Introduction To Creating & Selling Your Own Digital Products: Part 1
If you’re looking to make money online, there is no question that the best way to do that, is by selling digital products. If you’re reading this article, no doubt you’ve already been thinking about it.
Over the past several years, top digital professionals have figured out how to scale their business success by creating and selling digital products. The recent trend to create content like ebooks, e-courses, podcasts and video tutorials is on the rise, and understandably so.
The benefits behind creating and selling your own digital product are outstanding. Before I dive into that, however, let’s dive into what digital products actually are and how they can benefit your business.
What is a Digital Product?
Digital Products are electronically delivered goods, such as downloadable workbooks, video tutorials, E-courses, eBooks and digital audio files. Later in the post, we will go over all the different types, but for now, here are just a few examples.
Often times, digital products are intended to teach others a skill that the creator has already mastered. For example, a successful Social Media Influencer might create an E-course on the specific steps to becoming a successful Social Media Influencer. Think of it as having a digital mentor.
So, why is this such a booming trend? What are the real benefits in having your own digital products? Let’s dive into that now.
Benefits of Digital Products in Your Business
Selling digital products is truly the best possible way to scale your business and maximize your passive income, with very little effort. Time is the most valuable thing we have. Online business owners who provide a service dedicate hours and hours of their time to helping others. When you create a digital product, you essentially create ONE product that you can re-sell over and over, on autopilot, to help your customers.
Health coaches are a great example of this. A health coach might spend 10 hours a day speaking with clients about how to improve their diet. To optimize their overall impact, why not dedicate those 10 hours to creating a downloadable recipe book that clients can download and use instead. The coach will be able to ultimately help more clients and use her time in other ways.
What are the Risks in Selling Digital Products?
There is virtually no risk to selling your own digital products. The most that you’ll lose is the time that you spent creating the product. Overhead costs for creating digital products are very low, so if your digital product flops, you won’t lose out on a ton of money either.
Additionally, you don’t need to spend too much time on your product after it’s created. Once it’s uploaded on whatever e-commerce platform you chose to use, it runs on autopilot.
Do digital products actually sell?
Abso-freaking-lutely! Just to give you an idea, here are some delicious stats from just how well digital products did in 2017!
According to Statista, consumer e-book revenue was at an astounding 8.4 billion U.S. dollars in 2017, and projected to grow to 18.9 billion in 2018. Say whaaat?! If you think that number is high, check this out:
Hopefully, now you can see that the digital product market is not only highly profitable, but also projected to continue it’s growth, exponentially.
Types of Digital Products
Okay, you’ve learned about what digital products are and how they are helpful for business growth. But, what kinds of digital products can you sell? And which ones are most profitable?
When deciding if you want to sell digital products, you might immediately think of an e-book or a digital course? Am-I-right?
While those are some of the most popular types of digital products, the truth is that there are loads of products you can sell online. And depending on your expertise and target audience, there are numerous formats to consider. Some products are more profitable than others, so we’ve created a list of 14 profit-focused products that are easy to create so you can start upping your income goals sooner rather than later.
Who would best benefit by selling digital products?
In my opinion, everyone can benefit by selling digital products. You might think you have to be a coach or a successful online marketer to create such a product. That couldn’t be farther from the truth. Even if you don’t have an existing online business, you can still create and sell digital products to make money online.
Even better, you don’t have to be creative to create these products either. Anyone can do it. If you think you have something to teach others, but don’t know a thing about creating the content, no worries. There are loads of businesses and freelance writers waiting to help you create your product, and at a fraction of the startup cost for physical product sales.
What is the Financial Potential with Digital Products?
Finally, the income potential with selling your own digital products is endless. The fact that you can sell your product over and over, to thousands of people, for as long as you’d like, means that you can earn about as much as you’d like. You truly have control. As long as your customers see the value in your content, they will keep buying.
Many of the top online income earners have scaled their business to the level of success they’re at now by offering digital products. There is simply no better way to create financial freedom in your life and business than selling your own digital products.
How do I get Started?
At this point, you might be saying to yourself, “Okay Mandi, I get it, I want it and I’m in! But how do I start?”
Over the next 8 posts, I will teach you, step by step, everything you need to know about creating and selling your own digital products online. So, if this is an interest of your’s, sign up to our email list. We will notify you as we publish each new chapter!
In the next post, we will be diving into deciding what kind of product you want to sell, narrowing down your niche and kick-starting your creation! So stay tuned!!