How to Make Money Online As a Product Vendor
How to Make Money Online As a Product Vendor
When it comes to an online business, there are two main ways of making money, and they are:
Selling your own product (vendor)
Selling someone else’s product (affiliate)
Regardless of which route you take, you can choose to sell physical products (CDs, DVDs, etc) or digital products (e-books, software, etc)…
So in this article, let’s focus on how you can go about selling YOUR OWN products online, and digital products in particular.
Note: You can sell physical products as well, such as DVDs, CDs and audio, but information products are generally much easier to get a hold of and sell, and carry no shipping or staff costs, of course. Plus, if you don’t have a great deal of experience selling products online, then this is probably the best way for you to begin.
Finding Information Products to Sell
When it comes to choosing the right information products to sell to your niche, it’s vital that you remember one crucial point:
You must always look for products that solve people’s problems…
In fact, this is the number one requirement I look for when searching for digital products that I can sell.
And if you have a look online you’ll be able to find a variety of information products that aim to solve people’s pressing problems, and this is where A LOT OF MONEY can be made.
Here are just a few examples of potentially profitable e-books:
How to safely lose 10 lbs in 10 weeks
How to make a fortune from the stock market
How to beat the government and pay less tax
How to learn the Spanish language in 4 weeks
How to get that perfect six-pack
How to train your dog in 2 weeks
How to make big money from real estate
How to quit smoking TODAY!
Every single day, millions of people are using search engines such as Google, Yahoo and MSN to find solutions to problems like these, and they’ll pay good money to anyone who can provide the answers.
And this is where you come in!
Your job as an internet marketer is to find (or create) a product that does this; a product that people MUST HAVE if they want to solve that problem.
And when you do, you’ll soon find that visitors will come flocking to your website with their wallet open and their credit card out! If you think in these terms to begin with – and try to solve people’s problems through information products – then you will start to make money.
So why do I value information products so highly?
Well, there a 3 main reasons for this:
They are VERY EASY to get hold of…
As you’ll find out in a moment, information products that you can sell online are everywhere, and it doesn’t take much effort to get your hands on one. In fact, in no more than an hour, I could find a product online, re-brand it, and start selling it as my own! And you can’t do this with physical products.
They are VERY CHEAP to deliver to the customers…
Due to the nature of a digital product, there are no shipping or delivery costs involved. As soon as a customer clicks on the order button, the product is sent to them immediately via an auto-responder system like aweber.com or getresponse.com. People want speed and convenience, and with digital products, they’ve got it!
They are INCREDIBLY lucrative…
Because the costs involved in creating an information product are so small, your profit margin is considerably higher than with a physical product. As there are no shipping, handling or staff costs, the only expense you incur is the purchase of the resale rights to the product, or the copywriting fee if you had the product written for you.
How great is that?!
And because of these inherent advantages, selling information products is the way I got started online, and I’d strongly urge you to do exactly the same…
All you need to do is this:
Locate a target market of HUNGRY customers in a popular niche…
Give them a product that SOLVES THEIR PROBLEM and place it right in front of them!
Collect their payments via an automated payment processor like PayPal or WorldPay…
Deliver the product to the customer instantly using an auto-responder service…
And all of this can be accomplished without you having to do very much at all!
Obviously, in time you should expand your business into other areas and start selling physical products too, but there is far less risk and expense involved with information products, so it’s a great way for any beginner to get their business off the ground.
How to get an information product…
Private Label Rights (PLR)
A Private Label Rights product is basically a digital product written by someone else that you can purchase for a small fee, edit it however you like, and claim authorship of it! You can also purchase MASTER resale rights products (where you not only own the product, but can also sell it on with PLR).
Here are some great sites for finding PLR and MRR products that you can rebrand and start selling as your own…
Hire a Ghost-writer
Another tactic you can use is to employ a freelance copywriter to produce a product for you. This is known as ‘ghost-writing’, because the actual author of your product is never known. Instead, they’ll produce the work for you for a fee, but the rights and copyright will be owned by you.
Although you’ll have to spend some money in the short term to get a product written for you, the long term benefits of doing this can be huge. For starters, you’ll own the product which means you can sell it for as long as you want…
Secondly, if the product solves a common problem, has a big enough market and you have an effective system set up to sell it, you could make a sizeable income without writing a single word yourself!
There are many sites that offer these sorts of services, and many copywriters who will gladly take on your project, removing all the hassle out of the product creation process. Three particularly good sites that I use are elance.com, guru.com and freelancer.com.
Write a product yourself!
Of course, you can always produce the product yourself, and if you have significant knowledge of a subject that you believe other people might pay for, then you could be onto something.
For example, if you’ve become an expert at SEO, then people will pay money to find out how you do it. If you’ve managed to get rid of your belly fat by following a healthy diet plan, then many people would love to know about that too. Or perhaps you’re a gym junkie and you’ve managed to go from stick-thin beanpole to chiselled, muscle-bound perfection in the space of a year. If so, people will pay to find out how you did it!
So have a think about what YOU’RE good at and what type of information you have that the average person doesn’t. You might be surprised!
Chris Cobb is an internet marketer, mentor and coach. His online business brings in automated income each and every day, and often as much as six figures in a single month. For information about Chris Cobb’s charity work, go here: Chris Cobb