How to create my own product?

How to create my own product?

Creating your own product is easier than you think and does not require an inhumane effort and long hours of work. You don’t even need the skills and experience to make it work for you. In fact, you don’t even need a big budget to create your own product. 

The first step in creating your own product is understanding your business objectives and marketing strategy, whether your goal is to create a passive income stream or building a list. Think in terms of who your target market is. Don’t make the mistake of leaving your marketing strategy to the very end of your product creation efforts. You want to make sure there’s a demand for your product first.

Do I need the skills and experience to create my own product?

If you think that in order to create your own product you need the skills and experience to make it work think twice! You don’t need ‘A’ levels, you don’t even need experience of your product or service, knowledge and skills.  All you need is the ability to find the information you need and the ability to work hard.

Any man is educated who knows where to get knowledge when he needs it, and how to organize that knowledge into definite plans of action.

Napoleon Hill

With that being said, if you lack the necessary knowledge, skills or experience there are ways you can bypass this by e.g. outsourcing, hiring a ghost writer, partnering up with an expert, private label rights etc. 

Do I need a big budget to create my own product?

You can start with no budget at all.

What product can I create?

The dumbest mistake is viewing a design as something you do at the end of the process to ‘tidy up’ the mess, as opposed to understanding it’s a ‘day one’ issue and part of everything.

Tom Peters

Essentially, we can distinguish four main types of product you can create online – text, audio, video and software. Text and audio are a good starting point, however, their perceived value is lower hence the return on your investment (ROI) is also lower. Video creation, on the other hand is more time-consuming but offers a better ROI than the other two digital products. Software products are the hardest to create, however, they also yield incomparably higher profits than any other digital products.

Now let’s get to the nitty-gritty of digital product creation…

How to create my own product?

Text

Text product is by far the easiest digital product you can create, however, it’s unlikely you’ll make a significant amount of money from an e-book or report.

Step number one is finding and researching your niche. Keep in mind that you need to make sure that there’s a demand for your product first. It might be worth considering writing an e-book on a subject you already know a lot or are passionate about.  Generally speaking, how-to books providing an answer to a specific problem sell well.

Can I write my own e-book if I’m not good at writing?

If you’re not particularly good at writing you may want to consider hiring a ghost writer. Typically, a ghost writer is someone else you pay to write your e-book while you’re the one retaining full rights to the e-book.

You may also want to consider recording yourself talking. Once you’ve done that you can have it transcribed for you and then edit your content.

Optionally, you can also use Private Label Rights. Generally speaking, private label rights products are products you can buy and re-sell as your own.

Private label rights is a concept used in internet marketing and derived from private labeling. It’s a license where the author sells most or all of the intellectual property rights to their work. The license is defined by the author of the work and has no legal definition.

Public domain is yet another option to consider when creating your own product. Public domain products are products that no longer have a copyright (most books written before 1923 and some before 1977). Similarly, as in the case of PLR products you can sell and/or edit a public domain work as your own.

Works in the public domain are those whose intellectual property rights have expired, have been forfeited, or are inapplicable.

AUDIO

An audio product has a higher perceived value than an e-book meaning that it can be sold for more. Typically, an audio product can be sold for anything ranging from $27 to $147.

You may wish to consider creating an audio course, bringing in an expert, running a question and answer session, getting interviewed or creating a show. 

SOFTWARE

Software is perceived as a high-end value product and offers the highest return on investment, however, of all four main digital products it’s the hardest one to create as things can often go wrong… With that being said, creating your own software can prove to be rewarding in the long-run.

There are a few things to consider before creating your own software such as outsourcing, hiring a programmer, its time frame, design and customer support. You might want to ask yourself the following questions before you create your own software product:

  • Is your software unique?
  • Who will use your software?
  • Why will they use it?
  • What does your software do that other software doesn’t?
  • When will they use it? 
  • How often will they use it?
  • Where will they use it?

If you want to learn more about digital product creation watch the video below for a more in-depth process. I highly recommend you read Leon Jay’s Do Less Work, Make More Money: A Step By Step Guide To Doing Business And Making Money Online
for more tips on How To Create My Own Product.

Source: Do Less Work, Make More Money: A Step By Step Guide To Doing Business And Making Money Online by Leon Jay

What is Affiliate Marketing?

What is affiliate marketing?

So what is affiliate marketing? Affiliate marketing is becoming an increasingly more popular way of making money online yet  few people understand how it actually works. In this article I’ll debunk myths surrounding the topic of affiliate marketing, what it is and what it is not, its advantages and its pitfalls.

