There is nothing like having your own product to sell. You can keep all the profits for yourself. If you are selling affiliate product, you have to worry whether the company will remain in business, or whether the rates of commission will reduce or that there is not enough market for those products. In fact, when you have your own product, you can affiliate it and offer commissions for its sale. But in this case also, you get to keep a good portion of the profits.
You can develop products to distribute freely or you can sell them to earn profits. When you distribute freely, you get to build a list which can then be useful in marketing your products. There are 2 requirements of products.
1. They must be wanted by your target audience. You cannot sell something which does not serve any purpose or does not solve any problem. If you find that your customers need information on how to lose weight, you must write an e-book on ways of losing weight. If your target audience wants to know what the great places to visit in Singapore are, you write about that. So where do you find what they want. For this, you must regularly visit internet forums related to your field of interest and watch what people are talking about.
2. The products must be in downloadable format. For instance, if you are writing an e-book, make it available in PDF format which is easy to share and print. If you are making an audio product, create it in MP3 format which is the most widely used format for audio files. On the internet, people want instant gratification. As soon as they sign up to your list, they would expect to get the freebie or the product.
There are many types of products you can create digitally. I will explain about 3 such products.
1. E-book: You can create an e-book which is nothing but your content, organized in chapters and presented with an attractive title. E-books are very popular information products and can be used in a variety of ways.
2. Audio Product: You can record a training session or an interview and develop and audio product. If the interview is long, break it up into small parts and run an email audio course. All you need to do is to give out the link in the email and students will access it from your servers.
3. Screen Capture Product: You can develop products to teach people how to use the internet or any other software product. Use tools like Camtasia to capture screens of the products and add a voice over to explain the navigation.
Developing your own product is the first step to take your entrepreneurship to the next level of success.