Passive Revenue: Repurposing for Profit (Part 1)
You know that old saying that necessity is the mother of invention? Well, that's what caused me to create my first "info product," when I didn't understand what that term really meant as it pertained to legitimate online marketers.
Several years ago, I literally wrote a 158-page ebook and manual in a weekend! Now you might be thinking that it couldn't have contained much value if I slapped it together that quickly. You may even be wondering why I would admit to creating anything that fast.
Well, let me tell you, that book first sold for $49 at an event at which I was the keynote speaker. The reason I created it so quickly is that after I had accepted the speaking engagement, I realized I had nothing to sell if anyone was so inspired by my talk that they wanted more of me!
If You've Got It Flaunt It!
The reason I was able to create it in a weekend was that I had, at that time, over a year's worth of weekly articles I had written for my weekly ezine. I was simply able to repurpose them into an ebook by pulling the articles together in a logical order and writing "bridges" between them, to make them flow as a book. I didn't even have to write the 38 exercises in the manual, because I had been assigning little mini-coaching assignments to my readers, in each article.
Over the years, I added components and bonuses and the once $49 ebook went to $69 and then $87. Now, ebooks have become a little too commonplace and so in coaching private clients I encourage them to create other types of products to leverage their time and expertise – but the principle remains the same: taking good content you already have created and repackaging it. What may start as a little extra income per month can become a six-figure, stand-alone revenue stream.
Passive Income Products
You might be wondering that if my ebook simply amounted to a bunch of my articles that readers could get for free from my archived ezine articles, why would they pay $49-97?
Good question, but the reality is that people will willingly pay that and more for not just information, but information that is relevant to the problems they need solved and that you have condensed for them into bite-sized pieces. These can be done in various formats such as CDs, DVDs, MP3s, e-courses, homestudy programs, and just about anything else you can imagine.
Without knowing you or the type of business you're in, I can virtually guarantee that you have knowledge and expertise that you can market in order to create passive and leveraged income. That means that money continues to come in, whether you are present or not!
Custom-made for Home-Based Entrepreneurs
Have you ever wished that you could take that extended "staycation," (where you can take precious time off in your own city) and actually enjoy the summer, while still earning income? Or have you dreamed of living somewhere else for several months of the year, but can't yet afford to retire?
If your answer is yes and you own a laptop, you have everything you need to run an info-product empire.
But – and here's the caveat – you must know how to create a product that people actually want and will buy. The information publishing industry has changed significantly (a good thing) and it's critical that you know what you're doing. It's not rocket science but there are some important components you need to include and principles that you need to adhere to.
Not knowing what you don't know can cost you hundreds of dollars and hours of frustration; something I don't want you to experience!
Be sure to read my next article, Passive Revenue: Repurposing for Profit (Part Two)" for a comprehensive list of do's and don'ts that literally will make the difference between launching a successful info product and one that never quite gets off the ground. And here's a hint: it has nothing to do with your knowledge and expertise!
Until next time, remember to market authentically and attract new clients by design!
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