In my previous article I shared some tips on how to come up with product ideas. What I forgot to mention is this: as a service provider or coach you should seriously consider creating your own products and programs to sell online. Here’s why:
1. Time is limited
Think about this: if your business is all about your expertise and knowledge, you’re only working with clients 1:1, and you’re aiming to sell out all your time, how do you then plan to expand your business? Start working the nightshift, too?
Leveraging is the keyword here my friend. Information products are a great way to leverage your time.
2. Your pricing has more flexibility
So, as your time just became a rare commodity, people will become more eager to pay you to spend it with them.
And those who are not, can still benefit from your teaching and make the results they desire for a price they can afford.
For instance you have a homestudy program you sell for $200 (price is just an example), you add 4 group coaching sessions to it and double the price.
And then there’s the 1:1 option, and again you charge more.
Adding the access to you – personal support – has the tendency of improving the results of your students, but instead of answering one, you can also answer many. At least in most cases.
And then of course you can sell an unlimited amount of copies of your homestudy if you want, because basically it’s going to be zeroes and ones. So what actually happens is that you do the work once and get paid multiple times.
Again, leveraging your resources.
3. You get to help more people
This is a natural continuation of a flexible business model with multiple income streams. And since you’re in a business of helping people, a true win-win situation while your customers get results, you get paid and everyone gets happier.
It’s about leveraging your knowhow.