Author: Information Products: Your Best Friend as a Business Owner
Author: Information Products: Your Best Friend as a Business Owner
Now that the industrial revolution has ended, information has become the new currency. When it comes to a company's assets, knowledge is king. That information is usually only available in the minds of the employees at a company. Most of the time, a solo proprietor or entrepreneur's thoughts are consumed by their firm. Limiting and potentially harmful, that is.
A successful management consultant can serve as an example. She has amassed a considerable hourly rate by capitalizing on her extensive knowledge and expertise. Problematically, she has to give up some of her free time every time she wants to earn money.
What will happen if she stops putting in time and goes on vacation? While she is away, her salary disappears. When she is sick, sleeping, or ready to retire, what happens? The moment she quits putting in the effort, her paycheck will dry up.
There is a ceiling to her earning potential regardless of how hard she works; after all, she cannot manufacture additional time. By exchanging your time for money, you limit your earning potential.
Our consultant is also experiencing some other changes. She works tirelessly since her skills are in high demand and her success is increasing. Were you planning on putting in a lot of hours for little pay when you started your business? Not to my knowledge.
You can make money with information products even when you are not actively working on them—in other words, even whether you are sleeping, on the beach, or at your workplace. Just how? You can make and sell the same things again and again. If you put in the time and money up front, you can expect to get back many times that amount. Selling the same hour twice is impossible since time is finite.
An Information Product: What Is It? The simplest definition of an information product is any body of knowledge that has been preserved in some form for the purpose of future transmission; this could be in the form of text, audio, or video.
The packaging and sale of information can be done in a myriad of ways. Products that are commonly used include:Physical books and digital booksPeriodicals and specialized reportsGuidelines and worksheetsMedia such as cassettes, compact discs, or digital audio filesDigital video discsOnline CoursesSites that require a membership fee
The most important thing is that you are sharing something immaterial—your brain's knowledge—with the world so that people can benefit from it long after you are gone.
Information products are also called "artifacts." This phrase, which comes from archeology, sums up the concept that an information product is something that you make sure to keep around for the next generation.
Every step you take to assist your customers, every nugget of knowledge you extract from various sources, every anecdote you remember, and every brilliant idea you come up with may be documented and shared. How can you not do it?
Wow, that is cool!
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