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Category: Starting a Digital Business

Here’s What They Don’t Want to Tell You About Starting a Digital Product Business

If you have any interest in starting a business creating digital products, you’re probably seeing all kinds of information online about how you should go about doing it.

You’re probably hearing a lot of talk about how easy it (supposedly) is, and how MUCH money you can make with your digital business, and a lot of what you’re reading is probably valid.

But like anything else online, some of the information that you’re getting isn’t necessarily INCORRECT, but it isn’t all true either. 

I’ve been in digital business since before it became so popular. As a single mom, I’ve had to be creative about how I make money at home (don’t we all?). Starting a digital business was a no-brainer for me because (of course) it allowed me to work from anywhere, AND I could work whether the kids were at school OR at home.

But it hasn’t all been sunshine and roses. I’ve made a lot of mistakes and spent a LOT of money in the learning process.

You’re probably thinking that once you start creating digital products, all you have to do is create a few social media posts, and VOILA! SALES!

It doesn’t work that way…AT ALL.

Let me say here that I’ve been doing this long enough to have been around when that last statement was actually true. It was entirely possible to create a digital product, then a few social media posts for or about it, and BAM! Traffic and sales!

I once created digital products, and decided to sell them on an Etsy-like marketplace (can’t remember the name). I made my first sale WHILE I WAS ADDING MY LISTINGS!

I thought it was a mistake! But NOPE! It was legit!

That’s how I got started with digital product creation. That first sale (whether or not it was a total fluke, I’ll never know) gave me the push that I needed to keep creating and thus, keep selling.

But that was probably 7 or 8 years ago.

Good times.

Now…starting a digital business, especially selling digital products like eBooks, is a whole different ballgame.

Now, once you’ve created your eBook, or whatever your digital product is, not only do you have to create social media posts about that product for your chosen platform (whether that platform is Facebook, TikTok, Instagram or Pinterest is entirely up to you), but you have to now spend MONEY to reach your potential customers!

Yeah. That’s what I said. You now (more often than not) have to spend money on ads to reach those who’d be interested in purchasing your products.

Now…that said, there are ways to sidestep buying ads on your chosen social media platform, but not spending money doesn’t always guarantee sales. But spending that money ALSO doesn’t guarantee sales (trust me, I’ve tried it).

Not many will tell you that there’s a secret to getting sales for your digital products via online ads. The platform you use generally plays a big role in whether or not you see success, but so does the amount that you spend.

You see, I’m sure that you’ve heard that you can “spend as little as $5 a day on ads” on some platforms, but let me tell you from experience, you’ll get the same number of sales if you just flush that five bucks down the toilet. Five dollars spent on ads gets you LITERALLY NOTHING in terms of views AND sales, I don’t care WHAT you’re selling.

I know it sounds crass, but here’s the real; there are SO many people online selling products (digital and otherwise), who are also spending literal buckets of cash for ads, that your five bucks won’t do a damn thing. (Sorry, but true is true.)

The other thing that no one wants to tell you about starting a digital product business, is that most people don’t create their products from scratch (shocker, I know). You might be surprised to hear/read that many products can be created a few ways; using templates, or by using products that can be purchased and resold, sometimes without any kind of real editing. These are called “PLR” products, and there are many places that you can find them online, including Etsy (though Etsy wouldn’t be the first place I’d look). I’ll tell you where is a great place to get almost any kind of re-sellable product in a second.

What I’ve learned about running an online business is this; There’s a ton of information out there, but much of it is skewed in some way; it’s either completely bogus, or it’s incomplete, meaning that much of the ‘meat’ is there, but a large part of the information you need to make your venture actually WORK, is missing. You have to figure that part out yourself through trial and error. And it sucks.

But once you find the missing pieces, you’re golden!

But that’s part of the reason that this site exists. To shorten the learning curve to starting and running your successful digital product business.

Now, I said earlier that I’d let you in on an awesome place to get ready made digital products that you can sell. You’ll find the it HERE. I have to say that you shouldn’t visit this site unless you’ve got TIME, because the first time I visited it, I spent HOURS there. There’s just SO MUCH to absorb! They have everything! From printables of any and every kind (literally), to KDP products, to Canva templates, it’s all here! I promise that you won’t regret using this site 🙂

So what’re you waiting for?! Get TO it!

