• Are Digital Products for You?

    I remember when I first heard about a digital product, it was at a time where online business models were just becoming a thing and the creator I learned about them from had built a million dollar empire in 7 years completely from digital products.

    What also caught my eye was that she wasn’t anybody with a big name, there wasn’t any “pomp & circumstance'' attached to her, nor was there any pretense about her. She was a country girl from Montgomery, AL who literally built her business from scratch…literally giving access to her knowledge (aka- intellectual property). 

    It didn’t take much to convince me, I just needed to know how to make it happen in my world, and therein was the challenge. It took me close to 7 years to 1) get serious about learning; and 2) figure out how I was going incorporate digital products into my then existing business model.

    Digital products are becoming more preferred by consumers because they are more inclined to purchase “value in the form of convenience”, and nothing is more convenient than the ability to download and utilize a product immediately…especially within the technological space we occupy.

    Now, what is a digital product? A digital product is a product that can be downloaded or delivered digitally upon purchase or request. It can be a free or paid product and usually only requires a one time creation to be sold passively over and over again. This is super beneficial for your business as your business should be 80-90% passive and 10-20% active income.

     

    TYPES OF DIGITAL PRODUCTS.

    There are several types of digital products. The key is to add the types of products that make sense for your business model. There are, however, products that have been deemed more profitable than others.

     

    • Online Courses

    • eBooks

    • Music Files

    • Web Design Templates

    • DIY Tutorials

    • Recipes

    • Workouts

    • Printables

    • Templates 

    • Graphics

     

    As you can see, there are so many options and this list isn’t even exhaustive.

     

    It’s almost a no-brainer to incorporate digital products, but if you still have some reservations, let me give you 3 reasons why digital products are absolutely for you.

    Reason #1: Having a digital product allows for true time freedom within your business. A digital product business model produces income passively, which means it requires almost zero long-term active energy from you. Outside of making updates when the time comes and pointing traffic to your product’s sales page when you need sales, you literally make money in your sleep, or on a Carnival cruise ship, or while vacationing in the Swiss Alps with a digital product (or series of digital products) in place.

     

    Reason #2: Having a digital product puts you in a position to sell more products and create a healthy profit margin since there is an incredibly small amount of overhead needed to produce and maintain it. Depending on what you’re selling, all you need is a computer and a selling platform to create and sell your digital product. You can sell your product and keep 80% of the revenue as profit. That’s a margin that anyone can love!

     

    Reason #3: Having a digital product never runs out of inventory. Meaning, the 1st sale is delivered and the 10,000th sale is delivered. Customers always receive their purchase and you don’t ever have to worry about the issues that come with physical and tangible product sales and shipping.

    You can choose to base your entire business model on digital products or you can make digital products an element of your business’ overall model.

    As for me, here I am some 7 years later with a business model that is 95% digital products, well on my way to making it 100% because I am in the process of creating a lifestyle that absolutely will NOT support anything else! I mean, there’s just something about being on a beach in the Caribbean and making money. I am 100% all about total time freedom.

    So, now that you know about the phenom called “digital products”, will you be adding them to your business model? Let me know in the comments below.

     

    Always believing in YOUR business success!

     

    Dr. Makeba

     



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