Many believe that information businesses are a product of the Internet age, information businesspersons have been around for hundreds of years. The variance is in the TeeView, the information was delivered via mail order. The benefit of the Internet is that it’s faster, easier and more affordable to deliver information than through the mail.
What is an information product? TeeView
Anything that delivers information someone needs to buy is an information product & includes:
- Home Study Courses
- Video Tutorials
- Training Materials
TeeView will notice that everything on the list can be delivered electronically / as tangible products.
Pros of Selling Information Products – TeeView
There’re many advantages to having an information business including that they are:
- Easy to make. You can turn a word processing document into a PDF to sell on your website / an ebook to sell through Amazon & other ebook retailers. Many online resources for print, CD & DVD creation exist as well, such as Createspace, Lulu and more.
- Affordable to make. Text products do not cost you anything as all you need is a word processing program (Open Office is free) & PDF creator, which is free through many resources. But even video creation is affordable & can be done with a basic screen capture software / your smartphone.
- Simple to market. While you do need a marketing plan, letting people know about your information product could be promoted through a variety of affordable & easy to use Internet marketing strategies & resources.
- Passive income sources. By passive, I do not mean you can set it and forget it. However, once the product is made, you don’t have to do anything further to it except market it & keep it up to date. You make it once & sell it over and over.
Cons of Selling Information Products – TeeView
As with all home TeeView ideas, there’re some drawbacks to selling information products including:
- They can be time-consuming to produce. Organizing your idea & creating the material(s) takes time.
- The price of text items (i.e. ebooks) has dropped with the growth of e-readers & ebooks. There was a time in which information entrepreneurs can price their ebooks at $30, $50 & even $199. That day is gone that people can often get the same information for less than $10 on Kindle.
How to Begin an Information Business
Not sure you know something others could pay to learn about? Think again. Odds are you are the go-to person on something whether it is frugal living, how to change the oil on your car or keeping the deer from eating your tulips. Your TeeView comes from your education, work experience, hobbies & passions. Your first step in beginning an information product business is to make a list of stuff you know from areas. Once you have that down:
1) Research your idea to make sure it is viable. Your goal is to determine if people are interested in & willing to pay for the information you can provide.
Begin with a keyword search on a site like SeoBook’s Keyword Tool, which will tell you how many people search for your topic, as well as the terms & phrases they use. Niches sell better than general topics, so the keyword tool can be used to find a profitable niche. For example, instead of a gardening product, you could focus on organic gardening or container gardening.
2) Decide what type of information product you will create. This is a good time to determine how you’ll distribute it. For instance, if you go with an ebook, will you selling on Amazon & other ebook retailers or as a PDF on your site? If you’re doing an e-course, will you sell & distribute on your own site, through email or through a service such as Udemy?
3) Make a list of what your market needs to know about the topic. Arrange the information in order it needs to be taught.
4) Within every major category of your topic, list the specifics of what your market needs to know. It will become the detailed information you provide.
5) Make the product based on your outline. If you are writing an ebook, you have the outline and specifics, so you need to do is turn them into sentences. If you are making a video, use your outline to make screenshots or video, highlighting the details you listed in #4. If you are making a course, you might have a combination of text and video, so you will need to make them based on the best delivery of the information.
6) Edit & proof all your materials. Today, more than ever, consumers do not want “good enough.” They’re paying for your information & deserve to have the best quality product.
7) Make a website. Regardless of how you deliver your product (i.e. through Amazon or Udemy), you could have your own website. It should have a sales page that highlights all the benefits your information product offers and when you have them, the links to where they can buy it.
8) Add an email list. An email list not only lets you to stay in touch with people who do not buy your product right away but also to sell other products. These are products you can make or you can promote TeeView products.
9) Upload your product to your distribution channels. If you are selling on Amazon, upload it to Kindle Direct Publishing or Createspace . If you’re selling directly through your site, you will need to upload your products to your web host through FTP.
10) Set up payment processing or product links. If you are selling through a third-party, like Amazon, all you need to do is include the links to your product page on your website. You could promote the links directly, as well such as posting them on Twitter & FB. If you’re selling from your website, you will need to set up payment processing. The easiest option is through PayPal, although if you sell to people living in Europe, you will need to pay attention to paying the VAT tax. Another selection is to use ClickBank, which for a small fee not only will process payments, but you could include your product in its marketplace that lets others to promote your product as an affiliate.
11) Promote your product. Once the product is up & ready to buy, that part of the work is done. Your job is to let your market know about it so it can buy it. There’re many ways to market an information product including guest writing, blogging, social media,…
There’re many ways to make a living at home & online. Of all of them, information products offer tremendous flexibility in terms of when & where you work, great income potential if you make a great product & get it to your market, and a passive income stream. Information products work well with other types of business, like coaching or blogging, if you are interested in creating multiple streams of income.