Peace.

Starting a Digital Product Business in 2024

So, you’ve got this brilliant idea for a digital product, and you’re ready to dive headfirst into the world of digital business?

In this guide, I’ll walk through everything you need to know about launching a digital product business in 2024.

From ideation to execution, I’ve got you covered.

So grab a cup of coffee (or your beverage of choice) and let’s get started!

Understanding the Landscape

Before we get into the dirty details of starting a digital product business in 2024, let’s take a step back and take a good look at what we’re talking about.

Digital business is constantly changing, and so is the way that you’ll get eyeballs on your work, so you’ll need to stay ahead of the curve if you want your new business to succeed.

In 2024, we’re seeing a few key trends shaping the digital product space:

AI and Machine Learning:

Artificial Intelligence (AI) and Machine Learning (ML) have become integral parts of the digital product landscape. These technologies are not only more accessible but also more advanced, allowing businesses to leverage data in unprecedented ways.

In 2024, AI and ML are being used for a variety of purposes, including:

  • Personalization: AI algorithms can analyze user behaviour and preferences to deliver personalized experiences, whether it’s recommending products, content, or services tailored to individual users.
  • Automation: Machine Learning algorithms can automate repetitive tasks, freeing up time for employees to focus on more strategic initiatives. This can range from automating customer service interactions to optimizing supply chain management.
  • Predictive Analytics: AI-powered predictive analytics can forecast future trends and behaviors based on historical data, helping businesses make informed decisions and anticipate market changes.

Blockchain and Cryptocurrency:

Blockchain technology and cryptocurrency are reshaping the digital product landscape, offering new opportunities for innovation and disruption. In 2024, we’re seeing blockchain being used in various industries beyond finance, including:

  • Decentralized Finance (DeFi): DeFi platforms are leveraging blockchain technology to create decentralized financial products and services, such as lending, borrowing, and trading, without the need for traditional financial intermediaries.
  • Non-Fungible Tokens (NFTs): NFTs have exploded in popularity, enabling digital artists, creators, and collectors to buy, sell, and trade unique digital assets on blockchain-based marketplaces.
  • Supply Chain Management: Blockchain technology is being used to create transparent and traceable supply chains, allowing businesses to track the journey of products from manufacturer to consumer, enhancing transparency and reducing the risk of fraud.

Remote Work:

The COVID-19 pandemic has wildly accelerated the shift towards remote work, completely changing the way businesses operate. In 2024, remote work is no longer just a temporary solution but a permanent fixture in the digital product landscape.

This has led to a growing demand for digital products that facilitate remote collaboration, communication, and productivity, including:

  • Collaboration Tools: Platforms like Slack, Microsoft Teams, and Zoom have become essential tools for remote teams, enabling seamless communication and collaboration regardless of location.
  • Project Management Software: Project management tools like Asana, Trello, and Jira help remote teams stay organized and on track, ensuring projects are completed on time and within budget.
  • Virtual Events and Conferencing: With in-person events still limited, virtual events and conferences have become increasingly popular, driving demand for digital platforms that can host large-scale virtual gatherings.

Sustainability:

As consumers become more environmentally conscious, sustainability is becoming a key consideration in the digital product landscape. In 2024, businesses are under increasing pressure to adopt sustainable practices and offer eco-friendly products and services. This has led to the emergence of digital products that prioritize sustainability in various ways, including:

  • Green Web Hosting: Businesses are opting for green web hosting providers that use renewable energy sources to power their data centers, reducing their carbon footprint.
  • Energy-Efficient Technologies: Digital product developers are focusing on creating energy-efficient technologies that minimize resource consumption and maximize performance, helping businesses reduce their environmental impact.
  • Carbon Offsetting: Some digital products are incorporating carbon offsetting initiatives into their business models, allowing users to offset their carbon emissions by supporting environmental projects such as reforestation and renewable energy initiatives.

Understanding the landscape of launching a digital product business in 2024 requires a deep dive into the latest trends and technologies shaping the industry.

From AI and blockchain to remote work and sustainability, staying ahead of the curve is crucial for success in today’s fast-paced digital marketplace.

