Are you a solution oriented entrepreneur who is looking for an enjoyable, yet profitable business that can be started with a minimum upfront investment? If so, this is a must read.
Discover the many benefits of selling digital products as a way to earn full or part time income from home. You'll learn about the types of digital products that can be used as stand alone products as well as those that can be added on to existing products to increase your earning potential.
Create Digital Products in Your Spare Time
The digital product business model gives creative entrepreneurs the opportunity to start earning with free resources. You can create products in your spare time and retain control over the creative process including pricing.
If using your creativity to earn sounds interesting, click the button below to get our free eBook and get started
You Might Be Surprised to Know
The interesting thing about digital products is that they've been around for many years. And what's even more interesting is that you may have even created them yourself in the workplace, when doing volunteer work, or when creating solutions for your household, not knowing that you were creating something with such awesome potential.
It hasn't been until recent years that these products were appreciated and fully recognized as a business model and excellent way to earn money. Those with creative minds started using them in a whole new way and they have totally changed the way we look at these products and how we can benefit from them.
Until the Internet altered commerce for the better, a product was always a physical object or item — that was distinguished from a service. A product was something you could pick up, see, smell, hear, or even taste.
What are Digital Products?
A digital product is any product that doesn’t have a physical form or substance. And as you'll learn in this article, selling digital products has become more popular in recent years, as a business model.
To help you visualize what distinguishes digital products from physical products consider that like you can’t hold a website template or a blog post in your hand. You can't smell an e-book, or taste a software program.
Digital products are intangible items that are delivered electronically, downloaded and used digitally. Selling digital products has several unique benefits for business owners that we'll cover in detail.
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The Benefits of Selling Digital Products
- Use creative skills you already have. If you have any creative skills – in writing, design, music, video, computers, coding, education, or any other field – you can make digital products. There is nothing stopping you!
- There's a low barrier to entry. You just need a device an application you can use to create high quality products, a Stripe or PayPal account, or a marketplace or website (a platform) on which to sell your product.
- Personal freedom and lifestyle. This product type opens up a lot of options. First, you can create products that support your hobbies, skills and interests, which means building a business you enjoy. You can live anywhere and run your business virtually.
- Earn eCommerce and affiliate income. You can sell your products in your own store or use a variety of other platforms that make it easy for customers to make a purchase. You can also expand your earning potential by joining advertisers in affiliate partnerships that bring in multiple streams of income.
Digital Products You Can Make for Free and Sell Online
- Helping others. You can help others with your digital products and help your community through job opportunities as your business grows. You can employ a number of people that join your team to perform graphic design, customer support and web services.
- They are delivered via the internet. Digital products are delivered via the internet, which means you can create them once, and sell them again and again, without having to be physically present.
One of the biggest benefits is that you don't have to worry about having a way to get your products into the hands of your customers... or the associated shipping costs. - Lower overhead. The costs associated with creating digital products are costs you are more than likely already paying for.
For example, if you're already running an online business, you're probably using Canva, a popular design tool to create images. If you're already on Etsy, you can list your digital product for a price you choose minus fees.
There are also free and low cost platforms you can use to sell your digital products, including your own website or landing page. You can also use tools like Koji to sell digital products.
Learn internet marketing and make a full or part time income on the largest platform in the world. - You can make digital products that are evergreen. Evergreen products are products that sell well throughout the year. They don't rely on seasonal changes or fads and are always in demand.
This means that once they are created, they can be listed, earning you money forever. They can be used to fill gaps in your product catalog - Continuous Inventory. These products can be uploaded to your favorite platform and delivered online, so they are never out of stock. They are truly a "set it and forget it" product type that can earn passive income again and again.
The Benefits of Selling Digital Products
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How to Start Selling Digital Products for Free
- Choose Your Target Audience. If you're selling products and services, you might be under the impression that the entire universe is a great fit for your business. If so, you're in the right place. Read the article Who Are Your Ideal Customers and Why You Need to Know ASAP
- Get Product Ideas. Read the article, Ten Digital Products You Can Make for Free and Sell on a Platform of Your Choosing for product ideas you can create and sell online.
- Create Digital Products Using a Free Platform. Canva has a free plan that includes free images, text, videos, and clip art. Use their "done for you" templates as a starting point to make your products.
- Sell Your Products Using Social Media and Koji. Set up a free Koji account and start selling your products on their platform to get started. There are other platforms like Etsy, Gumroad and others that you can use to sell your products. You can also sell on a WordPress Blog with WooCommerce. We have a free tutorial that shows you how to set up your blog.
- Measure and Track. Use and track your sales and progress with tools like Google Analytics. You can incorporate Google analytics into your Koji account. Use data to know what's working and what's not.
- Make Sure Your Business is Protected. Consult an attorney or use a company like IncFile to help you sort through the legal requirements for your state. It's important to set up a legal structure for your business like a corporation or an LLC.
The goal of setting up a structure is to protect your personal assets in the event that you're involved in a legal issue that involves your business.
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Adding Value to Gain Repeat Business
Your digital products, while being easier to make and giving your business the benefits outlined above, still needs to offer incredible value if you want your customers to return.
If you throw together some half baked products and put them online, you will increase the chances that your business will fail.
Your Business Needs an Audience
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Identifying Your Ideal Customers
To add value and grow your business, you will need to know who you're selling to, and address their challenges, pain points and needs.
In addition to selling, you'll need a platform that focuses on educating potential customers, meeting them where they are in the buying process, providing information they wouldn't otherwise have access to. Having a stable platform will also help in building the know, like and trust factor with your audience.
Some of the methods you can use to educate your ideal customers includes blogging, digital products like courses, quizzes online webinars, tutorials and guides, software and apps.
Some of these items can be offered for free, similar to a free sample, that let's potential customers know whether your business is a good fit for them.
People are also looking for convenience in this hectic world of ours. So while your potential customers may know about certain topics, they may not have the time or energy to create something on their own.
They may need the help of a template, calculator or a shortcut that can help them build something or reach a goal faster.
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Sharpen Your Problem Solving Skills
If you're good at solving problems and helping customers reach their goals, you'll gain repeat customers and great testimonials that can help build your business.
People are interested in learning how to do things that can move their lives ahead, so if your digital product gives them knowledge that helps them do things like improve their living space, make or save money, get organized, etc., you will find people who will buy them.
If you can teach something that digs deeper into a subject and provides more information than similar products, and that can help you stand out from the crowd.
To become the "go-to" person in your niche, you should offer a higher perceived value for whatever you're offering than your potential customers can get by doing a simple Google search.
Ready to Start Your Digital Product Business? If So, Check Out...
The Digital Product Blueprint
And discover how to create, package and sell digital products.
