One of the easiest and most powerful ways to make money online is to create your own information product. So why an information product rather than any other kind of product? Principally, the price one can charge for an information product in comparison to the cost of producing it means they are tremendously profitable.
When one sells a “normal” product – such as a dog bed as an example – you have the cost of manufacturer. You have the cost to market it. The wholesalers costs. The distributors costs and so on. On a $20 sale you may only actually make a few dollars profit.
Conversely if you sell a $20 information product (often shortened to “info product”) you are likely to make between $15 and $20 profit. Which means you need to sell less to make the same amount of money.
But hang on a second – how can you make 100% profit on a product?
By information products we are talking of course about such products as ebooks, CD Roms, DVDs and so on. Each of these costs little or nothing to produce. A CD may cost a dollar or two to make and can then be sold for significantly more. A couple of years ago I created a course that cost $10 to create that I sold for $200 – and I sold dozens of copies each month.
With an eBook of course you are selling a digital file – which therefore costs nothing to produce. A customer buys and then you send them a copy of the file. That means 100% profit – and it doesn’t get much better than that!
In fact, for this very reason, I recommend that the best info product to get started with is an ebook. Not only will you make roughly 100% profit from selling one, but there are other benefits too.
For one, your website does all the hard work for you. If you opened a store to sell items you would have to hire staff to run it or sit there all day every day waiting for customers ot come in and buy. Then of course you’d have to take their money, bag up their order and then order more stock.
But with an eBook website, a customer visits your site, pays with a credit card and when it is approved they are taken straight to your download page where they can access a copy of the ebook. No waiting around. Your website will be able to take orders 24 hours a day even if you’re not there. I frequently wake up to find that I have sold a variety of ebooks overnight and made more before breakfast than most of my friends who work fulltime.
To create your own eBook all you need is a copy of OpenOffice, a free office application which will let you write your eBook in a word processor and then turn it into a PDF to sell it.
Once you have your eBook file created, you need the website to sell it from. Look up Nvu if you’re new to web design – it will help you design a professional-looking site without having to know anything technical. Set up an account with Clickbank or PayPal to help you accept credit cards as easily as possible and you’re in business.
Now focus your time on attracting affiliates to your site who can promote your eBook for a cut of any profits they generate.