You’re taking the first steps in creating your online business. Let’s get right to it.
What are some benefits of creating a digital product based business?
- These business models are extremely scalable. One product can be sold an infinite amount of times
- Digital products are extremely profitable. (Dollar dollar bills ya’ll 💰💸)
- Digital products are great wealth generators, because they separate your time from your income
What are the cons of selling digital products
- They generally cost more money up front to produce
- They (almost) always require marketing expenses
- Success in digital products is dependent on “having an audience” that is passionate about the subject
- Sometimes (especially with software products) they require upfront capital and development costs
- There may not be a good product / market fit (which means you could potentially lose money)
In my view, digital products are the holy grail of all businesses. The entreprenuers that cash in big are usually the ones who have created a digital product that sells itself.
Just look at the biggest companies in the world…
All of these companies use the network effect and the scalablilty of the internet to create self automated money machines.
You may never be as big as Facebook, but you can certainly create a sales machine that puts money in your bank account while you sleep.
The best way to do this is with digital products.
If you are serious about being a great entreprenuer, then stay tuned. I have created 7 profitable businesses and we generate millions of dollars of yearly revenue with 7 figure profits.
My mission in life is to help you generate wealth so you can live, travel, laugh, enjoy leisure time, and enjoy family without ever worrying about money again.
Some great resources of digital product development and sales
How Jack Butcher is Creating his “Visualize Value” Enterprise – This was my favorite podcast interview ever. Jack Butcher has created the formula for digital product success. Be sure to check it out.
How to Create a Digital Product that Generates $100,000 per Month – Neil Patel gives an extremely valuable lesson on what it takes to create high dollar products.
The Foundational Elements of a Successful Online Course – The brilliant Sonia Simone gives you the guide book to create online courses that sell and scale and generate income from your knowledge and expertise.