I get asked this question a lot. What is the magic product? Before we get into that I just want to clear a few things. If your just starting out and learning about running an internet business. My advice is to learn as much as you can. You have a couple of options. You can learn from someone who already has experience running an internet business or spend the time to surf the internet and do continuous searches with Google.
The magic product is your own knowledge and experiences. What I mean about that is talking about creating your own information product. You don’t have to be a “professional writer” or even consider yourself an expert on a certain topic. But as long as you are willing to learn about something, you can create an information product within that niche market.
Begin by deciding on a niche to go after. There are hundreds, if not thousands niches and micro-niches. Start a brainstorming session. Ask yourself these questions -
- What is it that you are interested in?
- What could you become interested in?
- What do you do in your spare time?
- What do people ask you about?
Use these questions for a basis of your brainstorming session. Create a list of 10 to 15 ideas of things that you know a lot or even a little about. Begin doing the research for that niche online and see if it’s marketable. Most all niches will be marketable, some more than others, but the internet is so vast and people use it to find everything that they’re looking for. You could be their resource for that specific topic. What you want to create your information product about is up to you.
Advantages to selling an information product online:
- It is a low-cost product to create. It does take time to do the research for your info product but it won’t cost a lot of money.
- You can sell your information product online at any time, day or night! You don’t have to be online or even sitting at your computer to sell the info product.
- You can automate the selling process. You customers can pay you online and they will be able to download the info product automatically.
- Instant product fulfillment. Your customers don’t have to wait to be able to receive your info product.
- Forget about shipping. Because your information product is in electronic format, you will not need to worry about shipping a physical product to your customer, saving you time and money!
- There is a very low-overhead from this info product. You pay small fees to accept payments online, i.e. PayPal, as well as some advertising costs but the rest of the payment will be your profit, i.e. extremely high profit margins!
Start brainstorming today and take the first steps to offering the Magic Product. Keep reading my blog to continue to learn all about information products!