Create Your Passive Income Product in Time for Cyber Monday
According to CNBC, Americans are projected to spend $3 billion on one day. ONE DAY! Wouldn’t it be great to put even just a fraction of that money in your account this year?
But here’s the bad news -- Cyber Monday is fast approaching.
And I am not ready.
As I was thinking about getting my own digital product ready for Cyber Monday, I thought there may be more solopreneurs in the same boat. Why don’t we go through the process together?
To make the most of the holiday shopping season (without going completely insane), we need to have a solid plan lined up.
For the next 4 weeks, I'll walk you through creating your product step by step.
Here’s what to do this week.
Week 1: Determine and Create Your Product
First things first – you need something to sell. If you already have an online shop or services set up, then you have the hardest part out of the way.
But if you don’t have a product or service yet, there’s still time for you to knock one out.
The key to success here is to pick a product that is realistic for the amount of time you can allot to it.
Need an idea? Here are some product types to get your brain turning.
- Mini video course
- Graphics files, photos, templates
- Recorded review/consulting
- Write a comprehensive plan
- Group coaching class
- Personal coaching session
Combination Digital Product + Personal Service
Due to the time limitations, pick a product with technology you already know. For example, don’t decide to do a video course if you don’t have the equipment and experience you need. The challenges of learning new tech in a limited amount of time will have you either stressed out or provide an excuse for not finishing your product.
So, work within your limits.
Of course, you could always decide to outsource some of the things you don’t know. Hire a designer to make your Word document into a pretty PDF or a video editor to make your videos look professional.
Use Upwork to find reliable contractors who can provide fast turnaround on your product.
Create the Product
Dedicate time each day to make your product. Spend time outlining your product and really thinking about what type of value you will provide. It is easier to get started if you have this document as a place to start.
Then, get cracking – this is the most important and time consuming part of the process, but having a solid product is critical to your Cyber Monday sales.
Aim to finish the product this week, if possible. If your product will take longer, set a firm finish date for yourself and commit to it.
BONUS: Have a trusted friend or colleague proofread or preview your product. A second pair of eyes always helps to discover everything from spelling errors to product delivery problems.
Pricing is always a tough nut to crack. Charge too little and you risk leaving money on the table and devaluing the product. Charge too much and you make have fewer sales.
Ultimately, the setting the price comes down to what feels right to you.
If you need a starting point, look at what others in your industry are charging for similar products.
Here are some resources I’ve found to be extremely helpful in determining prices.
Tasks for this Week:
1 | Decide on product
2 | Create the product
3 | Determine price for product
BONUS/If you already have your product: Bump up your content marketing, centering around the importance of what you teach within your product.