How to Create a Business by Creating Information Products

Many people still believe that in order to start a business, they need to have a real world store, and sell a real, tangible product. The truth is, however, that starting a business that sells information products is often far easier for a new business owner or entrepreneur.

Information products are products that are not necessarily tangible, although they could be in the form of a book or DVD. They are products that are based purely on learning. While starting a college may be one way of selling information, information products also are not limited to formal training.

Let us consider, for a moment that you are an expert in a particular field – whether it is dog training or cake decorating. You would like to use your skill to make more money, but you do not know how. The answer may lie in creating information products, and selling them to people with an interest in your area of expertise.

You might create a website that deals with your passion or skill, and have a member’s only area. You might run an e-course, or create and sell an e-book, or a series of e-books. You might even decide to self publish a real book, and sell it through your site, or in the real world. From training DVD’s to member’s only online streaming videos, there are endless information products you can sell to make money from your passions and talents.

The steps to creating an information product are quite simple too, although they will require some time and effort on your part. First, you need to have an idea. Your idea for your information product can be anything that you are particularly knowledgeable in – whether it is starting a small business, or arranging flowers. Remember that if you are interested in it, there are probably countless other people around the world who are too!

Next, you will need to decide on the format for your information product. Are you going to sell an e-book, a series of DVD’s or an e-course? There are even services like Lulu.com, which will print a real book on demand, and ship it to your customers, so you could even become a small-scale independent publisher if you decide to! Once that is decided, you will need to settle on your content. You will want to make it as comprehensive as possible, but still be easy for a beginner to understand.

Then there is the process of creating the materials. Even if you have no skill yourself, whether it is writing or animation, making movies or creating e-course modules, there are freelancers out there who are willing to do it for a fee.

After your information product is finished, all that is left is the marketing and sales of your product, usually via your website, but also in the real world, or through social networking and other platforms. Some large sites, like Amazon.com, even allow creators of information products to list their products alongside commercially created items, so there is plenty of scope for marketing these days!

The main benefit of selling information products is that anyone can do it. Whether you are a stay at home mom with a passion for needlework who wants to teach others, or whether you’re a small business owner looking to increase your revenues by selling a digital information product in addition to your real world services and products, this is a viable option.

There is also the benefit that while you may spend a little money creating the initial products themselves, after you have, every sale is virtually pure profit, unlike the real world, where each sale costs you something in terms of labor or raw materials, or both.

Information products can also be sold quite cheaply, since you are going to be selling on volume, rather than on a markup per item, and that makes them attractive to your buyer, even when times are tough economically. It is far easier, after all, to sell an information product like an e-book for a few dollars hundreds of times, than it is to sell a real world manual or book that costs hundreds of dollars!

If you’re excited about the prospect of creating an information product, either as a way to boost your brick and mortar business’s sales, or as a means of creating a business in itself, then that’s great! This is one of the most exciting opportunities that the internet has afforded entrepreneurs! Just remember to spend a reasonable amount of time investigating the market for your product, and creating it. You want your product to be as good as you can possibly make it, so that people want to buy it, refer their friends, and feel that they have made a solid investment.

Done correctly, information products can be a very lucrative business opportunity, and they are well worth looking into. Just remember that there is a lot of competition, even though this is a relatively new field of business, and that you will have to spend a fair amount of time planning, creating and marketing your products before you start making a fortune from them! For those that do, however, creating information products for sale can be an almost entirely automated, profit rich business opportunity, and if you are looking for something with low investment requirements, and high yields, this might be the opportunity for you!

Information Product Disaster – Is Your Passive Revenue Product Gold Mine Doomed From the Start?

It’s a sad and tragic sight. But one I see all too often.

Scores of entrepreneurs and solo-professionals flying like lemmings off a financial cliff, creating information products doomed to failure right from the start.

They pour time and effort into products that have no chance for success. And become discouraged, never to try again, missing out on tens of thousands of dollars of potential profits.

However, you can avoid that fate by answering 3 simple questions:

1. Should I be creating this product in the first place?

Everyone assumes just because some hot-shot is making money with a product that they can too. However, nothing could be further from the truth.

Is there a demand for the product amongst your target market? Does it fulfill a desire or an urgent want or hunger they have? Does it leverage your unique expertise and viewpoint?

