Making Money Online Has Never Been Easier
One of my favorite things about being an Internet Entrepreneur is that I can literally wake up in the morning with an idea for a new product and have it become a reality by the afternoon. Or I can find new ways to promote an existing product. Or I can join a new affiliate program. Or pursue a joint venture.
Every time I repeat this process I create a new stream of income to add to my existing revenue base.
I firmly believe that the key to business success is this: Don’t put all your eggs in one basket.
What do eggs and multiple streams of income have to do with each other? If you spread your eggs across many baskets you can still make omelets even if one of those baskets goes away.
Similarly, if you have multiple streams of income, the loss of one income stream will not devastate you the way losing your only stream would.
If you rely on only one source of income and that single income source goes away (ever been downsized, laid off or fired?), you are left broke and desperate.
This is why every successful Internet Entrepreneur that I know has multiple streams of income.
This is also why I encourage my readers, newsletter subscribers, and ebusiness clients to establish multiple streams of income, which is extremely easy to do online.
There are thousands of ways to create multiple streams of online income.
This book contains but a few ideas to get you started.
You are limited only by your imagination and your desire.
Create Your Own Info Product
Without a doubt, creating your own info product is the best way to generate a steady income stream because creating an info product is so easy to do, so easy to distribute, and offers maximum profit potential.
I can wake up with a topic in mind, sit down at my computer and within hours have a short book or report that I can turn into a downloadable ebook and immediately offer for sale on my website.
Anyone can create an info product themselves or farm out the actual writing to someone more adept. If you’ve got an idea it’s easy to find someone to do the writing for you.
Informational products come in many forms. An info product can be a digital book (an e-book), a digital report or a white paper, a piece of software, a web site or a newsletter.
Any product that’s informational or informative in nature can be considered an info product.
Here’s why information is the best product to sell online:
• It’s fast to create, fast to market. Forget a product development cycle that’s years in the making. Forget an intense design and costly manufacturing process. I’ve literally created info products in as little as two hours and had them generating revenue shortly thereafter. If you have an appealing topic and a computer, you have all the tools you need to create an info product.
• There’s no inventory to stock. Forget filling your garage with boxes of cheap watches and cases of megavitamins that you’ll never sell. When you sell information, there’s no inventory to stock. Your product is digital (I like to call it electronic air) and requires no space in your garage, just a little space on your computer. One of my most successful info products is a 30KB e-book that requires almost no space at all.
• The startup costs are low. When you sell information, you can literally create a product for next to nothing. If your product is an e-book, the only investment required is the time it takes to put words to digital paper. And if you become an affiliate marketer of someone else’s info product, your investment can be zero.
• There’s an automated sales and delivery process. Thanks to internet technology, you can sell info products 24/7 and never lift a finger. In fact, you don’t even have to be awake or at home to make money with an info product. I know many successful info entrepreneurs who are getting rich despite the fact that they work as little as one hour a day. They check their website and their email, then go play golf or hang with the kids for the rest of the day. You can completely automate the sales and delivery process so your site does everything for you. An automated site can give a potential customer your sales pitch, take the order and process the payment, deliver the product by e-mail, and even follow up in a few days to make sure the customer’s satisfied and offer to sell him additional products.
• Customers get immediate access or delivery. Online consumers are an impatient lot. They want things now! These are the people who stand in front of the microwave, impatiently tapping their foot and frowning at their watch. Selling information is the best way to give your customers immediate satisfaction. As mentioned earlier, an automated site can process the order and payment, then immediately e-mail the product’s download link to your customer.
• There are no shipping and handling charges. One of the things I never liked about selling hard goods was the manual process of taking the order, running the credit card, and placing the order with a drop-shipper or filling the order of my stock. I hated finding a box, packing peanuts, printing the label, taping it all up and lugging it to the post office.
Every minute I spent filling orders was time that I wasn’t being compensated for; therefore, my profit grew smaller with every minute spent on shipping and handling. Informational products require no shipping and handling—most are delivered by e-mail. In the time it takes you to click your mouse, you can deliver an info product into your customers’ hands. What topics make for good info products? Someone once said, “If you can teach people how to feel better, look younger, be thinner, get rich or be more attractive to the opposite sex, the world will beat a path to your door.”
And those topics are just the tip of the iceberg.
An e-book is no different from its paper cousin, except that it’s meant to be delivered and read electronically. Topics for e-books are as wide-ranging as regular books.