Ideation and Validation

Now that we have a grasp of what’s going on in the digital space now, it’s time to brainstorm ideas for your digital product.

Start by pinpointing a problem or pain point that your product can solve. Depending on your target audience, this could be anything from streamlining workflow processes to simplifying everyday tasks.

Once you have an idea in mind, it’s crucial to validate it before moving forward. Conduct market research to determine if there’s a demand for your product and if there are any existing solutions on the market. You can use tools like Google Trends, Keyword Planner, and surveys to gather data and insights.

Developing Your Product

With a validated idea in hand, it’s time to start developing your digital product. Depending on the complexity of your product, you may need to enlist the help of developers, designers, and other specialists.

But from a mom’s point of view, I’d advise you to come up with something that you can create yourself. It doesn’t need to be insanely elaborate. Think about your audience, and what they might like to have in terms of digital products. Also think about whether you’d like to build this product from scratch, or use a platform like this one, which has a zillion products that you can buy and alter in some way, then sell it.

While you’re developing your idea, you’ll need to prioritize user experience and feedback. Incorporate usability testing and iterate on your product based on user input. This will ensure that your product meets the needs and expectations of your target audience.

Marketing and Launch

Once your product is developed and tested, it’s time to prepare for launch!

Start by creating a marketing strategy that outlines how you’ll promote your product to your target audience. This could include a combination of content marketing, social media marketing, email marketing, and paid advertising.

In addition to traditional marketing channels, consider leveraging influencer partnerships and collaborations to reach a wider audience. Engage with your audience on social media platforms and build anticipation for your launch through teasers, sneak peeks, and behind-the-scenes content.

Monetization and Growth

Congratulations, your product is live, and the hard work is paying off! But the journey doesn’t end here – now it’s time to focus on monetization and growth.

There are a few ways you can start monetizing your business, including;

Subscription Model: Offer tiered subscription plans with different features and pricing tiers.

  • Freemium Model: Provide a basic version of your product for free, with premium features available for a fee.
  • One-time Purchase: Charge a one-time fee for access to your product or specific features.
  • In-app Purchases: Offer additional content or features for purchase within your app or platform.

In addition to monetization, focus on growing your audience and expanding your reach. Get feedback from your audience and test your product based on their needs and preferences. Spend money (on ads) getting new customers, to keep users engaged and coming back for more.

Conclusion

Starting a digital product business in 2024 is an exciting journey filled with opportunities and challenges.

By understanding the current landscape, validating your idea, developing a high-quality product, and implementing effective marketing and growth strategies, you can set yourself up for success in the digital marketplace.

So what are you waiting for?

Profitable in Pajamas: Starting a Digital Business in 2024

If you spend any time on social media (doesn’t matter which platform), you’ve probably noticed that there’s a TON of content being created about how to make money online in some way, shape or form. 

I’ve been in the digital space since 2003, and since that time, I’ve watched social media and online business go from a few people actually making money, to a sea of people making money talking about how they make money online. 

And for a lot of those people, that’s all it is…talk.

The digital space has changed so much in the last 20+ years, it’s crazy. 

I remember when you could start out on Facebook and actually have people see what you were posting, without having to spend money. Pinterest was much easier to make headway in. There were more tools to help you spread your content as well, and those tools were inexpensive to use.

Ahh…good times. 

But that all changed in 2013 when the Almighty Facebook drastically reduced our reach. We then had to start paying for the people that we brought to their platform, to see what we were posting on our business pages. 

There are a lot of people who will tell you that starting a digital business is the way to go in 2024, and as a card carrying digital business junkie, I would have to agree.

When it comes to writing content with the intention of selling that content, it’s become more and more difficult to get your foot in the door. With every man, woman and child creating God knows how much content hoping for virality, it’s unrealistic to simply expect that your content is going to make any kind of headway with one or two products. 

That said, I’m about to burst the bubble of anyone who expects to start a digital business thinking that it’s going to be a cakewalk. 

It’s anything but. 

Don’t get me wrong, once you create products that you can sell over and over, you’ll feel like you’re literally printing money, and THAT is a great feeling! 🙂

BUT…I should also say that if it’s your passion to start a business that’s based on creating and selling digital content (and that’s exactly what a digital business is), it should be in a niche that you’re passionate about. 