If not, you are staring into a bottomless pit that will suck your time and energy and give nothing in return.

The your prospects won’t buy anything that doesn’t meet their needs.

On the other hand when you answer yes to the questions above, you are well on your way to creating a hit.

2. Why am I creating this product?

Lots of folks often ask me “How do I create my product?” And rather than give them a pat answer, I always answer their question with one of my own: “Why do you want to create this product?”

A blank stare in return means that I have just saved them from an expensive boondoggle.

Your product must fulfill an important specific goal for your own business: more revenue, more subscribers, more exposure. It’s the only way to insure your production and marketing stays on track, on schedule and on target to reap the result you want.

Here is a very crucial bonus tip:

The more specific you can be about your product goal, the more likely you are to achieve it. How much revenue do you want it to produce? Over what period of time? How many new subscribers? How soon?

Getting specific can radically explode your chances for success. Without it, you are simply shooting in the dark.

3. Are you doing this because you want to, or because some marketing guru said you have to?

It sounds sentimental and syrupy sweet. But its true:

The more passionate you are about creating your product, the better the chance you will see it all the way through to its profitable completion.

The fire that creates a successful product must come from you. It’s the one thing you can’t get from a home study course. And if it isn’t there, your prospects instinctively know it. And a lack of sales will show it.

So are you creating your product because you want to? Because you are passionate about the material? Because you know there is nothing like it out there, and that your target market desperately wants it?

Or are you doing it simply because some hot-shot guru said you should?

The factors that create successful products are largely hidden and misunderstood. However, you now know three that save your own efforts from the scrap heap, and help insure one profitable success story after another.

This Is My House! Using Entrepreneur Characteristics to Improve Your Life

According to Wikepedia an Entrepreneur is a: “Type of personality who is willing to take upon himself/herself a new venture or enterprise and accepts full responsibility for the outcome.” The word comes from an Old French word entreprendre meaning “to undertake.”

There are two interesting facts about the term that seem to make women think it does not commonly describe us:

  • The term is normally capitalized – Entrepreneur – as if it is a title.
  • People typically think of a man when hearing the term; as a matter of fact many of the definitions use the words he, him andhimself and do not include any female pronouns.

Another reality is that Entrepreneurship always involves risk and many women do not give themselves credit for their courage to handle risk. This is ironic, because in certain circumstances a woman will, literally or figuratively, wade into a swamp full of alligators. If you doubt this, then do something to a member of our families. Or question our loyalty to an employer or a cause.

As a woman, getting comfortable with the Entrepreneur inside of you will help you improve all aspects of your life. Honing the Entrepreneur skills you already possess will make you more successful in anything you undertake.

Here are some of the key Entrepreneur characteristics that can enhance the various parts of your life:

Ownership – Whether it is your household, a project, a daily task, a campaign or a business, understand that it belongs to you. Treat it the way you treat anything that you own. Accept the risks, nurture it, protect it, make it look good, enjoy the positives and overcome the negatives. Ownership means you are invested in something and if you are invested you will work for success. If you do not feel that you own it, the outcome will be totally dependent on someone else.

Organized – Organization is in the eyes of the beholder. So use the methods and tools that work best for you and don’t worry if someone else tries to get you to do it their way. But it is vital that you are organized in a manner that helps you accomplish the desired end result and retain your sanity. Being organized usually involves having a plan, having appropriate information and/or tools and having a process that makes sense. For instance: if you are in charge of a silent auction, a process will maximize proceeds and minimize frustration; if you are hoping for a promotion a plan will make you proactive, which increases your chances.

Clearly Defined View of Success – Success is not the same for every person in every situation. An Entrepreneur goes into a venture with a clear definition of what success will be. If you can clearly describe what will be a successful project, day, event, assignment, negotiation, business, etc. you are more likely to attain that success and a sense of fulfillment. If you do not have a defined view of success you will not know it if hits you in the face.

Flexible & Creative – Although you have already been encouraged to be organized, be careful not to be obsessive. No matter how well you have planned and prepared, something outside your control will likely happen that will throw you off course or slow you down. Do not stubbornly stay with your plan or process if it stops working. We are often told to make lemonade when given lemons or to see obstacles as opportunities. That is not always easy. But if you incorporate flexibility and creativity into everyday life you can adapt any plan, process or situation to the current circumstances. Again, less frustration – more success.

