For some small business owners and solopreneurs, pricing is fairly simple: Customers pay a
particular rate for your time. For business owners looking to earn six figures, you’ll need more
than one-on-one coaching sessions to reach that threshold. This is where producing products
can increase your profit margin and serve as a passive stream of income. Fortunately,
developing the right product offerings can be highly profitable, but you need to hone in on the
right techniques.
What’s in Demand?
Offering unique products is a great way to stand out from the competition. However, knowing
which types of unique products and services are likely to sell also demands knowing what
customers are buying and what your competitors are selling. A diverse plan is often best if you
have the capacity; selling more traditional products can ensure you have sufficient revenue
while crafting unique products lets you target your existing customer base and potentially find
new, profitable niches. Feel free to ask your clients what they’re interested in on occasion, as
many will be pleased to offer free help.
Text is Still Powerful
Sharing information through a blog can be a great way to talk about your products and services.
Another text-based alternative to consider, however, is writing an eBook. Selling an eBook
shows you have ample expertise while presenting a professional image. If your eBook hits
Amazon bestseller status, your credibility just ratcheted up even higher. An eBook also makes it
convenient for customers to read your material whether or not they have internet access, and
it’s a product you can sell for years to come, perhaps with small modifications. If your book is a
success, on-demand printing services can let you charge a premium for a physical copy of your
work.
The Power of Video
Not long ago, shooting video, editing video, and distributing a video product was prohibitively
expensive for most people. Today, all of these stages are vastly cheaper, and a relatively small
budget can get you scripting, recording, and editing quickly. Much like selling an eBook, video
products present a professional image, and they can be especially compelling for tutorials and
other information that’s aided by visual information.
Furthermore, video provides a number of revenue-generating opportunities: Charging per video
or series can help clients interested in a particular field, while subscription-based video services
generate reliable income as long as you can maintain appropriate output. Also, note that live streaming can be a powerful tool. Live question-and-answer sessions are great for interacting with clients, and live streaming interviews with experts on video can also boost your
credibility and possibly your per-hour rate.
Choosing Where to Start
Most businesses eventually offer multiple types of products, but you have to start somewhere.
If you have a passion for writing, an eBook or subscription service might be the best place to
start; if the burgeoning field of digital video seems intriguing, there are wonderful resources
online to get you started quickly. You’re starting a business because you have a passion, and
finding a product type you’re also passionate about can help push you to make the best
products possible.
Develop a Mind-Blowing Product Your Customers will Rave about!
In my newest class, “Simplify Your Sales! The Ultimate 4 Step Sales Process for a 6-Figure
Business” Lesson One is devoted to just this topic. Launching a product your customers don’t
want or that you’re not excited about is a fruitless effort. Instead, plan for success by
researching and developing a product you’ll be proud to promote and that will help your clients
solve a problem. This class is a 4-lesson home study course, which is easy to work into your
schedule, on your time. There are no deadlines, no need to check in; just work at your own
pace and monitor your increased earnings. Check out the other features here.
