There is no faster, low-risk way to create a new source of income than tapping into the digital product.
In 2018, I decided to give the digital economy a try.
And I'm glad I did.
I've sold hundreds of thousands of dollars in courses and designed hundreds of web design, which has let me be part of the trillion-dollar industry that is the digital economy.
I must be doing something right, right?
That's why today is the first in a series of posts on how to take full advantage of the digital economy. I'll share the secrets of building new sources of income, some are passive but others require a bit of time and effort.
It'll be worth it in the end.
Why tap into the digital economy?
The internet is everywhere.
We are the first generation to have access to everything all the time.
The internet has also sped up everything.
Gone are the days of cold calling or waiting for someone to answer the phone or open the door to you. Today, you can send a direct message on social media or an email directly to the decision-maker anywhere in the world at any time.
You can upload a PDF or a video and sell it for $20.
No going to a publisher, producer whoever.
No more gatekeepers.
Besides speed, there are many benefits to taking advantage of the digital economy.
Let me tell you 6 of them:
1. Low-entry cost
When people think about starting a business, costs are always a big roadblock.
For most beginners, costs are like the electrical post that fell during a snowstorm that blocked the icy road between you and your destination. For them, starting a business is like that icy road. They drive slowly because they fear losing control. And costs become a roadblock for them.
In the digital economy, all you need is a laptop (or smartphone), the internet, and an offer (a service or digital product you can sell for a profit).
You can turn ideas into products by writing them on a Google Document (google docs is free to use).
Or you can turn your skills into services (like Web design) you can sell online.
2. Maximum Speed
I like thinking about online businesses as offline businesses that are faster.
The principles of offline businesses are perfectly applicable to online businesses.
But the process is much faster.
Reaching out to customers, generating leads, and optimizing the process is much faster.
For example, try selling your books by setting a stand in the middle of a packed mall. I bet you'll sell a couple of copies. But why do that when you can turn that book into an ebook and sell it to an online audience or pay a couple of dollars in ads?
There's no need for physical storage. There are no timezones. You can work from any place that has internet.
For what is worth, you can store all of your business on a PC or a USB drive and take it with you anywhere.
4. Simpler to scale
Digital ads are godsent for marketers.
You type in some words, design multiple creatives (the images on the ads), create multiple versions of your ads, let the system tell you which version performs the best, and you put in more money on it.
It goes without saying that I'm simplifying the process, but think about this.
In the past, you had to pay thousands of dollars to get your ad printed in a magazine or newspaper. And the only way you had to track sales was by asking the person where did they hear from you.
Today, software automatically tells you from which medium the person came (eg: Instagram, Facebook, a landing page, etc).
5. Unlimited earning potential
No, I'm not implying you'll become the next Jeff Bezos.
What I'm trying to say is that there is basically no limit to the number of ebooks and courses you can sell.
Not only that, if you have an online following, you can set up an apparel store with a couple of clicks. You don't have to manage inventory or shipping. Platforms like teespring.com let you set up a store in minutes. They handle everything from you. From the payment to the fulfillment.
Also, imagine yourself with a selection of digital products you can offer to others.
Each product is a safety deposit for your future.
Do the hard work once, let the software handle the rest.
This is what automation is about.
But don't let this scary word prevent you from taking action.
Automation can be as simple as writing a couple of emails and pasting them into your newsletter software so that new subscribers get a sequence of emails.
A lot of creators take full advantage of these tools.
They do the hard work once (planning and creating the content) and create the automation.
If the events that have unfolded during 2020 and 2021 haven't shown you the power of the digital economy, I don't think I can persuade you to read further.
So if you're still skeptical, please feel free to read more about it.
My guess is that something will trigger your curiosity and that will motivate you to take action.