Generating wealth from digital assets

Want to earn revenue while you sleep? Looking at other ways to earn a living? If you answered yes to either of these questions this article’s for you.

If you haven’t already started, then here are some ideas how to go about making bank from creating digital products.  

If we look back at the last 2 years, the pandemic has certainly taught businesses about innovation and resilience, but it has also taught people – one, the power of technology for communication and remote working; and two, that additional streams of income are needed, as there is no job security even in the strongest businesses. 

There are plenty of ideas for additional streams of income such as network marketing and crypto, all with their pros and cons,  but the source of income we’re going to focus on is selling digital products. 

So ask yourself: 

What knowledge, skills, or experience do you have that you could teach others?

What are your interests or passions — what can you talk about all day?

If you already have a business, can you create digital products that support your brand? 

What are your values? Can you teach people how to implement those values practically? 

For example, a yoga studio or personal training centre could pre-record classes and sell them, or maybe create a downloadable self-help tool with useful mental health practices. All these are digital products and let’s face it, are in high demand all over the world. 

The reason why we see this as a viable way to make money is because it is passive income – meaning, that even as you sleep, consumers all around the globe can access your products online through a purchase facility.

Look, this is not a get rich quick scheme and creating digital products can take a lot of time and effort, but the best thing about it? It’s easy to get started; and you could literally begin selling tomorrow. All you need is a computer, WiFi connection, and a few hours to create something that you think people will see value in.

This article will be part of a collective series, as our staff attend online business consultant and current e-book entrepreneur Trudy Vesotsky’s course  “Create and sell digital products and online courses in 8 weeks”.

Here are the basics.

What is a digital product?

Digital products are intangible assets or media that can be distributed online without the need to source or manage physical inventory – this could be an e-book, magazines, charts or calendars. These products are often delivered in downloadable or streamable formats, such as PDFs, MP3s, videos, software, or templates. Creative Little Soul have even been creating  and selling digital products since 2020!

In 2021 over 2 billion people bought digital products. That’s 25% of the population! And this is all because of the consumers ability to access these  digital products anytime, and anywhere. 

The benefits:

Save time: When selling digital products, you don’t need to source or manage inventory or deal with shipping. You upload and let it work its magic!

Save money: Sourcing, storing, and shipping costs money. With digital products, you avoid these overheads entirely.

The potential is endless: There’s nothing stopping you from making one or even two a month.  Or maybe even partner with another business and sell them across both platforms? You are creating assets that will constantly grow with your potential. And if it doesn’t work, you create another one! 

High profit margins: Without the need to purchase and manage physical inventory, the profit margins on digital products are considerably high – you make it once and then let it go!

Automation potential: It’s relatively easy to automate digital product delivery, which allows you to focus more time on making more products. With purchasing programs or websites, when the purchase is made, all you need to do is add the file and let the website do the work. 

Flexibility: At any point, you can create new products or change the way you sell your products. For example, you may decide to give a digital product away to build your email list, or sell a monthly subscription to access multiple products.

What can you make and sell? Here are some examples: 

  • Pre-recorded courses
  • Videos
  • E – books
  • Written templates (scripts, résumés, emails, etc.)
  • Checklists
  • Spreadsheet templates
  • Photos or even turn your paintings into prints. 
  • Fonts
  • Icons
  • Logos
  • Graphics, Infographics and Illustrations
  • Animations
  • Graphic templates
  • Overlays
  • Editing presets (for images, videos, or audio)
  • Online magazines
  • Software
  • Membership sites
  • Audio (music, samples, loops, podcasts, etc.)
  • Planners
  • Research (statistics, reports, etc.)

Here are some places to consider when selling digital products:

SendOwl

Amazon

FetchApp

Thinkific

Bold Memberships

BookThatApp

Photolock

Etsy 

If you’d like to create some digital products but don’t have the time or know how, chat to our team and let us assist you in getting your knowledge down and out to market.

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