Selling Products/Services
Create Your Own Product
In my business, I've sold products through both drop shipping and wholesaling, but my favorite thing to sell is my own products and services.
I know what you're thinking… how am I going to create a product?
Well, I'm not talking about inventing some kind of gadget, building it in a factory, and selling it… that would be way outside of the range of possibilities for home business owners (unless you're from a wealthy family who has lots of money to spend on product development… If you are, call me, we need to talk!)
No, I'm talking about information products.
Although it can take a substantial amount of time and work to put together your own information product, I think it is well worth the effort.
When you create your own product:
- You have complete control over the quality of the product.
- You set the price or change it any time you want.
- You can combine your product with other products, use them as bonuses, etc.
- You generally have a bigger profit margin when you create your own products. Information products generally have a 100% profit margin after all product development costs have been met.
- Order fulfillment can be completely automated with information products. No running to the post office or waiting at the computer for sales to come in… it can be completely automated to process the payment, fill the order, and deposit the money in your account - all while you're at the gym, playing with the kids, or on vacation.
Generally, information products take the form of any kind of media that can disseminate information, like books, ebooks, video, audio, DVD, CD, or can even be a service like a membership to a website or newsletter subscription.
In the old days, before the internet, a business would have to pay big bucks to produce and print information products… but not anymore. With the internet, your customers can have instant access to your products immediately after their purchase and they cost you next to nothing to produce because they are digitally delivered.
Information products are the great business equalizer.
Why do I say that?
Because anyone in any sized business can produce a great information product and make money online. You don't have to have a large staff or a lot of money to get started. People are doing it for all kinds of industries, and you can too.
It's much easier than you might imagine, so keep it in mind as you start to build your online business plan.
Want more information on product creation? Click here.
Final Thoughts About Selling Products/Services
I'm a big believer in selling products and services as part of your overall business strategy, but there are some things you should keep in mind as you're trying to decide if it's something that you want to try:
- You'll have to have a way to take orders, process them and fulfill them.
- You'll have to provide customer support.
- There is more business accounting involved if you choose to sell products on your website.
- Depending on what you sell, you may have to store inventory.
Don't let any of that list above scare you. If you know what to do and how to do it, virtually any online business obstacle can be overcome, worked around, or eliminated.
Let's move on to another major online money making option.
If there's something that you don't find here and you're looking for more information, ask me! I'm happy to provide you with as much information and resources as I'm able, so just drop me a note and I'll do my best!
Arvada Yates
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