How To Build A Profitable Business Online Selling Your Own Digital Information Products
Did you know that a lot of people are willing to pay for what you already know and take for granted?
Today we live in an age where information is the coin of the realm. Knowledge is the most valuable asset that a business owns. For most businesses, that knowledge exists primarily in the heads of the people who work there. For entrepreneurs and sole practitioners, what's in their head usually is the business. That's both limiting and dangerous.
Let's take the example of a successful management consultant.
Drawing on her knowledge and experience, she's able to hire herself out at a substantial hourly rate. The trouble is, every time she wants to make some money she has to trade away some of her time. What happens when she goes on vacation and is no longer putting in time?
This is what happens:
Her income goes on vacation too.
What happens when she's sleeping, or when she gets sick, or when she wants to retire?
This is what happens:
As soon as she stops putting in time, she stops getting money.
Even if she could work 24 hours a day, 7 days a week, there is still a limit to how much money she can make simply because she can't create more time. When you trade time for money, you put an automatic cap on your income potential.
Something else also starts happening to our consultant. The more successful she is, the more her services are in demand, the harder she works. Did you go into business to work long, hard hours for a limited reward? I didn't think so.
Here is the beauty of information marketing.
Information products create passive streams of revenue, that is, money that flows to you whether you're working at your desk, lazing on the beach, or snoozing on the couch.
You create the products once and then sell them over and over again. You make an initial investment of time and money and then reap the benefits in multiples. You can't do that with time; you can't sell the same hour twice.
So, What Exactly Is An Information Product?
In simple terms, information product is any chunk of knowledge that has been recorded in some fashion - whether that be in a print format, eBooks, an audio format, or a video format - so that it can now be passed on to others.
Essentially, an info product is some sort of intellectual property content, stored in a digital format suitable for selling on the Internet.
Definition given by IT Law wiki:
“An item that has been derived from one or more sources of information to meet a specific purpose”.
This is a good start. But in the online world, it has become more than that. It is not easy to write a definition, but here is my definition:
An information product is any product or service that you can sell to people to provide them with information, usually about a specific topic. Sounds redundant, but that’s it!
Information includes, but it is not limited to books, e-books, CD ROMs, audios, videos, seminars,
And to narrow further down:
A Great InfoProduct is an information product that provides a process and tools for the customer to address a struggle, to transform from a state A to a state B.
And that's what matters. The only true way to make money online is to create something that solves people's problems. You create, build and sell. That's all! That's information marketing. If you have ever been told of any other way, it's just a way to waste your time and money.
Over the years I’ve developed plenty of information products generating a reasonable amount of cash from their sales. So I know first-hand that selling information products is a lucrative business. You can really rake in the money with a lot less effort than other methods.
Why is it less effort?
Because once you create a product, the work is done. You do the work ONCE and then you can sell that "work" over and over again...so you can make money literally while you sleep!
And that means that you can choose the lifestyle that you want. You can spend the extra time that you’ll have doing the things you love to do...and you’ll have the money to do them.
I don’t’ know about you, but that sounds like a good deal to me.
Don't miss out!