I’m passionate about digital business. Whether that’s digital product creation or marketing/selling someone else’s digital product, I can’t say enough about how enamoured I STILL am with the power of a few keystrokes. I’m still dumbfounded at this thing that we call ‘the internet’ and it’s power to let us reach millions of eyeballs with our content while still in our pajamas. 

I’m also a single mom. Even though my kids are adults now, I remember how difficult it was to make money without leaving the house. So I’m passionate about helping other moms (single and not) money with a digital business, while the kids are at school (because let’s face it, that’s the only time you’re really gonna get any real peace). 

Anyway…I said all that to say, it is entirely possible to succeed with a digital business in 2024, but you’ve gotta be realistic.

Most of the information that I’m seeing online about this topic is trash (sorry but I don’t make it true) info that makes money for the ‘creator’, but will have you running around in circles, and draining your pockets. It’s usually information that will have you wondering why it’s not working for you, but ‘so and so guru’ managed to make it work. 

It’s all bogus. 

There are too many courses that promise to teach you how to do this thing or that thing online, and charge you thousand$ for the privilege and get you no further ahead. 

Digital businesses aren’t just about eBooks and affiliate marketing. There are literally dozens of ways to have a digital business selling just about anything you can imagine.

I started my digital business back in 2007, completely by accident. I bought an ebook (can’t remember what it was about), and after reading it, I decided to create a one page blog talking about how much I enjoyed the book.

Back then, I wasn’t ‘brave’ enough to try to use WordPress because it can be challenging at the best of times (if you know, you know), so I used Blogger to set up my page. 

It was a super simple one page ‘testimonial’ type of post.

What you should also know is that this particular book had an affiliate program attached. The payout was only $7, but I wasn’t thinking about that. At that time, affiliate marketing was fairly new, and I sort of wanted to test it out. I actually had trouble believing that you could write about something that someone else created and get paid anything for doing it.

Anyway…

I wrote my little post, included my affiliate link and went about my business.

It must have been a couple of days later that I checked my affiliate account, and to my surprise, there was $7 in it. Someone read my little post, clicked on that affiliate link, bought that book, and I got paid.

I was gobsmacked. 

SEVEN DOLLARS??? And while I was off doing whatever else? I made SEVEN DOLLARS?? (Not that $7 is a lot, but it was the concept…)

And you have to remember that this was back in 2007, so there was no Pinterest, or Facebook, or Twitter to spread the word about my post. And still, someone managed to find it, and BUY that book.

So at that point, not only did I dig deeper into the affiliate marketing space, but I thought “If I paid $14 for that book, and made $7, that means that someone wrote that book, and made $7 when I “sold” it…”

So I started writing eBooks and I have NOT looked back.

Anyway…

With everything that’s going on in the world, nothing is certain. Your job that you thought was so secure, could can you tomorrow. I tell young women to start their own businesses, regardless of how certain they are about what they’re doing now.

The whole world has gone digital. Don’t get left behind. Figure out what you’re passionate about, who your product(s) will be targeted at, and get to work. All you really need is a wifi connection, an idea and a laptop (and you don’t even really need the laptop these days). 

These are my 7 steps to starting your digital business:

  1. Figure out if you want to write and sell digital products, or just sell someone else’s digital products. 
  2. Figure out who those digital products will be targeted at (pick a niche).
  3. Figure out how you’re going to create and/or sell those products (are you going to start a blog or ecommerce site, or use social media to sell?).
  4. Figure out which platforms you’re going to use to market your work (or someone else’s work); Twitter, Pinterest, Facebook, TikTok, etc.
  5. Start watching videos, or checking out inexpensive courses to get the basics down. (I found that Udemy has an awesome selection of courses on just about every subject imaginable that aren’t expensive).
  6. Find a creator whose opinion and instruction you trust, and milk their content for all they’ve got. LOL.
  7. Come up with a name for your new endeavour. Once you’ve decided on a name, buy the domain name as well. Regardless of what you decide to do, you’ll probably need to have your own website, so you might as well get on this earlier rather than later.

That’s all I’ve got for now. But I’ll be back soon 🙂

Peace.