You are probably aware that there are many ways to make money online, many of the courses and marketers are telling you that you need an email list and that you should be selling information products and yes this is true.
Creating products showing people how to make money online and then selling them to your own email list can be a very fruitful business model. The biggest problem is that product creation can be quite time consuming and labour intensive.
That is if you try and create the bigger products like a 12 month training course which you can sell for big money. These bigger products mean they can be too costly for some people but on the flip side you can sell less to make a good profit.
There are however other great products that you can create and sell that more people can afford and that you can create quicker and more regularly. When you look at people like Ryan Deiss they create a lot of little reports which they give away for free as a teaser for bigger products that they promote later.
The reason I use Ryan as an example is that the reports he has created are really good quality and crammed full of good information that could be sold as small eBooks in their own right.
There are people who do exactly that, I was on Imram Naseem’s email list for few years and he was one of many people who would create a new report each month and sell them for the price of $5-$7 each. These reports are easily affordable by most people and he probably went on to sell quite a few. I know I bought a few and was not disappointed either.
These small reports only need to be about 15 pages long, as long as you have enough useful information and ideas then there is no reason why you cannot sell them and make a good profit. If writing or creating screenshots is not your strongest skill you could easily outsource the writing and graphics to people on Odesk, Elance or even Fiverr.com.
Let’s say that you get a report created for $100 all finished ready to promote, at $5 you only need to sell 20 to break even, an email list of 500 highly targeted people should easily give you at least 20 sales. Once the reputation of your quality reports start to grow as well as your email list you will increase your sales.
You are not limited to just eBooks or reports; you can create short video tutorials or even things like sales page templates for WordPress. It can be anything really. At $5-$7 it isn’t hard to over deliver on quality.
For example, if you created a short 20 minute video that you sold for $5 in which you showed people how to make $20 a day profit for free, by promoting Amazon products on Facebook or Twitter for 5 minutes work, already the cost of the product is overshadowed by the value it delivers and the potential profit it can generate.
If you are not yet able to afford screen capture software like Camtasia which is not cheap you can use excellent free online software like Screencast-O-Matic.com which allows you to record 15 minutes of high quality video for free.
If you really want to push the boat out you can pay $15 to have access to Screencast-O-Matic’s whole editing suite which will allow you to fully edit your recording and give you longer recording time. $15 for a whole year? That really is nothing these days.
The idea is that you create these reports or videos and sell them to your own email list, but if you do not have a large email list yet as it is early days then why not offer these reports to people who have established email lists and do a joint venture offer where you give them half of the money generated?
Yes you lose money but then again, you will sell more than first expected so you will make more also you will add people to your email list if you set up an opt in box where people hand over an email address to access the product.
Finding ideas for your reports isn’t hard either, sign up to a lot of email lists from the big marketers, read some of the bigger blogs and find out what they are promoting or what advice and ideas they are giving out. You can soon formulate ideas and methods from the works of these people. Obviously I do not need to tell you not to copy them, at least re word them and add some new information to them to make your own.
This business model can be grown into one that requires very little work on your part by paying someone to create the reports and videos for you and then you simple upload them to your own site, write and send an email and then profit.
Let’s say that your reports are averaging $100 each to have made. When you sell them you make $500 a month from each report; it isn’t bank breaking but it’s a good profit. Look at it this way…
You didn’t spend your time creating the reports, someone else did
You profited from the work of other people
The profit is extra profit made on top of the day job if you still have one
You would not make that profit each month if you put $100 into a bank account
This business can grow and grow into different niches with several reports sold each month
Seriously, stop and think about it, you can put $100 a month into a bank account and not get any return these days. Some accounts will cost you more than you make unless you are banking big money each month.
Even at a profit of $100 a month after the investment of $100 will still be $1200 a year that you didn’t have. That will pay for your holiday or rent for a few months. That is looking at it from a very reserved point of view; there are no reasons why you cannot build this business up to a very, VERY profitable business if you decide to create a business plan and stick with it.
In reality you will sell more reports at $5 than you will at $97, yes people attach quality to a higher priced product and you need to only sell a few to be in profit but it can also back fire on you, if you sell an eBook at $97 and the information is poor, the value of the product is less than the price, then you will have to give refunds. You can upset people very easily and they will remember, they will also warn people about you meaning that you will need to find new people to join your list which can be a costly exercise.
At least with $5-$7 reports, if people are dissatisfied with them, which they won’t be because the value will always be more than the price, they are more likely to shrug their shoulders and not worry about losing the price of a beer. At $97 however, that can be the price of a grocery shop so over charging at that price but delivering a book worth only a quarter of the price will not do you any favours.
Remember, it is a lot easier to create smaller 15 page reports, you can sell more and the refund rate will be less. This really is a viable publishing business. Look around you will see offline publishing houses have been doing the same thing for decades.
Andi is a dabbler and a lover of electronic music. He loves writing and in his words he is ‘pretty good at it’. You would have thought he could have written something slightly more inspiring! :-) He has several years experience working as a paid writer, blogger, social media manager and WordPress specialist for one of the UK’s top internet marketers and also has skills in copywriting and using Facebook/Google advertising. He writes regularly for several blogs, some his own but mainly for Self Publishing Journey.