So this year I’ve been helping my 25 year old daughter start growing a business of her own online.
And it got me thinking… at what point did my own Internet business start taking off? I mean, I’ve been making a living online for 27 years now. But it wasn’t always easy. In the beginning, I struggled like anyone else.
As I reflected on this, I’m 100% certain that I found the missing piece of the puzzle for most failing solopreneurs. Nearly everyone who fails to get any measurable results is missing this ONE component.
Once you have it, you’ll be on your way to establishing yourself as an expert in your field, generating passive income, and building a loyal customer base.
So what is this mystery component?
At the risk of oversimplifying things…. the component is a digital product of your own.
When I started offering products of my own, my business took off. (The four reason below explain why.)
So the first thing I did was help my daughter decide what type of products she wanted to create. She really loved working with graphics and video, so she decided to create training videos for other solopreneurs.
Here’s an example of her latest video course:
Naturally, it helps if you have some technical know-how and a basic computer skillset like she did. But there are ways around those limitations as well, as you’ll see in this post.
First let’s take a look at the advantages of developing a digital product as a solopreneur and then we’ll get into the steps involved in getting one and selling it for profit online.
The Top 4 Reason Why Having a Digital Product Changes Everything For Solopreneurs
1. Establish Your Expert Status
Your own digital product can help you establish yourself as an expert in your field by showcasing your knowledge and expertise to potential customers. You can build trust with your audience and position yourself as a go-to resource for information or solutions related to your niche by providing value through your digital product.
2. Earn Passive Income
One of the most significant advantages of creating a digital product is the ability to generate passive income. Once you’ve created your product, you can resell it without having to do any additional work. This means you can keep earning money from your product while focusing on other aspects of your business.
3. Establish a Loyal Customer Base
By providing value through your digital product, you can cultivate a loyal customer base that is more likely to return to you in the future. This can assist you in developing a sustainable business model and building a community of people interested in what you have to offer.
4. Hands Free Traffic
Once you have a digital product of your own, you can tap into the huge network of affiliate online. These people promote digital products for a commission. Many of them have loyal followers of their own, so when they promote your products and services, your customer base grows exponentially. Each product or service you introduce can build on previous successes as your customer base expands. Your affiliate network and JV partners will deliver all the hands-free traffic you’ll ever need.
The 5 Steps To Getting Your Own Digital Product And Selling It For Profit
1. Select Your Product Type
Consider your expertise as well as the needs of your target audience when selecting a product type. You want to make a product that adds value to your customers’ lives and solves a problem for them. Some popular digital products include eBooks, courses, graphics, templates, and videos.
If you feel as though you have limited expertise in the topic you’re interested it, that’s OK. You can use AI tools to help you create your digital content. ChatGPT can write content for you and Dall-E can create graphics for you.
2. Design Your Product
After you’ve decided on a product type, it’s time to design it. Even if you use AI, it is important to thoroughly research your topic to ensure you’re providing accurate and useful information. Use high-quality images and video whenever possible, to improve your product’s visual appeal.
If you want to skip this product design step, get your hands on a white-label product that is already created for you. If you go this route, consider combining more than one related white-label product into your own package so you can offer irresistible value for the price.
For example, you could package up this video pack on creating digital products and combine it with a PDF on the same topic. If you didn’t want to write the PDF yourself, you could create it using ChatGPT in under an hour. That would give you a complete digital course you could sell as your own. All you’d need to do is a little branding, and that’s as simple a creating a fresh e-cover using a predesigned template at canva.com.
3. Determine Your Price
Consider the value that your product provides and what your target audience is willing to pay when determining your price. You might also think about offering promotional pricing during launch periods to entice early adopters. Consider fixed pricing, recurring membership pricing, and always offer related upsells to increase your EPC.
4. Select Your Sales Platform
There are numerous platforms available for selling your digital product online, including your own website, online marketplaces like Amazon and Etsy, platforms for creating and selling online courses like Teachable and Thinkific, and JV friendly platforms such as JVZoo and WarriorPlus.
All have their advantages and disadvantages, as well as their own pricing structures. Don’t get too caught up in the details, just pick one and go with it! Before launching your product, test it with a small group of beta users to gather feedback and make improvements.
5. Promote Your Product
Once your product is ready for sale, you must market it effectively in order to reach your target audience. Consider content marketing, building an email list and sending targeted emails, influencer marketing, or paid advertising. Also take time to market your wares via affiliates. You can recruit JV partners via sites like muncheye.com where lots of affiliates find digital products to promote.
Creating your own digital product as a solopreneur can be an excellent way to establish yourself as an expert in your field, generate passive income, and build a loyal customer base. With the right strategy, you can create a successful digital product that provides value to your customers and helps you achieve your business goals.
P.S. If you decide to get Sarah’s white-label video pack on creating digital products — please email me at Jim@bizweb2000.com and let me know. As a special added bonus I’ll send you my own digital product called The Buyer’s List Method which goes into detail on how I make my own living creating and selling digital products. It comes with a printable 4-week, step-by-step To-Do list that will all but guaranteed your success.