Self Disciplined – An Entrepreneur business owner has no one else to blame, no one to make decisions, no one to save the day, no one to make sure she does her job. She can work in her pajamas, she has no boss, she is in charge. But if she has no self-discipline, she soon has no business. Self-discipline is equally important in anything you may undertake. If you are baking goodies for a bake sale you must exercise enough control not to sample too much or you will eat the profits and the evidence will show up on your thighs. When you are working on a project that has a deadline you must be disciplined enough to not wait until the last minute to complete tasks, because something unforeseen will happen.

Convincing – One of the primary philosophical characteristics of Entrepreneurs is belief – in yourself, your ideas, your business, your abilities, etc. The belief is the first step to convincing. Understanding your audience or target is the second step, because understanding means you can identify the benefits for them of participating, supporting, donating, purchasing, using, attending, etc. If you do the first two steps, then convincing will come easy. But convincing is enormously important to reaching a desired outcome.

Asks – A successful Entrepreneur asks. She may be afraid of the answer, but she realizes that she has to ask for the sale, promotion, assignment, donation, information or opportunity. This is one of those places where “no risk, no reward” applies. The response may be negative, but it is usually necessary to know that, if you are to complete something or move on to the next step. Not asking is equivalent to giving up or giving control to someone else. Remember from the original description that an Entrepreneur “accepts full responsibility for the outcome.”

Delegates & Partners – Even though the definition of Entrepreneur is “one who takes responsibility for the outcome,” it would be ridiculous to think that one person can do everything. That can be a difficult acknowledgement for women. Learning when, where and how to delegate or partner is crucial to being successful. But the knowledge is only half the story, doing is the other half. Delegating and partnering provides success on many levels. Triumphantly completing a task, project, event, etc. is one level. Another is sharing the revenue, experience, praise or recognition with someone else. And contributing to the development of an employee, collaborator, child or organization is another. More successes likely to be realized by partnering and delegating are increasing your opportunities, productivity and efficiency. And last, but certainly not least, delegating and partnering helps you use your time, energy, money and brain power wisely and prudently. Entrepreneurs know when to lead and when to follow.

Researches – Knowledge is power. Background provides understanding. Other peoples’ triumphs and mistakes teach lessons. But you cannot benefit from any of these if you do not do research. Research avoids culture faux pas, minimizes costly mistakes, provides competitive ammunition, enhances your assets, strengthens your position and reduces wasted time. How many times have you made a purchase only to find out a few days later that you could have gotten it for less at a different store or website? Have you ever been embarrassed because you made an assumption instead or doing a little reading? Ever felt under or over dressed? A true Entrepreneur prepares to be successful by doing the appropriate research.

Finishes – Making it to the end and recognizing the end are important principles for entrepreneurial living. Our definition stated that an Entrepreneur “accepts full responsibility for the outcome.” Normally, outcome is perceived as the end. However, if you do not reach the end the outcome is likely not what you really wanted. And if you have not clearly identified the outcome you may go past it, thus wasting time, energy, money and maybe reputation. Although this is an important trait, not all people classified as Entrepreneurs are good at finishing. Most of those who rarely finish were placed in the Entrepreneur category by default. These are the individuals who keep starting something new because they have short attention spans, did not think things through before they started or do not deal well with obstacles. They did not function well when working for others, so they became “Entrepreneurs” and started businesses or organizations. Chronically not finishing things is extremely unsatisfying, which may explain their wanderlust and, also, may be the reason for the failure of many businesses and organizations.

Persistent – Sometimes women are not comfortable with persistence because they are afraid they will be called pushy or other uncomplimentary terms. But persistence, and often consistency, is necessary. Everyone has their own agenda; we all have demands on our time, energy and money. So if you are to accomplish your agenda and respond to the demands on you, you must persistently ask, remind, propose, cajole, beg, follow-up and insist. Take this lesson to heart: Just because someone should, doesn’t mean they will. The entrepreneurial way is to take responsibility for the outcome and the responsibility likely includes persistent action.

So look inside and draw out your Entrepreneur characteristics. Nurture and develop them. Apply them to the things you do – big or small. And enjoy the improvement in all the areas of your life.