by Kathleen Gage
This is the time of year many people claim the coming year is going to be “the one.” It’s the time “things change in a big way and this time they will do things differently.”
On both a personal and professional level, a person may have claims of changing for the better. The end of one year and beginning of another are traditionally when people become exceedingly aware that they didn’t do what they promised themselves last year.
On a personal level it’s to lose weight, quit smoking, save more money, and either get in a relationship, get out of one or improve the one they’ve got.
Professionally, it’s often to make more money, get more clients, write a book or create a product line.
Digitally, the beginning of the year goals I’ve heard many people make are to create that one “silver bullet” eProduct that will take their business over the top and make them a million bucks.
When pressed to share what their plan is to achieve this type of revenue with one product, the answer is often very vague.
“Yup! This year is going to be different. I’m finally going to get that product done and make great money.”
It’s likely they won’t for one simple reason; most resolutions don’t work.
According to an article in Forbes.com, only 8% of people are successful at keeping their resolution through the entire year. That lends itself to a 92% failure rate. Failing 92% of the time in business doesn’t appeal to many people.
If you dig deeper into why people abandon their beginning of the year goals, it often boils down to a few simple reasons—no clear strategy, overwhelm, and poor systems.
Do These Things Differently
If you want the start of 2015 to be different from every other year, you can do a few things differently.
First, avoid setting goals that are not realistic. Although, it’s important to stretch yourself, it’s equally important to minimize your chances of failure from the start.
Second, take stock of where you’ve been, where you’re at and where you want to go. Is what you want feasible, based on infrastructure? What systems need to be implemented in order to grow on solid ground? What needs to happen to assure your growth is achievable?
Third, business objectives should be set throughout the year rather than only one time. Equally important is the need to evaluate what you are doing, or not doing, specific to your goals. Recently, I met with a new client who wants to grow her revenues in the coming year. And she wants to do so with digital products.
Her current revenues are right at the $100,000 mark with a very low-profit margin. The bulk of her revenue has been from consulting with one client. It is a dollars-for-hours model.
When I asked about her 2015 financial goals she blurted out, “I want to make a million dollars, and I want to do it with online programs.”
Not one to put a damper on anyone’s dreams and goals, I recommended she rethink this. The main reason being is she has relied on one contract for her revenue.
Up to this point, nothing digital has been created. To grow ten times in a year with nothing in the hopper beyond the one contract is a huge stretch.
Is it possible to grow tenfold in a year? Maybe, yet, what’s the plan other than a digital product?
Launching your digital products is not as easy as many people have been led to believe. And they are becoming more difficult than in the past. There’s more competition than ever before. Getting through the noise online is increasingly difficult.
Still reading? Still eager to get a digital product to market and make great money? Great, because product launches can be incredibly lucrative when done correctly.
Many experts make great six-, seven- and eight-figure incomes, but they are strategic in what they do.
The Strategic Six
Here are the six most obvious steps on which to focus if you want to launch digital products:
1. Be realistic. Going from never having launched a product to making a million on your first one may not be the most realistic approach. Has a million the first time out happened? To a few people it has. But that’s definitely the exception rather than the rule.
2. Determine if there’s a market need. It’s shocking the number of people who do no market research at all prior to attempting to create a product. They invest time, money and effort into the “thing,” and when the “thing” doesn’t sell they throw up their hands and say, “This online stuff doesn’t work.” It’s not that it doesn’t work, it’s that they didn’t find out if their “thing” would work.
3. Know the launch elements such as copywriting, sales pages, shopping carts, delivery methods, design work, affiliates and testing. A great deal of behind-the-scenes activity has to happen in any launch.
4. Have a plan. Your plan should include the launch date, and you work back from there. When do all the elements need to be put in place? Map this out. Keep your plan visible and refer to it often. Tweak and adjust as needed.
5. Enlist help. You may have areas where you would be better off outsourcing aspects of the process, rather than trying to do it all yourself. For example, design work may not be your forte.
There are software programs you can use or you may want to go one step further and hire a designer. It’s the same with setting up the sales pages. You may be much better off hiring someone to help you set this up.
6. Stick with it. There are bound to be times you get frustrated and wonder why you thought digital products would be a way for you to make money. This is where the support of peers who understand is so important.
Turning to the guidance of someone who’s “been there, done that” is a great choice. You don’t need to go this alone.
Making money from digital products is a great way to make a living. Yet, it does take work. Go ahead. Set a lofty goal for what you will accomplish in 2015.
When you approach the process knowing you will need to put effort into it and follow the six steps above, incredible results can occur. Results that may pleasantly surprise you over the coming year!
This article was originally published on The Future of Ink and is reprinted here in its entirety for our Magnolia Media Network readers.