A few recent bestsellers show people how to:
• Start an eBay business
• Make money in real estate
• Make your own beer
• Protect yourself against a mugger
• Get the best deal on a used car
• Play a better game of golf Where do you sell info products? Although some e-book authors go the traditional route and actually sell their e-books on CDs at neighborhood bookstores, the largest marketplace for digital info products is on the web.
At any given moment, there are thousands of info products for sale on eBay, Yahoo! Auctions, specialized e-book seller websites, and even Amazon.com.
When marketing your own info product, you can’t wait for customers to find you — you have to bring your product to them. Seek out those who would be interested in what you have to say.
If you’ve written an e-book on how to brew your own beer, check out the online forums devoted to the topic of beer. (You might be surprised to find that there are hundreds of forums for beer lovers!)
Without posting an obvious ad, which is usually not allowed, offer to send free copies of your book to whoever will take one. Don’t worry about giving them away for free at first. Once your book finds an initial audience, these people will help you sell more books by referring customers to you.
I also recommend that you create a website to help sell your e-book. When John Grisham wrote The Firm, he had copies printed up and drove around selling them out of the back of his car. A website is the modern day equivalent of the bookseller’s car trunk.
If you have a computer and a word processing program you have everything you need to create a best-selling info product in a very short amount of time.
Great, you say, but I’m no writer. How the heck can I get into the information business?
The good news is you don’t have to be a great writer to create a great info product.
If you don’t have the ability to create the product yourself there are several avenues you can take to info product success.
Team Up With A Writer To Package Your Knowledge
Expert knowledge is much harder to come by than great writing skills. If you are an expert on a subject that people will pay to learn about, you just need a good writer to take your expert knowledge and put it in a saleable form.
I know many subject matter experts who can’t write their names in the snow and many excellent writers who don’t have the expert knowledge required to create an informational product that will sell. This is when a co-authoring arrangement could be the key to success.
Co-authoring can be a match made in Heaven if an equitable co-authoring arrangement can be made.
Co-authoring means that you both get credit for creating the product and share in the revenues.
If you are an expert on a topic, but not a writer, find a writer to co-author the project with you.
Conversely, if you’re a writer without specific knowledge, find a subject matter expert and partner with them to create the product.
Where can you find hundreds of writers who may be the perfect match for you? One of the best ways is to post an ad on a freelance website like Elance.com, which you’ll find at http://www.elance.com .
Simply go to the site and post a free ad for a writer who can turn your expertise into a sellable work.
Hire A Ghost Writer To Write The Book For You
A ghost writer is someone who will write the book for you anonymously, with the writing credits going solely to you.
You supply the expertise and guidance and the ghost writer puts it in a readable format. You can hire ghost writers on an hourly basis or for a flat fee, depending on the scope of the project.
There is no shame in using a ghost writer to put your thoughts to digital paper. You don’t really think all those pro athletes and Hollywood actresses can write 300 page books now, do you?
The key to creating a successful info product is this: the information must be worth far more than the price of the ebook itself. If you’re charging $27 for your product, it must give the buyer many times that price in perceived value.
I asked info product expert Jim Edwards, co-Author of “How To Write and Publish Your Own eBook in as little a 7 Days” for his advice on how to create a killer info product.
Here are Jim’s Top 5 Tips:
• Niche It – Make sure you are targeting a highly defined niche audience… don’t try to sell to everyone. You can get a lot more money showing life insurance agents how to find more customers to buy $250,000 policies than you can trying to sell a product on generic sales skills improvement.
• Hit Their Pain – Make sure your info product hits a painful problem that members of your target audience will do just about ANYTHING to solve. The more intense the pain, the more they’re willing to pay to get rid of it.
• Give Them A Taste – Give people a taste of what you offer in your info-product by giving them a sample. Just like the wholesale clubs get you to buy tater-tots in a 50 lb. bag by giving you one to try, you can induce people to buy your information by letting them read the first chapter or listen to the first few minutes of an audio.
• Entertain Them – People hate to be bored. Increase the power of your product by adding humor, drama and other entertainment elements that make them want more and more. This will not only help with future sales to satisfied customers, it will also keep your refunds down and increase word of mouth advertising.
• Keep it Evergreen – Don’t make the mistake of creating a product that hits a fad or a fleeting market. Create info-products that can be updated with very little effort. This allows you to create a product once and keep the sales rolling in for years (literally) to come!