Diversifying your income by creating digital products
As a child, my dad would often talk to me about money. He was big on diversifying your savings, but also your income. He owned a garage and was a mechanic, but he also hauled machines and vehicles, did some machining and scrapped metal.
As a small business owner, my primary means of income is providing services to other small businesses. I build and maintain websites and advise on online marketing. Seeing the value in diversifying, I created my first course, The 20-Minute Testimonial Process.
But courses arenβt the only way to diversify your income. There are many other types of digital products that you can offer:
π Ebooks
π PDFs, executables or other types of files
π Templates or guides
π Printables
π Video or audio
π Memberships
π Paid newsletters
Letβs go through a few examples.
π‘ Speakers can offer part or all of their presentations virtually by recording and selling one-time or ongoing access to them
π‘ Event planners can create and sell an ebook that guides couples through everything they need to know to plan their special day
π‘ Experienced editors can create a set of templates to sell to new editors with all of their industry knowledge, tools and tips
π‘ Artists can offer digital files for printing
π‘ Photographers can create and offer quick videos on how to take and edit photos for social media
π‘ Coaches can create an audio program
π‘ Copywriters can create courses on how to write various types of content β newsletters, blog posts, website copy and sales pages
π‘ Personal trainers can create videos or a membership area for new clients outside of the trainerβs geographic area
π‘ Gyms can create videos for existing (or new) customers that focus on body weight exercises or stretching that can be done anywhere
π‘ Graphic designers can create a library of ready-made designs for purchase
π‘ Dieticians can offer meal plans digitally on their website
There are many more examples out there.
What I love about digital products is that not only are you diversifying your income but your customer base.
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Customers who buy from you in one format may be different from those who buy from you in another, especially if youβre traditionally an in-person service provider. Creating digital products can open up your customer base geographically.
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People who canβt afford to work with you 1:1 can still get access to you via digital products, typically at a lower price point. Once those customers grow and can afford more, they may come back to you for 1:1 services.
So, think about:
β What kind of digital product could you see yourself offering?
β What digital products are your colleagues and competitors offering?
β Whatβs standing in the way of your creating a digital product?
Add your idea in a comment and Iβll help you brainstorm your next steps.