5 Reasons to Create Your Own Products
Do you have your own products? If not, why not? You can create one in as little as two hours by doing an interview with an expert or having someone interview you. I’m sure right now you have skills and experiences others can learn from. In fact, most clients I’ve worked with have a larger problem than not having expertise to create products.
Their big problem is having too many ideas and skills! They just don’t know where to get started. The easy way to solve that problem is to get rid of the concept of creating a home run project. Completely forget about it. Shoot for a base hit project instead…a little extra income stream from your first product.
Create several little income streams and you have a nice river. Each one might earn you $1,000 a month for example. Get 5 of those and you’re doing $5,000 a month on auto-pilot. And you’ll also stumble upon that home run project simply by putting so many projects out there. One of them turns into $5,000 a month without much effort. You put a little more effort into and the income explodes.
But you won’t get any of that until you get started on your very first product…
Here are 5 reasons you should start your own information business today.
1. Establish yourself as an expert.
Are you a consultant, a copywriter, a coach? If so, you’re cutting your own throat by not having information products that demonstrate your expertise. Who would you rather have write your web copy…the person who claims to write winning web copy or the author of the book about it with a dozen 5 star ratings on Amazon?
Not only does it establish your expertise, but it also creates a funnel for your prospects to enter. No matter what service you sell, you can use the product as an introduction to your services and as a presell opportunity so you don’t do nearly as much work making the sale itself. In addition, it allows you to increase your service fees, because you’re establishing more credibillity in your niche.
2. Recruit Affiliates to sell for you.
You can earn a great income online just selling affiliate products, running Adsense, or other deals. The problem is you’re missing out on AT LEAST 50% of your sales. With my own businesses and the business I’ve worked with, 50% to 75% of sales have come from affiliates. So you’re leaving out one half to three fourths of your income by not having your own products.
Create a product. Start an affiliate program. Let others do your selling for you. It gets even more exciting when you combine reason number 1 with this one. Set-up a product with a good commission structure. Let others sell it. Then offer your service on the backend to eliminate all lead costs.
3. Built-in Backend Income.
Want to promote affiliate products or your own backend products? Build them right into the product itself. Create a resources page on your site that links to the affiliate products. Mention the products themselves in the product. People LOVE having easy to use resources in products they purchase. The key principle here is to find the best offer possible that creates the solution you’re discussing and work it into the presentation.
I have a $19.95 product that often earns me $65 one-time and $35 monthly residual affiliate income streams. The income from the affiliate programs is HIGHER than the income from the sale of the product itself. Ever wondor how some people can offer 70% or even 100% commissions? Here’s your answer. They earn more from the backend than they do from the product itself.
4. Automatic Income
I love set it and forget it products. You setup the income stream, the incoming traffic, and let you it run…for YEARS to come. Work once and get paid forever. Some products you create may be “timely” with a big launch and lower sales later on. Other ones may be “evergreen” and sales slowly build over time as you let it run for you.
Personally I prefer the evergreen products that keep making you money month after month without much input or editing from you. They’re little money machines cranking way income without any time involved. Get several of these running, and you no longer work for a living. You work because you love it, because your “living” is generated automatically through products.
5. Additional Distribution Channels
Create a book, CD, or DVD. Sell it yourself. Sell it on Amazon through their Advantage program. Sell it through eBay. Sell it wholesale to others in your niche. You’re greatly increasing your exposure for almost no cost. How big of an audience does Amazon and eBay have? How big of an audience do the biggest players in your niche already have? Simply put your offer in front of already established markets.
When will you start tapping into all these benefits?
If you’re not developing information products, then you’re missing out on all the benefits above. And it’s easy to get started. If you’d like my full course on the subject (including over 10 hours of audio and transcript from my group coaching class on information products) plus my special report on 208 Advanced Internet Strategies, you can pick it all up for only $97 at http://www.myinfomastery.com.Related Entries:
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- 7 Ways to Expand Your Products and Services