Money Making Tips
Wondering why you should create your own ebooks or information products?
Aside from the quick money you can make by selling the info product itself, here are 4 other ways to earn money fast (literally overnight in some cases) once you have your own info product ready to go.
1. Use your info product as a bonus to even higher affiliate commissions. In this model, you give away your $47 ebook as an exclusive bonus to those who buy a high-end package from you where you are the affiliate putting hundreds of thousands of dollars in your pocket.
I’ve done this many times where I leverage a top selling product to make an even bigger affiliate sale. For example, I have an ebook on Achieving Greatness which I once used as a bonus giveaway to those who purchased a $997 Peak Performance package from a noted personal development instructor. Giving away my $37 ebook ended up with 10 sales of the $997 course where I received over $300 commissions on each package. Each month I look for ways to leverage my 12 information products in this way.
Remember, this is quick money over and above the ongoing daily sales of that information product on its own.
2. You selectively sell license rights. This really is a way to make money fast. My first 5-figure check from my own business came from a one-off license deal with a private membership site owner who wanted private label rights for his members only. Since he had less than 100 members and committed by agreement to not share beyond those private members, this was a great deal. Since then, I have signed several more of those.
3. Once you have a 3-4 info products you can begin to bundle them in very creative ways – it may be 3 ebooks at $27, but when you have them recorded to audio and perhaps bundle in a few videos or tele-seminars, they can become a $397 home study course or seminar.
4. Having your own products is a terrific way to negotiate ad swaps and other co-marketing agreements where you can get very sweet commissions – you offer their product, they offer yours. I have closed dozens and dozens of partnership deals that I know would have been tough to close had I not been able to offer a promo swap.
A final note, even if these ways to make money fast were not available, I still would highly recommend developing your own information products as a way to earn extra money on the internet – these 4 techniques are NOT something you have to do to make a living.
I hope you see the creative advantages of owning your own content – there are so many ways to make money fast when you own your products..sky is the limit, let your imagination soar and your pocketbook grow!
To help you get it right the first time, find hot markets, position your topic for success, develop and package your products and get inside tips, techniques and support on marketing infoproducts on the internet, here is the #1 Information Marketing Resource Site on the net…content is updated weekly.
There is no such thing as fast money. Depending on the niche you have to wait a few years before you see any income.
The reason why I highlighted “fast money” in these cases is that it really does mean “FAST” money. If you look at these techniques, they are about tapping into existing channels and turning over deals quickly. The first licensing deal I did with my first product was within 2-months of launching that product…could have been quicker had I pursued that avenue stronger.
Hitting the right niche, pursuing partners and marketing correctly can lead to success with infoproducts within a 3-6 month timeframe, these extra money making opportunities can happen literally overnight.
Some great tips, thanks Jeff. Always looking for ways to make good use of info products, especially those that are lying low or need a bit of a boost.
Cheers
Great point Danette – many of us info marketers have some “low lying” info products that could use a boost. I have actually developed one info product specifically with #2 in mind where I worked with a potential licensor ahead of time and had the product developed with them in mind. They got their license, I keep copyright and can sell the product and we both win.
Informative and helpful tips! How can I have my ebook recorded on audio and how much will that cost?
Jeff … I can always count on you to dispatch info or an encouraging note when I need it most. I didn’t know anything about the “licensing†option you point to in this blog post. I am eager to make use of ALL this info … EVENTUALLY! Each option reinforces my commitment to “stay the course†… as I work my way through the process of creating info products. I have much to look forward to … more than I imagined. Shalom!
Exactly Sheila – I think of time put into developing products that hit the mark as a tiny investment that will grow and grow over time. Part of that growth is realized by improved marketing and sales, another part is the leverage that product gives you in terms of branding, licensing opportunity and overall clout in the marketplace which can be monetized in other ways. Keep up your effort, it will pay off.
@Justice Mandhla:
Hi Justice – here are a few options to have your ebook recorded…
1. You can do it yourself with a decent microphone (under $100) and some free audio recording software like Audacity right on you PC.
2. You can freelance the project out (I have a couple of names that I could give you if you are interested) or to a site like Rentacoder.com or Scriptlance.com to get bids on the project. A 50-page ebook (in my experience) would take anywhere from a couple hundred dollars to more like $600 depending on the person, expertise and where they are located.
3. Another interim possibility is to script a 3-4 minute summary of each chapter and either record that yourself or have it recorded. That way the material adds value to your ebook, and is less expensive to have recorded – perhaps as little as $100.
Remember that with all of these options, you can often immediately increase the price of your ebook from $17 or $27 to $37, $47 or even $67 with bundled audio and perhaps a few bonus reports or checklists. Even more, it helps you stand out from your competition, makes your price point more attractive to affiliates and puts more money in your pocket faster.
Jeff