What Is the 10k Challenge?
I did a little research on the phrase “10k challenge”. There is a website called
the10kchallenge.com and they have some sort of product that claims to make $10k a month from something I don’t really cared to look at. However, this is not it.
The reason I’m joining Tung’s challenge is because I like the accountability it brings. But also, I really enjoy reading Tung’s blog and it’s awesome to join him in a challenge!
In addition, this is going to be a serious project that is meant to solve problems that my niche is facing.
I’m following the outline given by Tung Tran and he set the goal:
“The goal of this challenge is to build a site making $10K a month net from scratch.”
And by net it means the amount that is left over after deductions are made. I.e. there should be nothing left to subtract. I think it is a very ambitious goal. But the math is very cold:
To make 10k per month from a site purely monetized by Amazon commissions, one would have ship products for $170,000 per month. Assuming you have a 30% tax rate and zero costs we end up at about $10,000 dollars /month.
I think it is achievable due to the fact that Amazon is vast and they do a very good job in getting their customers to buy.
This is not to scare anyone who wants to join this challenge, but to give you an understanding that this is not something done overnight. It cannot be done just to make a quick buck. Rather you need to solve a true problem or add real value to anyone who visits your site.
Even though I am aiming for $10,000 per month. I want to point out that I have only built 1 Amazon niche site before and it did ok. By “ok” I mean just a fraction of 10k.
So, with that in mind I will be happy if I make anything close to $2,000 per month. That would be a very nice foundation to build upon.
Milestone 1: From $0 to $2,000 a Month
- Time Estimated: 6 – 8 months
- Budget: $5,000
I already stated above that I would be happy to make $2,000 per month after the challenge is over. However, I still want to follow along with Tung and try to hit the 10k challenge goal.
To follow Tung’s outline I would have to dedicate this phase to marketing – and I will. However, it is not enough to say that I want to get traction for the site. Nobody can follow along with that. Instead, I want to make sure that I put down the outline for this phase.
An outline that you can follow along with, as well as for me to progress with.
The Goals for Milestone 1 Are:
I divided each milestone to make it more actionable (internet marketers love that word, don’t they). I know this may be very different from what Tung had in mind, but I still want to make sure I have an actionable plan to go with. It may change on the way, but I deal with that then.
The list is in no way exhaustive and I can write 2 informational articles that are 5,000 words.. or 3,000 words.. point is that I need something to look at if I feel lost during the way – and I will.
Month 1: Building Phase
- Research a niche
- Find 5,000+ low competition keywords with high commercial intent.
- Register domain with Godaddy
- Host it with HostGator
- Design and brand a site with Thrive themes.
- Order logo from Fiverr
- 4,000+ word home page
- 3 individual product reviews of 700+ words each
- 5 informational articles of 500+ words each
- Initial link building
There are tons of ways to find a niche that has problems and needs solutions. Also niches that are fairly easy to write in. Not saying that they have low competition, but they resonate with my interest, which allows me to write for them in a more passionate way.
Stuart Walker from NicheHacks.com has a whole section dedicated to this topic and I will make sure I follow a lot from him. His tweet is also the reason I found this in the first place. So, if this is successful – he is to be thanked. If I fail, well it’s on my hands entirely.
I’m using Long Tail Pro to find keywords with low competition and the ideas for keywords, i.e. how I expand on keyword seeds, I get from Keyword Snatcher. Long Tail Pro is created by Spencer Haws who runs NichePursuits.com. Spencer has lots of content and case studies around the topic of creating niche sites, so he will be a go-to source for inspiration as well.
The writing layout and structure is something I copied and altered. Mike over at Niche Site Azon is the guy who made the outline for this and I will try to follow his examples as guidance.
In addition, I will not write all the content myself. I will utilize my account with UpWork to get some parts outsourced. But I want to try and write as much as possible myself. Partly because I want to keep the costs low, but also because I can probably do it faster myself than going through the hassle of finding someone else.
- Weekly networking and manual outreach to other bloggers.
- Creating well-researched buying guides and reviews to be monetized with Amazon affiliate programs.
- Guestographics and the infamous Skyscraper technique by Brian Dean.
- Guest Posts (1 /month)
I only want to write out the outline for month 1 to start with. I will dissect the plan as I go down the road but for now, this is it.
Milestone 2: From $2,000 to $10,000+ a Month
- Time Estimated: 16 – 18 months
This Milestone phase is where Tung will start his real growth, the type of growth that will actually generate income and he can start to reinvest in his business and hopefully turn of the tap from his savings.
This is the outline for the 10k Challenge and this is what I will follow.
How Else Can an Authority or Niche Site Be Monetized?
I plan to create my own products for the site by this time and hopefully I can start driving traffic to it from paid advertising and other sources as well.
I think this is where most niche site creators or Amazon affiliates fall short. They create a website that is very profitable and it make them a couple of thousands a month as semi-passive income. Then after a couple of months they sell it and history repeats itself.
I want to look at this as a real business. Even though I want to have the option to flip the site for a decent amount I still want to see how far I can take this. Perhaps I can create a course, an eBook or even a membership site in the niche – making it even bigger.
Regardless of what, Amazon’s commission payouts are extremely low. The tier goes from 4% up to 8.5%. With my own product, I can take 100%. Or I can set up my own affiliate program and offer 100% commission to affiliates and in return I’ll get a highly targeted list of subscribers that I can provide even more value to.
The Options are endless really.
Ways to Fail This Project
Blogging is one of the ways that take the longest to profit from online. I can’t say I’m the most experienced blogger around but I know this much.
But the point is rather to create a website that solve problems for my visitors. They should feel that they get value from this authority site. The goal is to create a website that solve problems not just another blog.
What Niche to pick?
I will give the outline of this as I progress. I will dedicate an entire new post about this topic and give you the complete process of finding a niche. You should be able to follow along and find your own niche.
Go to Tung’s website, CloudLiving or join me here in the comments and let me know what you think:)