What I learned this week:
Some of the simplest and easiest to develop products are "info products." All an info product is is just a collection of organized, valuable information that someone can buy.
The most common examples of this are:
- Online courses
- Simple tutorials
- Membership websites
- and Databases
A lot of early entrepreneurs miss the opportunity here - these are the easiest products to make. If you know something valuable, maybe how to use a tech tool a little better than most, maybe something awesome you learned from a series of interviews, maybe an experiment you ran that panned out well... - you can sell that knowledge.
There's also a large misconception that these products don't make a lot of cash, or don't have a high ceiling in terms of revenue. I know entrepreneurs that sell e-books online that make them well over $20k per month without them having to do much work per week. There's enormous opportunity, and because of the low production cost, you can often finish a full product in under a week.
As an example, over the past few months, I booked a lot of free speaking gigs at around 35 universities. That looks amazing on my speaker resume, and some of the gigs have even paid me a few hundred dollars!
Knowing how I booked all those gigs is valuable - and if I can teach someone else the process of how to do the same thing, that's more than enough value to pay for.
So, I'm compiling all the tech tools, outreach templates, and marketing elements I used to get there, and compressing it into a simple one-hour long video. I'll sell access to that video for around $50.
I'll build a small landing page that fully illustrates the value of speaking at universities, and then just link to the unlisted, hidden YouTube video through something like Gumroad.
Don't always worry about the big ideas - if the problem you're solving is a lack of information or a lack of education, then it can be incredibly simple to solve it through an info product.
Hell, if you have an awesome app idea, but there's already an amazing product out there that you can't compete with, just make a small online paid tutorial on how to use that tool.
One thing I will warn you on about info products: you may need to niche down further than you think. Because info products are so easy to produce and sell, they're common. This doesn't mean there's a lot of competition - most of the time there won't be - but you'll have to get pretty damn niche with what you're teaching. For example, it's going to be tough to sell an online course on how to be generally successful because there are a billion of them out there.
However, if you sell an e-book on how to re-sell sneakers through eBay, maybe you'll have a bit more success - that's what the $20k / month entrepreneur I know does - he just teaches kids how to make money re-selling sneakers online.
So, all in all, if you're looking to get started as an entrepreneur and you want to spin up a product fast - spend a week hunkered down making a nice info product to solve a niche problem. If more than a few people ask you "How did you do that?" - you can probably sell that information. Write an e-book, film an online course, build a template, gather a database - then see if you can sell it. At the very least, you wasted a week, and you can say you have a small business. :)
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