Starting An Infopreneur Business
Information + Entrepreneur = Infopreneur
An infopreneur is a person who uses his knowledge, packages it into informational products and sells it on the internet.
One good thing about starting an information product business is that, unlike many other home-based businesses, it is a low cost investment to get started.
There is virtually no need for any sort of upfront capital normally associated with starting a business, no need to buy or rent office space, hire equipment or employ staff, thus, low financial risk involved.
Other benefits of becoming an infopreneur include :-
- You create products and sell online around the clock, 24 hours a day, 7 days a week. You can literally earn money while you sleep!
- It can be highly profitable - let’s say you put together a 45 minute training DVD that teaches parents on how to prevent their child from throwing a tantrum. Let's assume that it costs you $10 to produce and ship the product, and you sell at US$49 a piece!
- Long term residual value - you create your product once and replicate it as many times as you need to. It takes you the same amount of time to write a book whether you sell 10 or 100 copies; however, you do the work only once.
- Unlike many other tangible items, it takes time for competitors to copy your product.
- Though it takes time and work and earnings are not immediate, the potential is high. You can implement multiple streams of income.
- You can outsource, that is, hire people to do certain tasks if the demands become too much for you.
Plus, as with all online businesses you can work from home and make your own schedule. All you need is a computer and internet connection... and of course a product.
The product you build is one crucial part of your business. You can't possibly make money unless you have products and services that other people want and/or need to buy.
No product = No infopreneur business = No earnings
What Is Valuable Marketable Information?
Nowadays, people are searching the Internet to look for information, to learn new things and/or try to find ways to solve a problem.
This is where you, as an infopreneur come in. Though you're setting up a business to make money, your primary focus should be on how you can help the people you're targeting with what you know.
The information product you create has to provide a solution to the problem your audience is facing and frame it in such a way that people will be willing to pay money for it.
Keep their objective in mind and help them achieve it. Simulate what they're feeling and create products specifically to meet their needs.
For this reason, you need to have a crystal clear picture of your target market. Who are you trying to reach?
Ask yourself questions like:-
- Age group
- Gender
- Social status
- Line of work
- Family background
- Locality (that's if you're going to pinpoint people living in a particular geographical area)
- Their worries, hopes, dreams and goals
The more precise you are, the better you can communicate your message to your prospects.
Be very specific and the worst thing you can do is try to reach everyone. You end up reaching no one. Even if you think your product is valid to all, they will not consider you as an authority in your field.
"Think narrow and deep rather than broad" - Timothy Ferriss
Go for a topic you already know something about. This could be work experience, a hobby you love, employment background experience - the choice is yours. Still, you must be willing to study and master your subject, keep up to date, and take action by applying what you learn. Then teach your audience how you did it.
Other points to take into consideration :-
- Don't underestimate your knowledge. Start now with what you know.
- People want to resonate and look for answers from peers who already have been through the same struggles and managed to overcome them.
- Create products for your prospect - not for yourself.
- Structure your information product in a way your audience can understand.
- Give it a personal touch, talk from experience.
- People feel scattered. Fill in the gaps for them.
- Empower them to take action. Guide them to a better position.
- Don't fake it. Your audience will be able to tell and you'll lose your credibility.
People will start to get interested, first, in what you provide and then in who you are. You start gaining their trust and respect. They will start telling you what they need. And you will have ideas for providing new content.
Turning Your Knowledge Into Information Products
Technology is making it much easier to start and grow an infopreneur business. You can find numerous resources for free by conducting a quick search online.
There are various formats in which you can compile your information. These include e-books, audio CDs, online video courses, dvds, webinars (including interviews), teleseminars, articles, blogs and content sites.
Let’s look at some examples :-
- What you're reading is one page of an information website that I'm building. That's my information product. I offer the info for free but if I choose to, I can turn this into a members' only site against a payment of a monthly fee. That’s known as a subscription site where members pay to have access to some or all of its content.
- I can further monetize this site by selling advertising space on my web pages, promote other people's products (affiliate programs), refer prospects to third parties' offline services and obtain finder’s fees.
- You can conduct interviews with experts in your field and record the webinar - then sell it in audio CD format.
- You can write an eBook, publish it into a PDF file and put it online - people can buy it, download it onto their computer and/or read it on any gadget such as Kindle or iPad.
- There are folks who are terrified to get in front of a camera, but it is possible to present your how-to information in point form on a slide show such as PowerPoint presentation.
- You can use a combination of formats e.g. a downloadable PDF report followed by a weekly training video.
It's entirely up to you to choose the medium you want to transmit your message, all the while creating a money-making vehicle for you.
Helpful Tips and Ideas :-
- Start with something that you're comfortable with. Some like writing, others like doing video and/or webinars.
- Start small with low priced items and then go for more elaborate and thus higher-priced products.
- Give an excellent service. Be the best you can. You are not here for the quick buck.
- Set aside your ego and speak the people's language.
- Be the go-between of where they are and where they want to be.
- Provide simple steps your audience can follow; step-by-step set of easy to read instructions. Show them what is going to happen next and what they're going to ultimately gain, whether it’s how to solve their problem, save time or whatever you’re going to help them with.
- Connect with your prospect - on their pain, their frustrations and so forth so that you become real to them.
How To Get Your Infopreneur Business Started
- Find your topic.
- Find your target audience and keep their needs in mind when communicating with them.
- Begin with the end in mind. Visualise your finished product and work backwards. Take notes on everything that comes to mind. Put a plan into place and stick to it. This way, you'll always know what you’re going to work on.
- Start constructing your infopreneur business.
