Are you just starting out online and wondering what type of products to offer?
Or are you a coach or consultant looking to expand your revenue streams?
Then adding digital products to your other services is an ideal option to scale your business.
Millionaires have an average of 7 income streams. So if right now you only have 1 income stream. Whether that’s your day job or anything that involves you exchanging your time for money, then you need to start adding new income streams to your finances. I’m going to tell you now you don’t just need one income you need a minimum of 7.
Now, this might seem overwhelming if think you have to swap your time for money. But you don’t. I mean what I teach you is to create an income where you’re not swapping your time for money instead you’re leveraging your time and maximizing your income.
The easiest way to do this is through creating digital products and selling them on autopilot.
If you’re looking for a business model that allows you to generate passive income, then having several digital products is the right way to go.
Digital products are products that exist solely in a digital format and include things like software, eBooks, online courses, online coaching programs, downloadable art and computer games. They also just so happen to offer perhaps the best business opportunity of any type of product, so read on to find out what makes them such a great choice for making money online.
5 Benefits of Digital Products
1. Low Overheads
Right away, with a digital product, you have low overheads.
You might have some overheads initially while you’re developing your product but from that point on you will then be able to sell as many copies as you like with no need to pay for materials or anything else. Every sale will be 100% profit which can’t really be said about any other business model.
Of course, some services are also like this. If you are a writer or web designer for instance, then you probably won’t have to spend any money to make money and that means that you can keep 100% profit.
But where a service business falls down is in the fact that you will be exchanging your time for money. This, in turn, means you’ll need to constantly be available at specific times of day and you might even need to travel.
A digital product though is truly passive. Once you have set up an online store and you have people visiting your site, you can make money while you sleep or while you’re on holiday somewhere sunny.
3. No Physical Stock
With a digital product, you don’t have physical stock. So you don’t have to think about storage or shipping. You can create as many digital products as you like.
4. Little to No Investment
Just as there are low overheads, there is also very little investment necessary.
This means it will take barely any time for you to break even and to start generating real profit. In turn, this also means that there’s no risk so you’ll be able to start your business without taking out a huge loan and putting your family in danger.
5. Automated Delivery
As though all that wasn’t enough, digital products don’t even require delivery. That means you won’t have stock going missing or customers claiming they never received their goods. Digital products are cheaper and faster in every way.