Each day more and more people are making a good income with their profitable online products. In no other time in history has it been more accessible to create a product from home and make money from the comfort of your chair. And we’re just at the beginning of this revolution. As traditional jobs get less and less reliable, having a second income from an online source has proven to be a nice resort for many, and a full-time business for others.
Maybe you already thought about it. And maybe you already have some ideas. But oftentimes self-doubts appear and prevent people from taking the first step. Raise your hand if you ever thought the following:
- I’m not really an expert on anything
- I don’t know what kind of product I should make
- I don’t have the necessary requirements
- I don’t even know where to start…
But here’s the good news: you know more than you think. You don’t have to be an expert on a subject. If you like something, anything, you can make a product about it. And what’s more important, what you don’t know, you can learn. Learning is a process that should be present each day of our lives, and certainly building an online product implies a lot of learning.
In TimeTune we want to help you take the first step. Or if you already started, we’d like to help you take your product further. We’ll show you the essential map to make profitable online products and the requierements you need in order to be succesful.
Take a look at the map:
The boxes in the map are not chronological steps. They represent the things you need to apply in order to get to the next box. And when you can check all the boxes in a route, you are ready to make a new income online. If you don’t know the meaning of all the concepts in the map don’t worry, we’ll explain them in a moment.
There are two kinds of income we didn’t include on the map: freelancing and making physical products. Why? Because these income methods are not scalable. Although you can freelance or manufacture products from home, in the end you end up trading hours for money, as in a traditional work. However, when you have a scalable product, it doesn’t matter if you sell it to a hundred or a hundred thousand clients, your effort is the same. And this is a true online product.
INFORMATION IS POWER
The main reason why the Internet has become so present in our lives is because of the ability to find information quickly. Think about it. Millions of people searching every day for all kinds of information about all imaginable topics. And that’s why information products exist. Blogs, websites, eBooks, guides, courses, webinars… Any product that can convey useful information is an information product.
But in order to make it profitable, you need to have authority. You could create the most amazing eBook about gardening, sailing or writing, but nobody will buy it from you if they don’t know who you are or you can’t prove that you know what you’re talking about. This is what successful bloggers do, for example. They spend serious time writing a good amount of posts in order to build their credibility. Then, when their autority has been proven and established, they can make a good profit selling packaged information.
Your audience will be the people who visit your page, blog, channel, subscribed to your email list, etc. This audience will grow at the same time your authority does. But growing your audience involves more things. Like for example, working on SEO (Search Engine Optimization) for your website. Making yourself known by participating on forums related to your topic. Establishing connections with other bloggers on the same domain, etc.
Finally, you’ll need a conversion method. This is the way (or ways) you can monetize your information product. There are several ways to generate a profit from your effort, and most of them can happen at the same time. For example, you can directly sell information (like an eBook), you can generate income through ads in your blog, or you can receive a commission through affiliate marketing too (when you recommend a product and people buy it through your site).
PROGRAMMING YOUR SUCCESS
A lot of developers, alone or in a team, have been able to generate a good income from home. Mobile applications, web applications, programs for Windows and Mac, videogames, you name it. And more opportunities will appear as new formats surface the market (Virtual Reality, gaming platforms, connected home devices…). Software creation is on the rise.
The main condition is that you need to have good technical skills. If you make a poor software product, nobody will use it (or buy it). So if your skills are not good enough, you need to practice and improve, because the product has to be really good in order to attract the audience. Contrary to information products, here you don’t need to have or build authority. The product will speak for you. If the product is good, the credibility is automatic.
If your product is sold in a specific platform or market (like TimeTune is on Google Play), you’ll have to optimize your marketing strategies so that your audience can find your app easily on the store. The good part is that the platform will supply a built-in conversion method for you (like all the billing and advertising processes are provided by Google for Android apps). On the other hand, if your product is sold directly on a website you’ll have to work even harder on your marketing strategies or try to directly reach possible buyers too.
LET ME ENTERTAIN YOU
If your passion is playing an instrument, acting, playing videogames, entertaining people in general and you have good entertainment skills (meaning that your level is acceptable), you can make a nice income online. The topics and possibilities are endless. We’ve already seen it in platforms like Youtube, Vine, Instagram and more. Some people are becoming the new celebrities there. And some of them are making a huge amount of money. Take a look for example at PewDiePie‘s earnings in 2014: $7.5 million (yes, you read that right).
But you don’t need to be a huge online celebrity to start making your income. A relatively modest Youtube channel or Vine account with a modest audience can give you a nice additional supplement to your regular earnings.
We’re not including in this section products that require technical skills, like a videogame for example. A videogame is built to entertain, but in this case it would be more a software product than a pure entertainment product.
When talking about conversion methods, several can be applied here: advertising, exclusive paid content, subscriptions, affiliate marketing… You can even mix in other product types if they are related to your topic: tutorials, eBooks, courses, even software.
There’s a difference between creating a product that gives you a few dollars a month and building a successful and profitable online product. All these conditions need to be satisfied in order to achieve true success:
- Help, Solve or Entertain. Your product needs to meet one of these goals. If your product doesn’t help people, doesn’t solve a problem or doesn’t entertain, people will consider your product to be useless. And of course, nobody buys a useless product.
- Do something you like. It doesn’t have to be your passion (in fact, many people don’t know yet what their passion is). But what everyone knows is the things they like and the things they don’t. So pick a product you like and motivates you, because if it doesn’t it will feel like a chore instead of an adventure.
- Make outstanding products. And when we say outstanding, we mean amazingly and incredibly good. All your information must be first-class, your software must be exquisite and your entertainment truly fun. If they are mediocre, people will look elsewhere in a flash.
- Hard work. There’s no magical wand here. Building successful and profitable online products requires a lot of work and dedication. The good part is that when the product finally takes off the reward may far exceed the effort. And the satisfaction of having a product that it’s yours and works has no price.
Remember, as we said before the boxes on the map are not chronological. You can build an audience at the same time you build your authority. Or you can create a software product at the same time you are perfecting your technical skills. The important thing is once you have found your route, you need to iterate and improve each box in your path over and over to make the process work like a well-oiled machine. The process is always improvable.
Finally, note that the common denominator in all routes is the audience. Where there’s an audience, there’s a profit. So if you’re thinking about creating a product, you should start building your audience right now, the sooner the better. Then, when you put your product out for everyone, some of them will already be prepared to buy it.
So what are your thoughts about the map? Did you already build an online product or want to build a new one? Tell us your experience in the comments and remember to share this post if you found it useful. Thanks a lot! 😉