How’s your passive income stream going?

What’s that? You don’t have one?

Why not?

Because in these uncertain times, without multiple, passive income streams you’re not only leaving money on the table, you’re leaving yourself open to fluctuations in your target market that can lead to the downfall of your business.

Here’s why.

What You Really Sell
If you’re a service-based entrepreneur—or what I like to call a “knowpreneur”—you owe it to yourself and your continued business success to start thinking about what it is you really sell.

Whether you’re a copywriter like me, a financial planner, a business coach, or even a graphic designer or photographer, what you’re really selling isn’t portraits or logos, a financial plan or even your time.

No, what you are really selling is knowledge.

You are selling your know-how, your expertise. Especially if what you’re offering is a service, rather than a tangible product.

And if you’re still going about it the old-fashioned way, you can only dish out so much of this expertise in the course of a day, a week, a month.

But what if you packaged what you know, so that interested clients could find, pay for and access this information, without you having to do anything? Think about how many more people you could help in the same 24 hour, 5 day a week period? On top of the people you still see and consult with face to face.

So how do you accomplish this?

With information products.

Information marketing is the newest way to disseminate knowledge over a large group with minimal effort and expense. It’s cheap—you do the work once, and profit on it from now on. It’s inexpensive—your product can be stored and distributed electronically for pennies. And if done right, your information product will have high perceived value with your target audience. Basically, that means that it is worth far more to potential clients—in terms of what it can help them do—than it cost you to produce.

Advantages:

1) Generates a passive income stream for you. When work is slow, you still get paid!

2) Allows you to command higher fees. Why shouldn’t you make as much actually doing the work as you make telling people how to do it?

3) Gives your clients a lower-cost alternative to doing business with you. Let’s say you offer private group coaching for $10,000. Why not offer smaller elements of this coaching as an e-book or e-books for $97? You’ll attract those clients who want and need your services but can’t afford the higher price tag, while giving them a taste of what you can do for them. Once they reach the level of success in their business where they can afford your private coaching, they’ll be more likely to sign up for the more expensive version.

4) Builds credibility and trust. An information product lets you show off what you know, getting your prospects to know, like and trust you. If they see that you really know your stuff, they’re more likely to hire you.

5) Gets potential clients in your sales funnel. A free info product such as an e-book, whitepaper, or teleseminar recording entices people to learn more about what you have to offer by letting them sample your product or service for free. Michael Port, author of Book Yourself Solid, calls this your Always-Have-Something-To-Invite-Someone-To Offer. Use this technique to get sign-ups for your e-zine list.

6) Can be used over and over again in different formats. Record a teleseminar and have it transcribed as a free report. Take your old e-zine articles that deal with the same topic and combine them into an e-book to sell on your Website. Turn that e-book into a weekly autoresponder e-course. Take that seminar or workshop you’re famous for and turn it into a book. The possibilities are endless!

7) Reach more prospects, and help more clients, than you ever could working with them face to face. Leveraging the power of information products means going from a few dozen clients in your particular geographic area to hundreds and even thousands of clients all over the world!

8) Expand your reach to include prospects and clients in other cities—without traveling!
Information products let you reach a wider audience for your other products and services without the need for airfare and travel to distant cities to meet with these people.


And there you have it. Just a few of the many ways creating an information product can be great for your business.

__________________
James Palmer
Freelance Direct Response Copywriter

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