If you are ready to start your own home-based business but still not sure which opportunity to go for, let me tell you right now that the best way to achieve real success with a home-based business is to start a real business, not jump into the next big opportunity that you see online. A real business will yield the best income returns and it will also last the test of time, helping you to build a sustainable source of income that will last for years and years to come.With this said, one of the most lucrative home-based businesses you can start is that of selling information products. Information products can be ebooks, audio courses, video courses, or anything that helps you teach your customer something that they are eagerly looking to learn. If you have any sort of expertise, even something you may think is not a marketable skill, you can probably make money by packaging your knowledge into various forms of digital products.If you really do want to make money from home, you have to build a real business based on your own products, and here are four fantastic reasons why starting an information product business will help you build financial freedom and even help you achieve a six-figure income within a year if you are willing to work hard and follow some simple directions from someone who has been there and done that:Reason #1 – Ease of product creationIt is so incredibly easy to package some of your knowledge into a short ebook, into an audio and video product, and into information courses that command several hundreds of dollars on autopilot. Imagine writing an eBook that was worth $37, an audio product that was worth $97, a video course that commanded $497, and a 1-on-1 consulting course that sold for $4997; sounds pretty good doesn’t it? Well guess what, there a several hundreds of successful online entrepreneurs who are quietly doing just this, pulling in insane amounts of money based solely on their information products that were created once, packaged nicely, and sold on autopilot for years and years following the initial work.Reason #2 – Ease of running your business after creating the productsWhen you decide to build a business based on your own information products, you basically have to build the products one time, set up a sales page for them, and they will do the rest of the work for you 24/7, year-round, whether you are there or not. This is truly the way to leverage your time and earn substantially more money than you would if you were paid by the hour.Reason #3 – Your return on investment is hugeHere’s the thing, when you create an information product, it takes up no space in your home, so there is no cost of storing products, there is no need to spend money on shipping because everything is sent digitally over the internet. So once you build and sell the product, whatever the cost is on the sales page is the cost you will see in your bank account, because there are no costs whatsoever in selling and then shipping your product. The only costs of running an information product business are the ones paid to your web hosting and your autoresponder, which are still very small in comparison to your profits.Reason #4 – The cost of running a home-based information product business is a fraction of what you can earnIn a year, no matter how much you earn, your costs to run the business are the same, which are only a couple hundred dollars. Compare this to the cost of running an offline brick-and-mortar business where the costs of rent would be thousands per month alone, so you can see how much you save by running a home-based business. You will likely keep almost 99% of everything you make since the costs of running your home-based business will be so incredibly low.
Effective Marketing Strategies in Product Creation
Marketing includes matters such as pricing and packaging of the product and creation of demand by advertising and sales campaigns. There are other options, of course, like product creation, resale rights marketing, joint ventures and the likes, but they are merely secondary to the above.
If you take the freelance route, it is important to ensure that all rights to profit from the final product, or any materials produced in its making, remain yours. Bookkeeping, physical product creation or delivery of goods can be done better with specialized help. Determining the purpose of the product is vital in niche product creation.
Implementation of Methodology – The choice of implementation of Six Sigma methodology depends on whether development is required on existing processes (DMAIC) or on new process/product design creation (DMADV). Determining what you really want to sell, something that you can be relaxed selling is the first step at the creation of a niche product. With the technological advancements in the hosting industry, from automated control panels and scripts that simplify creation of accounts; to complete turnkey solutions, there is no excessive need to worry about spending time on the actual product sold to the customer.
For instance, you should be prepared to either perform yourself or to subcontract the completion of the following tasks:- Product idea research (are there any existing products or patents already existing for this idea)- Product specification document training (what it will do, how it will look, how will it be powered, and how the user will interface with it)- Marketing study (what it will be named, who would buy this, how much would they pay, how will we get customers to purchase the product)- Schematic or electronic circuit design process- Creation of a bill of material or BOM and an approved vendor’s list or AVL for each component in the design, preferably with multiple sources identified, with a BOM and AVL for each assembly level in the product- Printed circuit board layout design process (single sided board, double sided board, or multilayer board; size of the PCB; board material)- Mechanical packaging design with user interfaces (displays, buttons, switches, key. This removes all product creation costs from your budget as a marketer.
No other database of affiliate programs offers such a possibility for profit on either the affiliate side or the product creation site. Your chosen niche should allow for the creation of more than one product or service.
There are several marketing strategies that are necessary in the creation of a successful e-commerce web site – Email marketing (broadcasting) of prospects/customers – Effective use of auto responders (generate automatic email messages) – Online Newsletter – Online Form / Survey to capture your prospect’s email address – Electronic Product Delivery (if you sold a digital product) – Advertisement (Ad) Tracking – Back End Sales – Affiliate program etc.
Plan To Succeed With Information Product Creation: Why You Need To Split Your Process Up
One of the keys to succeeding in information product creation is to break the process up into discrete steps. This frequently isn’t an instinctive reaction for the typical information marketer. Especially on the internet where small sized learning products are the norm.
However, it is extremely important to your ultimate success. In fact, I would go so far as to say that if you don’t do this you probably won’t succeed… even when you are starting out let alone as you move forward.
Your product creation system should do this for you if only to help you to understand the overall task.
But why?
In this article, I’m going to ignore chunking and focus on the practical aspects. That’s not to say that chunking isn’t important. It is. It’s important to understanding and to learning the process. But while you can use the same chunks as you move forward, long term your focus needs to be on the operation of the system not the understanding of it. Unless of course you are constantly training new people!
So why is chunking important to long term use of the product creation process? (Yes, I know systems design uses a different term for this process but I’m not teaching you systems design. So I’m going to use the word learning content designers use.)
The first reason that having individual discrete tasks is important is one of schedule estimation. Frequently it is very difficult to estimate how long the total task of creating a product will take. After all, the size and type of the products matters as does the number of products in your product funnel. And those are just the most obvious elements. However, estimating a discrete task is often much easier. The total can then be estimated as the total of the discrete tasks.
Secondly, scheduling a large task can be problematic. However, by segmenting the task into a number of discrete tasks, you gain a much greater flexibility in scheduling. Not only that but as your business begins to add people you are able to schedule multiple people to the product creation.
Finally, segmenting a large task into smaller discrete tasks allows you to have much better control over the product creation. This affects two different areas — status and quality.
By segmenting your process into discrete tasks you are able to schedule and record the progress at much more detailed level. As a result you are more in control of the status of the product creation. You know what everyone is doing. When they should complete it. And how much it should cost. You also know exactly what has been done.
You also improve your overall quality. Instead of waiting until everything is done you can check quality as you go. This allows you to immediate react to low quality products without absorbing their costs. This means that you have less rework and your rework costs less. And if the product is not going to meet its quality requirement you will know about it in time to stop the development, change the requirement or fix the product.