What Is a Digital Product?
A digital product is one that’s created, sold, and used digitally. There’s no physical product; you utilize it only online, on your mobile device, or in your application program.
There are several reasons why commerce digital product is one of the most effective and best ways in which to get passive financial gain.
It’s cheap, to begin with. There’s no inventory to shop for direct, no front to rent, or packages to ship. you’ll use free and cheap tools to form a product and oft the sole investment is paying fees to the sales platform you utilize.
Digital products are passive. you’ll create a product once and sell it over and over whether or not you’re operating or not. commerce a service online may be a good way to begin your own business, however, it may be long and you will solely be able to serve some purchasers. With the digital products, you’ll sell online and create cash at any time of day and to as many of us as you wish.
Digital products are climbable. after you sell a service your financial gain is capped by what percentage of hours you’ve got within the day to figure. after you sell a digital product you’ll grow your business exponentially while not increasing the number of hours you’re employed.
Having a mixture of those 3 passive financial gain streams is best, and there are many digital product ideas you’ll use to make a collection of products that suits your business and increase your bottom line.
Ebooks
If you love to write, you can make passive income in several ways through eBooks. You can self-publish a series of fiction novels or a nonfiction book on Amazon, record an audiobook on Audible, create guided journals or coloring books, or sell digital books on your website.
You can even make money by giving away your eBook by adding a special deal for a higher-priced service or digital product to your readers. Russel Brunson gives his books away for free (you just have to pay shipping and handling) to teach people how marketing funnels can grow revenue and also sells software for creating marketing funnels.
Online Courses
Now more than ever, people are discovering how valuable online courses are for learning skills and training. You can create a text, audio, or video-based course and post it on a course aggregator like Coursera or Udemy. A better option may be to sell a course from your own website using a platform like Teachable or Outschool.
Think there’s already a course around your expertise? Don’t be intimidated. People might still want to hear what you have to say. For example, there are plenty of courses on freelance writing, yet each has its own unique benefit. This is the reason someone would buy yours over a course that’s already offered.
Any knowledge or skill can be turned into a course. Alec Steele teaches people blacksmithing through several courses, all offered online.
Many courses are “evergreen,” meaning the content is relevant all the time and not tied to a date or event. These courses are typically completely passive, but you can often make more income by “launching” your course at select times throughout the year. The limited-time offer gives people a sense of urgency and can increase sales.
Guides or Tutorials
From archery to zoology, if you have experience or specialized training in something, you can make money selling short guides or tutorials with step-by-step instructions on how to perform or learn it.
Tutorials are similar to workshops in that they usually teach one skill as opposed to a course that teaches several. Guides and tutorials can be written, video, or a combination of both.
Most of the skills you’d write or record a tutorial for won’t change often, making this a completely passive product.
Membership Site
A membership site or monthly subscription is a digital product that members pay for monthly and receive something new every month. New content every month may not sound like a way to generate passive income, but there are several ways you can set one up to be mostly passive.
You can create all your content for a year upfront and drip out a little bit every month. Or you can create a course that students pay monthly for and release content for a certain number of months.
You can even create a membership site around some digital product templates like video lessons, meal plans, and workout routines. The creators of KetoConnect made a membership site packed with courses, eBooks, recipes, and videos not available on their website and release one new video every week to their members.
Mobile Apps
Of the time we spend on our phones, 90% is spent using apps Depending on the type of business you own, a mobile app might be the best digital product for you. You can make money through in-app ads, affiliate links, or by simply charging for downloading or using the app.
Services like BuildFire will create an app for you or you can use one of their templates to create an app without any coding experience necessary. You’ll have to update and add features to your app to keep it functioning and motivate people to come back but other than that a mobile app is mostly passive.
Beth Moncel of the blog Budget Bytes created a mobile app with all her recipes at users’ fingertips for $2.99.
Plugin or Extension
If you’ve got a website then you almost certainly understand plugins. If not, then perhaps you employ Google Chrome and you’ve used or put in browser extensions. several square measure free however you’ll be able to really charge for specialized plugins and extensions.
WordPress plugins or Chrome extensions that use AN formula to perform AN otherwise arduous task quickly will be quite moneymaking and passive. sociologist Haws revamped $4,000 in an exceedingly week merchandising a Chrome extension that did simply that with Amazon textbooks.
Like you would a mobile app, you’ll get to update the plugin or extension frequently to stay it functioning properly however aside from that it’ll build cash passively.
