From Idea To Product: 3 Steps to Create Passive Income
For entrepreneurs in nearly any field, passive income product creation is the best way to:
Reach a wider audience
Grow your brand
Earn more profits
So, why aren’t more small businesses adopting the product creation strategy?
The truth is that most are stuck in the idea phase and feel unsure of the next steps for creating a great product. Here's are three steps to start building your first passive income product, today!
Step 1: Identify a Need
As an expert in your field, you have great insight into the wants and needs of your ideal customer. You chat with them on Facebook, answer their email questions, respond to the comments they leave on your blog, and even work with them one-on-one. What is it that your client needs the most help with right now? This is the product you should be creating, because you already know you have a built-in audience.
Step 2: Gather Your Documentation
If you’ve been running your business for more than a few weeks, chances are you already have all of the answers required—all you have to do is organize it. Some places to look for content you can repurpose include:
Your emails (and autoresponder)
Your client calls
Your social media accounts
Your YouTube channel
Your personal checklists and worksheets
All of these things (and many more) can be edited and organized into a comprehensive product that solves a serious issue and you can do it in less time than you might think. After all, you already have most of the work done!
Step 3: Create the Solution
Now that you have your content, it’s time to put it together in a way that will make sense to your audience. Will you…
Write a Kindle book? This is a great option for solving a very focused, single problem. Even better, Kindle books offer a fabulous opportunity to reach a wider audience.
Create a membership site? For a comprehensive, step-by-step course, you can’t beat the flexibility of a membership site.
Offer a group coaching program? Add personal time with you to your membership site and you’ve got an instant group coaching program. Not only that but you’ve dramatically upped the value (and cost) as well.
Your choice will largely depend on the scope of the solution. Is it a simple answer that can be explained in a few pages or is it a complex issue that requires several weeks of work?
Creating a product doesn’t have to be difficult or time-consuming. Sure, you can design a massive, all-inclusive course if you like, but when you’re just getting started, that’s a daunting prospect. Instead, work with what you already have and you’ll have your first product up and selling in no time.
Want help mapping out your first product? Click HERE to grab your free product building worksheet.