levels at the lowest levels. You're free content, your block. Post your free gifts for joining your mailing list. Your podcast. If you have a podcast like mine, all of the things you give away for free that's the most people will access that. Then you have a product at 7 10 $20 some people get that as people go higher of the pyramid. And that just means less people perched that product. Your products become more expensive. Maybe I'm a $7 product in a 27 than a 97. That 1 97 that a $500 than 1000 and people went one on one coaching with you, you have that $10,000. At each of these levels, people get Maur intimacy, more connection with you, more contact with you, higher level information, and it's more exclusive because less people are doing it. If I was selling private coaching where I came and spent a week with you face to face, I could never sell to. At the same time I have to be with you. How can I be with you and someone else at the same time, I used to sell that type of coaching route, would travel to people a lot, and I kept raising the price until people stop buying. It was traveling all the time, was getting exhausting. And now that I live on my Paradise Island, I'd never want to leave. I hate to travel, so it really takes a big number to get me off my island. If you really, really wanted coaching with me, you could listen to some of the things I've talked about in past episodes. How I love where I live, but how it's so hard to buy long boards and Senate paddleboards If you message me and said, I wantto come to your island for a week and train with you if I bring you this really awesome stand up paddleboard. Can we do a barter? I would definitely say yes, I'll tell you that right now. Normally for someone to come here and train with me I would charge 10 20 grand. But if you show up with $1500 paddleboard definitely gonna happen. Understanding what I like and what I need and what people like you need can help you jump up the pyramid without spending as much money. It's a way to bypass some of steps in the pyramid. That's why we talk so much about networking. Understand what people want had it connecting, give value so that when opportunities arise, you know what to do. If you are thinking about showing up with a stand up paddleboard, police feel free to email me. I'm definitely interested. It's so unbelievably hard. I think I'm going to fly to another country to buy one and bring it back here. It's such a hassle. It's so crazy how some things are so hard. I'd live understand a paddleboard island. But that's just the way it is if you're in America in order on Amazon. But unfortunately, it's not the option here for the ones that I want. When you're in a single space and you create that pyramid of business, you can then magnify your growth. Someone buys your first book, you make $2 if they buy a book from your website for $17 you don't have to share any of the money with Amazon. You walk away with Run $16 after credit card processing fee, maybe 16. 50. A sail from your website is now worth eight times more than a sale from Amazon. A little step up the pyramid because you've stayed in the same space. You can build out more and more products and more more offerings. I currently have several books on Amazon under the servant Master imprint. I have several courses, my website helping to teach you different skills. Had it right. How to make videos that are very powerful, how to be a best seller on Amazon. And I have a networking course that I've actually finished the slides for. I just need to find time to record. I spend all my time recording these podcast episodes. I need to find more more time. Always. I'm expanding the offerings because I'm in this space and I want to grow. I want to grow this business and provide the information that people really desire. I want to give people what they need. Building the pyramid structure allows you to make more money. That 1st $2 book you sell to someone could turn into a $10,000 private coaching client that wants develop a relationship with you as you helped him quit smoking Master yoga, find their true love, achieve the things they desire in life. It's tempting to wanna be a jack of all trades and to show people everything that you know how to do. Show them all their different skills. Offer them all of these different areas of advice, knowledge and wisdom. The problem is, we forget the rest of that statement. Jack of all trades King of None. When you're Jack of all trades, you can work very hard and make 10% of what you deserve. If you have 10 books on Amazon in each of themselves, 10 copies a day, that's great. $2 of sale times 10 $20 times 10 books, $200 a day. That's all right. It's okay. $200 a day. Pretty nice living. You're making $1800 a month, maybe two grand a month. But if you write those 10 books in a series, you could be making 15 or 20 grand a month when you have more expensive offerings from your website. When you offer coaching when you offer advanced training, when you offer more materials, maybe you have video versions of the same courses. You could make $50,000 a month the same amount of work, and you make thousands of times more money. This is the power of choosing the right niche, sticking with that niche and growing within it. Becoming an expert with an area. People will buy different products and different knowledge from you when you demonstrate expertise when they form a connection with you. When choosing your space, it's tempting to go to small attempting to go to big. You want a space that has enough audience for you to connect with, but it's not so large that your message becomes meaningless. Finding the exact spectrum of your next, your industry requires a little bit of research. You want to speak to a group of people. It's very hard to write a dating book for men and women at the same time. For example, waiver from Venus matter from Mars. 90% of people that buy that book or women as much as the titles for men and women. It's a book that women buy. If you tried to write a book that appealed to both men and women, if you tried to write a book that appealed to people that were 20 and 60 it wouldn't work. My previous audience was mostly young guys early mid twenties, trying to make it online because they don't want to enter the workforce dealt with. When I first entered this market five or six years ago, that was what the message was for. All of my products are about that. There were a lot flashier. They required a lot of technical expertise. Being able to do things very quickly online, be able to work with new software very quickly. That approach to marketing that entire audience that was my message was for my message now is for older audience as I've aged and as my approach to business is changing, who I want to work with has changed. I don't want to spend all day talking to 20 rolled guys been, They're great in my twenties. I'm over it. I'd much rather talk to parents and people that I want to take care of their families and kind of understand where I'm coming from. We're on the same wavelength. My messaging has thus changed the way I market things. The way I create covers the graphics. Everything I do has changed. I was just on the phone today with a crappy designer. I work with explaining how my messaging has changed. I have a tendency to design things. I'm in the middle of trying to design some cool T shirts to go with the serve. No master brand. If it was up to me, they would all be awesome T shirts of samurais fighting demons stabbing them in the head and would say Serve no, master. That's now what most of my audience wants to see is that we're gonna wear when your home and your new mom and taking care of your kids and you're finally making enough money. You don't have to go back to work. You're gonna wear the samurai killing a double T shirt front. Your kids, it's too extreme. I have a tendency within me to release the part of myself that's like a younger guy, and that my old audience would have loved that probably ended up understanding right market and having aged my market and change my target a little bit and shifted the gender of my audience a little bit means my messaging will change. It's very hard to make a T shirt that a mom and her teenage son both wanna wear too hard. It's too wide of a market. So when you're thinking about the audience you're choosing, find an audience that has a collective measure that as a group you can target and they'll listen to a single message. But it's not so large. You're not trying to get everyone, and then it's not so small. There's no money in it. If I only trying to approach women between the ages of 35 36 where left handed the market gets too small, that's too small. So finding the balance is very important to get a little bit stuck. As always, you can email me very few people in a moment. The podcasting moment dress. My other human just gets a lot more traffic. But if you look at the show notes for any episode, you can send me an email and I will notice it and I will reply to it and I can help you grow your business. I'm very excited, and I hope you see the value in sticking to one niche too quickly. Grow your business and make money very, very fast. Thank you for listening to this week's episode of Serve No Master. Make sure you subscribe, so you never miss another episode. We'll be back next Tuesday with more tips and tactics on how to escape that rat race. Head over to serve no master dot com forward slash podcasts Now for your chance to win a free copy of Jonathan's bestseller Serve No, master. All you have to do is leave a five star review of this podcast. See you Tuesday. Thank you for listening to this episode of the serve. No master podcast. Make sure to subscribe so you don't miss a single episode.