After you're done with that, it's time to create a rough monetization plan.
Write down what you can promote, including the most suitable affiliate programs.
It's also a good idea to do some math to figure out how good the affiliate programs really are. So, if you have a $10 products with an 10% commission, it will take you a while to meet your goals. However, if you have a $100 product with a 10% commission, it will take a lot less products to sell to meet your goals.
Also consider products you can create yourself, such as eBooks.
Here's an example of a monetization plan if I was considering to go into the Korean cooking niche.
Niche name: Korean Cooking
- Promoting kitchen equipment on Amazon
- Selling advertising
- Writing niche Korean cookbooks aimed at specific diets (Korean vegan, Korean paleo)
- (Once the website gains traction) Sponsored restaurant reviews
Remember that the main goal of this plan is to find out how money is being spent in your niche and get an idea of how to take advantage of it.
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It is easier, more enjoyable and more authentic to pick a niche you either know a lot about already and/or you are really interested in and want to learn about. If you are offering information to people in a field you care about that will make you a respected authority rather than someone just trying to sell something.
