Starting A Home Business – How To Build An Information Product Business

If you are considering starting a home business this year, then you should know that one of the most profitable types of businesses you can start online is one that sells information products. Information products are simply products like eBooks and eCourses that offer “how-to” information to your customers. Ideally, someone who creates these information products understands the topic well enough through either experience or education that they can create a variety of products that will be very helpful to the customers.

One of the best things about this type of online business is that you can create products for free using nothing but your knowledge and some research. When you create information products, you also get to keep a large chunk of the money earned because there is essentially no overhead.

If this sounds like the kind of online business that you would like to start, here are three ways to do very well:

#1 – Pick a niche that pays

Some niches command a lot of money and some do not, so be sure that when researching your niche you pick one that has lots of paying customers. This is as easy as doing a search online and seeing if there are in fact products being sold in that niche of interest. The ideal niche is one that you are highly interested in and that pays well for your products.

#2 – Create a variety of products

In this digital age, people are craving a wide variety of formats, so if you decide to create your own products you have to create a variety of different types. Create ebooks, eCourses, videos, audio products, and anything else that increases your range of formats. Because of the ease of creation of all these products, those who do embrace the newer technology and include all of this variety will surely have an advantage over all those who remain “old-school” and stick solely to ebooks.

#3 – Build a targeted email list

One of the most important things you can have as an online entrepreneur is a highly targeted email list of leads who have shown interest in your products. The best ways to build a list are by giving away free items that will show people a lot of high quality information in exchange for their names and email addresses. The larger you build your list the more opportunities you will have to sell your existing products as well as launch all of your new products.

Video Production Business Tips – Get Rid Of Video Production Equipment Clutter to Make Money

When I get hold of video production equipment, I don’t have any intentions of taking it away. I want to keep things as long as I can. I still believe that there are a lot of video production owners who have the same attitude when it comes to buying gear.

The downside is I only get to use 10% of everything I have while the remaining 90% stay in the stock room and lose their value every day. I have so much stuff that I barely use all of them. I only get the gear that I frequently use on projects. The other ones only accumulate dust while they are stashed away.

While figuring out how to eliminate expenses on my studio, I saw that my wife kept on selling her old clothing, precious jewelry and other items on eBay. That was my realization point. I knew that I had to sell video equipment that I don’t normally use.

Why must I sell these gears?

Video production equipment assets depreciate over time. If I decided to sell my computer last year rather than this year, I would have been able to sell it at $300 to $500 higher. I have cameras, software, video and audio cables, speakers and a lot more that can sustain three to four studios. That’s how much excess equipment I have.

If you are trying to think of ideas to make money while there are no video production projects to do, take a look at your studio, find things that you want to keep and consider selling the rest. Furniture and fixtures, old cameras and other video stuffs that have been lying in your studio for a couple of years have to be sold. If you think that they will not be useful to you anymore, consider taking them out.

I will make $30000 more if I sell all of these things. However, I don’t think I have the time to put these in order and post them on eBay or Craigslist. This may be the right time to find an intern to do the task.

Although there’s a benefit in this strategy, be cautious not to sell something that is being used as collateral on your current bank loan. If you don’t know, take the advice of your accountant. Ask for your options. Depreciated assets listed in your records also have different tax computations. Make sure that you talk to your accountant about this too to avoid any discrepancies with your video production equipment listings.

How to Create Products For Your Information Product Business

Creating new products for your customers can be one of the most overwhelming and tedious tasks that you’ll have to do in growing your ebusiness. This endeavor will require enormous amount of research, careful planning, and precise execution. That is why, I am not surprised that most marketers are not looking forward to creating products. But this is something that you must do not only to better serve your customer base but also to survive the growing competition online. Remember, when you are able to meet all the needs and demands of your potential clients, they are most likely to remain loyal to you.

Here are the 4 exciting secrets that can help you accelerate your product creation:

1. Study the market trends. Before you develop great product ideas, you have to do your research first to determine what sells like hotcakes online. What kinds of products are generating much attention these days and why people are shelling out their money on these products? This research will help you figure out the best products that you will have to create so you can profit from this endeavor.

2. Study the law of supply and demands. It is not enough that you will create a product that is highly in-demand. You still need to know how many marketers you are up against. Remember, your sales will be greatly affected by the amount of competition online. If your research suggests that the supply is way more than the demand, this will tell you that it is more unlikely that you will be able to secure huge sales.

3. Deliver quality products. If you want to easily make your mark in the online arena, you must strive to offer your customer base with only top quality products. Your offerings must be useful and highly relevant to their needs and demands so you can easily give them their money’s worth. It would help if you can have your creations tested first to ensure that they are working as designed before you make them available online.

4. Sell information base products. Are you an expert on your chosen niche? Are you comfortable in sharing your knowledge to online users? Then, I suggest that you create information base products like ebooks and CD series. Right now, these products are making huge waves online as the demand for information keep soaring high.

Video Production Business Tips – How to Boost Your Profits Immediately

1. Find a way to add at least $200 to every video proposal you write.

You can write it in as a couple more hours of editing or add it to your day rate for a shoot. It doesn’t really matter how you do it. Just do it! I don’t think I’ve ever lost a project because of a difference of $200.

The other thing to consider is that you shouldn’t be so transparent in your proposals. I don’t show how many hours it’s going to take to edit a project anymore. I simply tell them that the edit fee is $X number of dollars. This makes it easy to build some profit in there.

Remember, as an owner, you want profits on top off your salary. If you increase your budgets by $200 or more per video, you can add several thousand dollars to your bottom line each year.

2. Renegotiate your fixed contracts such as cell phone, office phone, internet, etc. to reduce the monthly expense as much as possible.

Everyone is dying to keep customers these days so use that to your advantage. I ate lunch with a guy today who was able to cut his monthly high speed internet bill by $50 a month just by making a phone call and asking them what the best deal they could give him was.

I was able to reduce my phone bill by $200 a month just by asking the question, “What’s the best deal you can give me? There are a lot of phone companies asking for my business so I want to know what you can do to convince me to stay with you.” That’s $2,400 back to the bottom line each year.

Remember that I’m giving you ideas on how to boost profits. Reducing expenses increases the amount of money you have left over at the end of each month. Don’t ignore this.

Sure, you can sell more but in a down economy, it’s a great strategy to focus on negotiating new terms that benefit you 100% so that when the economy gets strong again, you’ll be making more money and spending less of it. Both working together results in fatter wallets!

3. Don’t include a lot of extras in your video proposals.

Having a lot of extras in the initial video proposal drives cost up which can drive customers away or leave room for your competition to bid lower than you. I recommend that you quote the shooting and editing part of a video and only include 1 copy of the DVD master.

Then, in your video proposal, tell them that additional copies and/or website files can be provided for an additional fee. Most of the time, they will forget about the copies or the digital files until the project is complete.

Then, when they are in a mad rush to distribute their video, they’ll want/need you to make the copies. You quote them a reasonable yet on the higher side number and they go with it because they are ready to get the videos into the marketplace.

Plus, the duplication budget will almost always be treated as a separate cost than the original video so it doesn’t bother them to create another PO number that they can assign your duplication fees to. If you add duplication to the original PO number, red flags go off because they have to increase the budget for the initial video project.

It’s not uncommon to generate an additional $500 to $5,000 in duplication/digital conversion fees within a week or two of completing a project when you treat video production and distribution as two separate transactions.

Keep in mind that everything mentioned here is completely fair. The client is getting great value and customer service at every stage of the project and you’ll still be charging less than other high-end production companies in your area.

Clients are willing to pay more and they should pay more when you are willing to turn quality work around fast. Don’t forget that.