The first thing a friend and I created was an information product called the Metastock Programming Study Guide, which explains a particular charting package, a piece of software called Metastock. It was our first product, it was a physical product just like the SEO products we have now. It took us probably about six months to write.
We sold it. That was an early learning for me. Information based product are some of the best products that you can sell. Regardless of what business you’re in, it’s always a good idea to see where can you create information based product in your business. How can you create DVDs that teach people how to do things? How can you create manuals because they’re fantastic supplements to the core business that you’re already doing.
They have got fantastic margin. Typically an information product might cost you $10 to make but possibly you could sell it for $200. As an example, the Metastock Programming Study Guide, we sell that for $297 but it potentially costs us $30 to create and then meet and ship. There are very good margins in it. It’s totally scaleable too. It isn’t conditional upon my time. A lot of people when they first starting small business, they’re capped by how much work they can do. There’s only a little work that you can do when it’s contingent on you delivering that service. By the way, our small business small business internet marketing reviews might be useful to those who are just starting.
So you begin delivering the service, getting the money flow right, it’s really important to make certain you get your cash flow right. But then you need to start to contemplate how can I start to create these info based product or other streams, it doesn’t even have to be data product but essentially create earnings that may be generated through selling of something that isn’t inevitably conditional on you.
So we created the Metastock Programming Study Guide. Then we ended up, it was possibly just before I was twenty, we toured around Australia and did seminars in each of the different states. The final one we recorded and made DVDs, so that was our 2nd information-based product.
So for me, this product was great, it sold very well in our fast community. Lots of folks picked it up and we were getting some great feedback from it. Then my next lesson came when I began to realize the sales started to decelerate. Then I realized, it’s a little bit of an aha moment when I realized the money truly is in the promoting even before I before I became an internet entrepreneur.
You can have that fantastic information product, you can have a great service, you can have people raving about it but unless you get the word out far enough to new people, then you’re not going to make any money. It needs to get in front of the right audience. That’s when I realized the money was in the marketing.