If I told you that you could start your business today and have made your first $1,000 just one month later, that’s something you’d want to hear more about, isn’t it?
There is a way you can start your business PROFITABLE. But you have to be strategic.
This content was also shared on my podcast.
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Why you need a digital product
I’ve talked about this before, but ICYMI, having a digital product ready to sell is crucial to making your business profitable. You can have all the followers in the world, but if you’re not selling them anything, you’re leaving money on the table.
Side note: I share the same belief for you if you have “only” a few hundred followers. These followers don’t care that you don’t have 1,000 or 10,000 followers. They’re interested in what you have to say because they believe you can help them. So why wouldn’t you give them an opportunity to learn from you via a digital product so they can get a bigger transformation?
Chances are you already have an amazing idea of what you want to share with your people. What you need to do now is decide how you’ll get the info out there!
What kind of digital products sell best?
Consider how people learn best when you’re choosing the medium for your digital product. Some people are visual, and prefer a follow-along slideshow format. Some people learn best by listening. And others need accountability in the form of a live group program.
I’ve made money from the following three digital products, and so can you!
Ebooks
Ebooks are a low barrier to entry for small business owners. Anyone can create and publish one and the traditional format is appealing. Let’s go over when to create an ebook – and when it’s a waste of time!
Pros
- Appeals to people who prefer to learn via reading
- No membership platform needed. A downloadable PDF works!
- Works well for volume selling
- Totally passive once it’s created
Cons
- Time consuming to create
- Lower perceived value in people’s minds
- Same level of buy-in commitment (up to $197!)
- Buyer less likely to take action
When to create an ebook
Ebooks aren’t the quickest or easiest way to create a profit. I recommend creating ebooks as an add-on value, instead. Bundled together with a higher-ticket item, you create more incentive to purchase something more “expensive.”
Online course
Online courses are an easy way to appeal to different learning styles, so they’re hugely popular. The price point is higher, but still reasonable for many people. Here’s why I prefer an online course to an ebook – but not to a group program.
Pros
- Higher value, higher price point, higher potential profit
- Helps buyer take action and get results due to the investment
- Great for busy people who need to listen to the content rather than read
- Totally passive once it’s created
Cons
- Can take a while to create assets
- Can be expensive if you need to outsource the creation
- Can be time-consuming to learn a membership platform
- Lower level of buyer accountability since it’s passive
When to create an online course
An online course is great if you don’t have the bandwidth for a live group program, but have more to communicate than you could in an ebook.
Group program
Live group coaching programs are my number one way to create a significant profit fast.
Pros
- Higher value, higher price point, higher potential profit
- Quicker to create, since you don’t need to pre-record
- Great for people who aren’t tech savvy
- Better for those developing their own unique curriculum
- Helps buyer take action and get results due to the investment
- Helps buyer take action because they have support and accountability
- Great for busy people who need to listen to the recordings rather than show up live
Cons
- Showing up live can be too nerve-wracking for some (though it’s an opportunity for growth!)
- Not totally passive, as you need to enroll in cohorts and show up live
When to create a group program
I truly think a group program is the best investment of your time and effort and turns the best profit. If you have all the resources you would need for an online course, consider pivoting to a group program instead.
In a digital and virtual world, you can create your business and make it profitable entirely online. This is AMAZING. The internet is your oyster, so don’t delay – find a way to get your message across to your unique audience with one of these digital products.
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