The Digital Age continues to open up opportunities for everyone, once you understand the climate we are in. Making money today is much much easier than you think but one of the best ways to get started making money in the Digital Age…is well…digital products. There are many reasons why everyone should be thinking about what digital products they can build but I want to give you the top 5 reasons to build digital products.
If you have no idea how to go about building your digital products or what would be considered a digital product, allow me to give you a few examples of what they are. However, if you want to learn how to go about building them, that will definitely be something I will be aiming to help you do in 2020.
A few examples of digital products would be e-books, stock footage (Photos/Videos), stock graphics, online courses, music, software, documents (legal templates, resume templates, white papers), professional services (think taking bookings online), tickets, webinars, live stream events.
There are so many more digital products or services that can be sold online that fall into the category of digital products. Everybody has a digital product in them. The real key to selling a digital product though is building your brand and niching down.
Now that we have an idea of what digital products are, here are the top 5 reasons (in no particular order) as to why you should be thinking about building digital products.
- Low barrier to entry
- Scalability
- Great margins
- Passive Income
- Access to Global Market
Low Barrier To Entry
There is really nothing that will get in your day when creating a digital product besides yourself. You simply need to give yourself permission to actually create it and then you have a million ways to go about getting customers.
Want to create an ebook? Jump in Canva, create your book and then figure out where you want to distribute your product.
Want to create fonts, graphics, audio or even WordPress Themes? Create it and then figure out which online market place you want to register to and sell your work there.
There is nothing stopping you from selling your product or service online. Social media is free and gives you access to billions of people around the world that you can connect with and sell your product and render your service to.
As long as you have Wifi or data…you are good to go!
Scalability
When you have made a digital product, you can reproduce it an infinite amount of times and never have to worry about stock. You also have access to the entire global network in order to sell your product.
You can deliver your product to anyone, anywhere, at any time. There are no limitations with digital products.
Right now…I wish I was a great Chef who specialized in Caribbean Cuisine. Since our Carnival’s are continuously breaking new ground and entering into markets all over the world, I would be spending time connecting with the bands and promoters who are getting into these new markets and working with them to get a digital ebook on a few Caribbean dishes into the hands of their patrons.
Understand that people want our culture, our vibes, our music and our FOOD! They are getting exposed to our music through the bands, why not figure out how to get a copy of your top 5 recipes of Caribbean food into their hands as well? (If anybody acts upon this…just give me a shoutout, I am fine with that lol).
Great Margins
The cost of building many of the digital products pales in comparison to trying to build out physical products. It cost next to nothing to create those e-books, creating an online course is a small fee to many of the LMS platforms and the more you build your brand, is the greater you can extend those margins.
The beauty of having these great margins is that when you consider how you can scale the product, you can truly make some good money when you figure out a good price point and get great at finding out where your ideal clients are hanging out.
Passive Income
This has to be my personal favourite reason why digital products are close to my heart. You build it, market it and then in the wee hours of the morning when you wake up to take a tinkle, you may just decide to check your phone and there is no greater feeling than seeing “New Order” in your inbox…without having to TALK to ANYBODY!!!
Hallelujah!!!
Digital products can be sold at any time, the internet doesn’t sleep, your website doesn’t take a break and when it is midnight for you, it is lunchtime for somebody else in the world and is ready to do some shopping for your product/service.
With digital products, you can get away from trading your time for money and focus on anything else of your choice.
Access to Global Market
To wrap this up…has to be the most important point. The internet has turned that massive world into a connected village. You have access to anybody and everybody in the world because of it.
If you begin creating digital products for people in your Country, chances are there are people in another part of the world that may have the same or similar problems that you are facing. They will be hunting the internet to find answers and may look to your products to help them or may even contact you directly to help them craft a solution with them.
Point is…geography is no longer a limiting factor when trying to build a business. If you are building physical products, you have a lot of logistics to work out. When building a digital product or service, you really don’t have about much, other than how can you get eyeballs on your product.
So let me know…are you trying to build a digital product or looking at ways to take your services online?
Getting paid online and doing it from the comfort of your home does wonders for your mental health.
You can then focus on more important matters…like which coffee shop can you visit today and pretend to do some work with your laptop…knowing damn well you are only in Starbucks to bump into people and look busy lol…I secretly go for the Hibiscus Tea Lemonade…Venti Please :).