How have your dreams been? Have you settled on a product yet? If not, then go back to the last chapter and read it again. Set a date when you will decide on a market and your first product regardless.
That is a common attribute among successful people. They are able and willing to make a decision even if they know they don’t have enough information to make the very best decision. Just make a decision and go for it. That’s what successful people do.
We also talked about information products and why they are the best place to start. They are cheap to produce and sell for many multiples of their production cost. You can make a lot of mistakes and still make a profit with an information product.
What kind of information product should you start with though?
Let’s list the different types:
1. Book.
2. Ebook.
3. Audio.
4. Video
5. Software
6. Membership site
7. Newsletter
8. Live consultation service
9. Seminar
There are probably others. Let’s look at three areas and rate the above:
a) Cost to produce
b) Average sales price
c) Personal time taken
The first two factors go back to the rule of “buying low and selling high.” The third factor has to do with the fact that you are probably doing this because you want more freedom in your life. That’s the #1 reason people try to make more money. However, a huge number then forget the real goal and end up creating a 120 hour a week job for themselves.
I want you to always keep the real goal in sight. So we’ll look at the factor of personal time involved right from the start.
Here are the information product types again along with the above three factors listed:
1. Book. Cost to produce is about $6. Sales price is about $12. Personal time is about 300 hours.
2. Ebook. Cost to produce is $0. Sales price is about $20. Personal time is about 30 hours.
3. Audio. Cost to produce is about $2. Sales price is about $20. Personal time is about 2 hours.
4. Video. Cost to produce is about $2. Sales price is about $100. Personal time is about 2 hours.
5. Software. Cost to produce is about $2. Sales price is about $300. Personal time is about 40 hours.
6. Membership site. Cost to produce is about $20/month. Sales price is about $25/month. Personal time is about 40 hours per month.
7. Newsletter. Cost to produce is about $1/month. Sales price is about $25/month. Personal time is about 1 hour per month.
8. Live consultation service. Cost to produce is about $400/day. Sales price is about $3,000/day. Personal time is about 100%.
9. Seminar. Cost to produce is about $60,000. Sales price is about $300,000. Personal time is about five days.
Of course there are a ton of assumptions in the above numbers and most of those numbers can become 1/10th or 10 times that number depending on how you implement them. Those numbers come from my actual experience though, so as long as you are following my methods… they come fairly close to being comparable.
Study them for a bit. Do you see why you should definitely avoid books, ebooks and audios for your first product? Unless you have $60,000 to invest, do you see why you should avoid seminars for now? Do you see how consulting will never earn you your freedom?
The sweet spot for your first product is a video.
That’s what I’m going to encourage you to create for your first product. Now don’t freak out because you don’t have thousands of dollars of equipment and can’t even imagine trying to film yourself.
The kind of video I’m going to propose has you doing the talking, but the video portion is simply your computer screen. Here’s what you need:
1. A copy of Camtasia (costs anywhere from $25 to $300 depending on where you buy it). This is software that records your voice as the audio and your computer screen as the video as you show someone how to do something. You could use a slide show or go to sites on the Internet or show how to use a piece of software. The options are endless. Think about your market and what you could teach people in a video. Then get a copy of Camtasia. Look on Ebay and if there are no copies there, then Google “camtasia” to find other sites that sell it.
2. A USB headset. A Logitech USB headset that costs anywhere from $7 to $39 will work just fine. You can get one on Amazon.com or at your local computer or office store.
3 A copy of the following DVD:
That DVD shows the exact method it was created from start to finish. It shows you how to use Camtasia. It shows you how to encode your video and burn it onto a DVD. It shows you how to upload it to a service provider that will help you sell your DVD. It even shows you how to get it on Amazon.com so you can start making some sales.
You’ve been thinking for awhile. Now is the time for action.
That’s another thing that successful people do. They make decisions and then they take action.
If you want your own successful Internet business, you will now stop thinking about what to do and you will make a decision and take action by buying the above three items and following the directions on the DVD.
I look forward to hearing about your first sale.
We’ll talk again soon about how to get more people to buy your new product.
You may reprint the above article in any publication online or offline as long as you do not modify it and give credit to Diego Norte as the author. No link is required, but links are always appreciated.