A great way of adding an extra income stream to your home-based business is to create your own product.
Creating your own product rather than being a distributor for someone else's product allows you, as the creator of the product, to reap the full reward from all your marketing efforts.
However, many overestimate the difficulty of product creation and never follow through on their aspirations for an extra income stream, thereby leaving a huge amount of money on the table and missing out on the huge unique home business opportunity that comes from the credibility it can bring you as the creator of your very own product.
Let us consider an information product for the purpose of this example.
We will consider such a product for 2 reasons
1) in this Internet-driven information age, the importance and value of information that is required to remain at the forefront of your industry have never been greater. = Huge Opportunity for an extra income stream for your home based business!
2) Information products involve no manufacturing or material costs, meaning that anyone literate and with some specialized knowledge is capable of creating this type of income stream at potentially 100% profit!
What we therefore have is a huge demand for information products but a similarly large potential supply = competition in the marketplace and a consumer suffering from information overload who is quickly turned off the idea of buying if marketed to heavily to.
However, here's the kicker:
Many providing such information products are too lazy to provide good content, which to me is just shocking considering the profit margin of 100% which is unparalleled in any other industry!!!!
So How do we guarantee success in our information product launch?
Do what half your competition doesn't do:
1) Over-deliver on quality of content and you'll have your audience hanging on your every word and turn your information product into a runaway success.
2) Differentiate your information product by putting yourself into your product to personalize it. People can brand themselves and therefore also their products to good effect.
Good examples of this include Joe Vitale, author of "Expect Miracles" and "The Attractor Factor" - he has a great enthusiasm about him, has credibility as a best-selling author and speaker, and has perfected the art of personalizing his books with his own stories and his own smiling face.
3) Create buzz around your product launch using all available media.
Press releases (also recommended and used by Joe Vitale), live demonstrations/events (consider book launches by investors and top-selling authors Donald Trump and Robert Kiyosaki), and endorsements from key figures in the industry are 3 great ways of achieving this, for example.
4) Make your launch a memorable experience for your customer! A prize draw, an unexpected bonus thrown in with your product, or even a personalized greeting or email from its creator will help ensure a happy customer and fewer refund requests, and even encourage the beginnings of a profitable relationship with your customer that takes the form of a reliable extra income stream for your home business!
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