Randy Charach - RandyReport.com

[Show Transcript]

In this week’s lesson you’ll discover how to hone in on your passion and own an information product that you can easily create and sell online for residual passive income. My first online success was with an eBook that I wrote called Secrets of a Millionaire Magician. The book was about marketing and was targeted to the specific niche of professional magicians.

It made a lot of sense for me to write a book for magicians considering I was a professional magician for 20 years. In fact, one of the reasons I was successful with the eBook is because it was a subject I was passionate about. It didn’t seem like work to write or promote the book since I loved the subject so much. That made everything flow quickly and smoothly.

It was a fun project for me, and the material has been well received by the magic community, making it a very profitable venture which I still earn money from on a regular basis to this very day.

The reason I’m telling you this is because I want you to start thinking about what you’re passionate about. Make a list and check it twice!

Making money online is fun — and even more fun when you’re involved in a subject matter that genuinely interests you.

Selling an eBook or a manual, a CD or DVD…or maybe a set that combines these elements is easy to put together and have huge profit margins. A digitally delivered eBook is almost 100% profit to you.

A physical product, like a CD and Transcript set, will typically sell for ten times your cost to produce and ship the item. These profit margins are unheard of in practically any other business.

Ok, back to selecting a niche which you’re passionate about…

It helps if you have knowledge, experience and skill in the subject matter of your product. But as long as you have the passion it’s not essential for you to be an expert in that topic and here’s an example why…

I totally suck at playing Texas Holdem Poker, but at one time a few years ago I got into it, I got the itch… and I decided since I was losing money at the poker table, maybe I could make some of that money back by creating an information product on the subject.

So I simply got on the phone and interviewed some really good poker players, those same people who were cleaning my clock at the local casino. I put together a product called Texas Holdem Wipeout Tactics.

I sent the MP3 recordings of the interviews to a place where they converted the digital audio files into CDs and a transcribed booklet. And then, as if by magic, I had a new product to sell.

Once you’ve decided on your niche, check online and see if it’s a viable market for you. Just go to your favorite search engine, enter a phrase that’s connected to that niche and see what comes up. You want to see that there’s an active market for your niche and that you can reach your target audience online.

Your product should answer the questions that YOU HAVE about the topic you’ve selected. A bit of poking around the forums, groups and blogs will also arm you with knowledge of the types of things people want to know within your niche.

If you don’t want to do the interviews yourself; don’t worry, there’s a simple solution. You can easily find people who are experts and others to conduct the interviews for you. Just go to the online forums and groups where the target niche hang out, and ask who’s interested in participating in your project.

You’ll find eager people willing to do this for you for free, because they share your passion for that niche and participating will bring them other benefits as well. Of course, you can offer to pay these people, but a complimentary copy of the product when it’s done, and their extra 15 minutes of fame, is typically enough.

You can do this over and over again in a large variety of niches. Along the way you’ll make money and learn more about topics that interest you. You can even create information products for the same niche in a variety of formats. Before moving on to another niche, think about other forms of delivery for your new audience such as a membership site, or even a web TV show like this one that you can monetize in many different ways!

A great way to leverage your efforts and get paid over and over for work you do once is by repurposing and repackaging your content. That means once you start creating content you’ll have the ability to raise the bar by using your content in various forms to make money.

Your options are limitless once you hone in on this concept of providing information for speficially targeted audiences.

’QUESTIONS FROM STUDENTS’
Gerry M asks:

Where can I find a company to do the actual manufacturing and shipping of a physical product? Also, what about marketing and then taking payment, etc?

For manufacturing and shipping the product you‘re going to be searching for what is known as a fulfillment house. There are many of these, and some of them will print on demand — meaning you don’t have to pre-order a whole bunch of inventory. To find a company like this; search for POD; which stands for print on demand, and also do searches for fulfillment or product fulfillment or go to our free resource section at FreeodmUniversity.com for our latest recommendations.

To collect payments, track your orders, and automatically handle a whole pile of other things that need to happen when doing business online, you’re going to want to use a powerful shopping cart so again check out the free resource section at the Freedom website.

Today you learned that it’s important for you to narrowly define a specific target market, a niche that you’re personally passionate about.

You also learned that it’s not difficult for you to create an information product for a niche. You can do this using your own research, knowledge and expertise… or you can interview an expert on the subject or several experts on the subject and compile the information.

Information you can provide to the niche are expert answers and commentary in written, audio, or video format to the most common questions that the majority of people within the niche are asking online in blogs, groups and forums.

Before embarking on this project of creating an information product, you’ll want to do some research to make sure it’s a viable market which can be reached online.

There are many companies that can produce physical products for you if you choose to go that route, and they can even ship to your customers for you.

[End of Show Transcript]