Have you been thinking about adding passive income streams to your business? Not sure when you should do that? Well, the right time is NOW. You don’t have to wait for your business to expand to its peak before you start earning passive income. And it’s not as complicated as you think.

In 2015, the Global E-learning market was an estimated $165 billion. By 2022, that figure is projected to be over $275 billion. This is probably a huge underestimation, since it doesn’t take into account courses and products sold directly from business websites. No matter what the real number is, it is clear that there is a gigantic market for digital products. You can tap into this marketplace and add significant income to your business. 

Here are the reasons why now is the best time to incorporate passive income into your business.

Low barrier to entry

Technological advancement has made it easier to create products in digital form. All you need is a computer, phone, internet and maybe a few inexpensive programs depending on the kind of digital product you are developing. 

If you are creating an online instructional tutorial, you can sit down and type the information on your computer and share it with the world.

To make a video, grab your phone, record and upload your video onto the platform of your choice. You see, getting started is not as difficult as starting a physical business where you have to look for a store, get permits, buy equipment, hire employees and so on. If you need special software to create a digital product, you can easily get it online. Seriously, you can create the product in the comfort of your own living room.

 Once you create your product, you can use the internet to market it without much hassle. Marketing online entails being online and using tools like a blog, forums or advertisements. Or you can list your product on a platform where people can search for it. You don’t need to print out fliers and hire people to distribute them on the streets. There isn’t a need to create huge billboards or commercials advertising your digital products. 

If you need any additional inspiration, check out this post where I share ways you could create products very quickly, in just a few hours. That means your busy schedule isn’t a barrier either!

With the barrier to entry set extremely low, you don’t have a reason to wait anymore. You can start today.

there is a huge market for digital products 

If you think that the world of digital products is saturated and there’s no need to get into it now, you are wrong. There is a huge market for these products and it keeps growing since these are products you can access from any part of the world without waiting for them to be shipped. 

Did you know that people spend an average of 6 hours and 42 minutes online every day? Each one of them are potential customers who can interact with you, learn about your online product and buy it if it helps them solve a problem.

People often prefer online learning because of the major advantages over in-person trainings. Digital trainings can be consumed from anywhere. It’s no longer required to travel great distances to learn from experienced teachers. 

Digital trainings can be completed on any schedule. The nature of online material is that it is available when the student is able to learn. They can learn after work, early in the morning, or when their kids are taking naps. 

Online learning is generally less expensive than in-person trainings. This means there is a much broader audience for any subject you want to teach. It’s for this reason that you can find online classes, trainings and workshops on any subject you can name.

Provided you can come up with a solution to a problem and package it into an online product, there will be someone ready and willing to pay for it.

You can sell the product over and over

If you are selling physical products and run out of stock, you have to get or make more goods. Likewise, if you are selling your own time, by way of coaching or consulting, there is a limit to the number of hours in the day. There’s no way around it.

Digital products are the opposite because you don’t have to replenish your stock. You can sell your online course or e-book once or a thousand times without having to re-create it. You will never run out of inventory.

The fact that you don’t have to recreate the product every time you sell it also means you will enjoy higher profit margins compared to physical products. After you have recovered your initial investment (from buying software, hiring people to help you, or doing your own training), you will start to enjoy very healthy profit margins. 

Imagine having coffee with your friends or being on a holiday while people are buying your e-book and putting money into your bank account.

Passive income products work with whatever you already sell

If you already have a physical business (selling products or services), you can use your digital products to up-sell or cross-sell your physical ones. Let me explain.

Let’s say a customer buys a plant from your store, you can offer them an additional product like fertilizer or a decorative pot. That is cross-selling. If the customer wants to buy a plant and you convince them to buy a larger plant, that’s up-selling. 

Said differently, cross-selling refers to selling products that are related to what a customer is purchasing while up-selling is all about convincing a customer to buy a more costly variation of what they’re interested in by adding value to the item. 

Having a carefully curated selection of digital products enables you to up-sell/cross-sell which will increase your income and grow your business.  And as I explained above, you can provide the same digital product over and over without recreating it which results in high-profit margins. 

These are but a few of the many reasons to start earning passive income through digital products today. No matter how small or big your business is, you can benefit from digital products sales. If you need help with a strategy of adding digital products to your business, sign up for the passive Income Roadmap mini-course and we’ll be happy to take you through the journey. You will have additional income with little active involvement and more time to spend on your hobbies or with friends and family.

JUST take action

These are but a few of the many reasons to start earning passive income through digital products today. No matter how small or big your business is or what industry you are working in, you can benefit from digital products sales. If you need help with a strategy of adding digital products to your business, check out my free 5-day course to create your Passive Income Roadmap. Or get in touch and I’ll be happy to take you through the journey. You can transform your income and impact while creating the life you want to lead.