Affiliate marketing has grown in popularity mainly because it is a cost-effective way of generating money online, does not require any previous experience or technical skills making it ideal for anyone wishing to start online regardless of their age, background or origin.

There are thousands of other websites on the Internet offering confusing information affiliate marketing, some very good and others that blind you with technical jargon, resulting in you being none the wiser after having read their article.

What Is Affiliate Marketing – Definition

Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts.

Wikipedia

What it basically means is that in return for selling someone else’s products or services you receive a commission.  Affiliate marketing is based around the concept that you get paid when you sell or promote someone else’s product.

Related article: 17 Reasons Why You May Never Make it Online?

What is affiliate marketing good for?

  • ideal if you want to start making money online but do not have your own products or services
  • ideal for stay at home mums/dads, single parents
  • ideal for freelance workers and self-employed people
  • if you want to earn extra income on top of your salary
  • if you want to quit your 9-5 job
  • if you want more financial freedom
  • if you want more time freedom
  • if you need more flexible working hours
  • if you travel a lot

What is affiliate marketing not good for?

  • people without basic IT skills (you need to have basic computer skills if you want to succeed in this niche)
  • people wishing to make money overnight (any affiliate programs supporting these claims are get quick rich scams)
  • people looking for a magic pill and wanting something for nothing (you need to roll up your sleeves in order to succeed in affiliate marketing)

what is affiliate marketing

What is affiliate marketing used for?

Affiliate marketing just one of the ways used by companies to leverage their business by reaching a wider audience with the aim of increasing both their sales and customer database. One of the ways to achieve this is through affiliate marketing where a number of people (affiliates) advertise, promote and sell company’s products and services in return for a commission.

It is very hard and very expensive for any business owner to market any product or service on their own. However, if you were a business owner and had other people selling your products and services you could quickly reach a much larger audience, build your customer database and increase your sales. Thanks to affiliate marketing your business would only pay money if and when your affiliates sell a product. This is a very cost-effective way of marketing your business as a business owner. Every time your affiliates promoted your product resulting in the sale of a product they would then receive a commission. Hence they would then have an incentive to continue promoting your product making it a win-win situation for both your company and your affiliates.

Does Affiliate Marketing Work?

  • Yes, however, individual results varies hugely and depend solely on your time and effort. Affiliate marketing offers an uncapped earning potential and it is possible to make huge amounts of money from it. There are people doing so each and every day but the fact is, they didn’t get rich overnight! Essentially, affiliate marketing is a business and as such it requires both time and effort, however, compared to other businesses it can yield considerably higher returns.
  • No, there are no magic pills and you need to roll up your sleeves and do the work. Internet marketing is a lot more slow-paced than most people think. There are many tire kickers that  expect something for nothing. As with any other business venture in order to succeed you need to do some work. Any affiliate programs that claim otherwise are get quick rich schemes.

Related article: 17 Reasons Why You May Never Make it Online?

So what is affiliate marketing not?

Affiliate marketing is certainly not a get quick rich scheme. In fact, it’s a lot more slow-paced than most people think. Essentially, affiliate marketing is a business and that’s exactly how it should be treated. It is certainly a great way of making money online but just like any other business it requires time and effort to grow.

Why start affiliate marketing?

  • cost-effective – you do not need large amounts of money to start
  • runs on autopilot – once you have it up and running, your affiliate marketing business can be earning you money 24 hours per day, 365 days a year
  • no need to buy or hold stock
  • no need to buy or rent premises
  • no need to deal with customers or sales
  • no shipping required
  • no need to deal with refunds
  • can be run from anywhere in the world
  • very easy to set up
  • time-effective – requires less time and effort than other forms of Internet marketing

What should you watch out for when considering affiliate marketing?

  • get quick rich schemes – watch out for claims promising to make you rich overnight Any such claims are illegal and are advertised by illegitimate businesses
  • do your own research  – check reviews and testimonials. It might also be worth checking statistics and conversion rates before you join any affiliate marketing scheme
  • review your budget – depending on whether you decide to go for paid or unpaid advertising make sure you have some funds set aside for this purpose

Conclusion

Affiliate marketing is certainly a great way of making money online, however, there are no magic pills and you still need roll up your sleeves and do some work. Individual results vary greatly but with a little time and effort you can succeed in affiliate marketing.

Related article: 17 Reasons Why You May Never Make it Online?