Step 4 Product Creation Options
Estimated time for completion: 30 minutes
Inspiration from an David Congreave:
“Success in business is not measured only by the bottom line.”
In Step 3, you completed the intangible part of your business planning. You’ve laid the foundation for a successful business. You’ve developed a mindset and goals that support your ambition and you’re ready to move onto the tangible part of your business by creating an information product.
At this point, you have 2 options. You can create a product from scratch or you can take a product that’s already been created and simply edit it, put your name on it and call it your own. Let’s look at both options so you can make an educated decision. Believe it or not you can actually start building a business quickly!
Create A Product From Scratch
Although writing your own information product can seem like an overwhelming task, it isn’t. You’re first product is going to be a report. The report doesn’t have to be a Shakespearean novel. A simple knowledge packed 20-30 page report will be plenty. For some people, writing 20 pages may seem like a life’s work. For other’s it’s a couple hours of tapping away on the keyboard. Regardless how you feel about writing a report, when you follow the report writing formula, you’ll find it’s a lot easier than it may seem right now. In fact, you’ll find the report almost writes itself. You are a mine of information but you don’t yet realise it!
Private Label Rights
One of the sweetest concepts in product creation is Private Label Rights (PLR). PLR give you the freedom to create products in a matter of hours. This is not a new concept as you’ve probably already bought products or services that are Private Label Rights in the real world! Think of your local supermarket – they come out with a new competing “own brand” of cornflakes, or taco sauce. Now do you really think they build a factory to produce it? Do you think they spent 100’s of hours developing the right formula? Ever thought hey that really tastes nearly as good as the real brand! Well here’s something to blow your mind. A lot of the time companies simply repackage products from the same manufacture. There’s only one cereal company I have heard who say they do not produce cereals for anyone else. So could it be that your local WalMart, or Tescos are actually repackaging brands and calling them their own – you bet!
Here’s how it works. The supermarket go to the manufacturers and cut a deal. They will still sell their brand but also will be able to sell 10 times more of the supermarkets own brand. So it’s a win win situation for everyone!
Now let’s return to the online world…. PLR in the online word come as source files, this is the raw word document, as Word .doc files so you can quickly make any changes you like. Most have usage rights, ie you can’t name the original author (but who would want to do that!) So you can brand the document with your marketing messages, add your name as the author, change the graphics to suite your style, and voila you’ve got your own product ready to sell in a couple hours
PLR software, audio and video are similar to PLR ebooks. The source file format is different, but you still have the luxury of branding yourself without creating the product.
The great thing is that all of this is 100% legal and there are hundreds of thousands of PLR products waiting for you to brand and call your own. This is quite possibly the easiest and fastest way to create products.
The flip side is, many PLR products are poorly written and need a lot of editing to make a product you can be proud of. Even if you get a good PLR product, you’ll still want to do some editing to make it a piece of work that truly reflects your personality and style. Many producers of PLR products get them written by people who are not native English speakers therefore the English may either sound too rigid or worst of all may not make sense at all!
Today you’re at a fork in the road. Choose Option 1 or Option 2 and move forward to the next step based on your choice.
If you have chosen Option 1, writing your own report, move onto Step 5 – MindMapping
If you have chosen Option 2, have a look at the site below for great PLR (I’ve got you another free membership to the first one). The second site is one of the best PLR sites I have ever been a member off (I recommend joining it as it will save you thousands):