I get this question all the time: “Eric, I wanted to start an online business. However I how to start where to start from. Should I start from electronic products, or should I start from electronic services? ” And my solution for all these while has been this particular: “always go for digital products. ”
You may be shocked to see my answer to be digital products. Countless of individuals have been telling me that they have particular expertise and it is wiser that they make use of their expertise in the form of providing assistance to others so that they can earn money from their particular expertise. I would like you to think even more, can’t you package your expertise in the form of digital products and sell it on the web?
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Here’s one dirty little secret of these two options, or I should say, the dirty little key of online business: Digital products could be automated entirely while digital program cannot do so. Simply put, when you have your own digital products, you are making the body to be on automatic pilot. You no longer need to be in the equation in order to make cash. You make money when you work, generate income when you fish, make money when you walk, make money when you hike, make money if you eat, and the coolest part is that, you make money when you sleep.
But if you choose to go for the digital program, unless you are satisfied to work like an office hour in order to make money, then this option may not be suitable for you. When you can create your own digital products, you only do the work once. Once it is up there in the system, or even commonly known as the sales funnel, it could be run automatically. You don’t have to monitor the website 24/7 just to make sure money will be. You don’t have to assist the customers to check out from the sales funnel because everything is usually arranged and built systematically.
Within the digital service world, here is the rule that is inevitable: you have to be in the program or equation in order to make money. Attempt to think of it. You are providing service to other people. If you stop working, who will be going to provide the service to your customers? No one except you! That’s why in digital service, your earning cease when you stop working. You may be arguing beside me that to provide digital service may enable a stable income. This to a certain degree is true. But try to think outside the box. If you can sell your own service in the form of digital products, can you increase your profit margin? And when a person build trust with your customers (which I assume you are adding real values/solutions to their life), you can always promote these backend products. Can you see how effective digital product is now?
Here is 1 final bite between these two. Should you ever dream of having the time freedom to be able to do more meaningful things in your life apart from work alone, then you need to take a look at digital products seriously.