Creating a Product
Creating a product was nothing new to me. However, creating a successful product was something entirely new to me.
Back in the day I wrote a book because I was reading about how people were making good money with books. I was a paper chaser back then meaning if I saw someone do something and make money, then I would do it as well.
I wrote the book in 3 weeks. I loved it.
Nobody bought it.
It's hard to describe the feeling of working so hard on something and having these wild expectations about it only to find out that the world sees things differently.
Over the course of 9 years after that experience I created a couple more products but I never released them.
I sat down, spent an insane amount of time creating them, and then I left them on the computer.
I didn't want to experience that feeling again so I did nothing.
But that had to change if I wanted to make more money because ad revenue was reaching a ceiling and providing services was taking too much time.
Time for Money Exchange
You can make a LOT of money providing services but the problem with services is that you are often trading time for money, just like at a job.
You just happen to be making more money for the time, usually.
But it doesn't compete to making money passively with a product.
Instead of blindly creating another product I made sure to ask my audience this time.
I had built up a small mailing list of about 500 people over at Obstacle.co so I asked them if they would be interested in seeing my Pinterest strategy.
I got about a dozen people to reply saying yes. So then I asked them would they be willing to pay me $20 for early access to a product showing my strategy.
9 out of 10 said yes, so I collected the money and started working on a Pinterest book.
When it comes to products I'm all about continuous iteration. What this means is that I create a first version of a product and get it out into the world so I can start getting feedback.
This feedback dictates the improvements that I need for the next version of the product. The faster I can get out the improved version, the better things look for me.
It didn't take long for me to get my Pinterest book out and in the first month I made $1,603.39.
Another important factor of writing a book was that it gave me an asset. I think when people imagine having a business they think of one course or one book that is going to handle all of the revenue generation, but it's all eggs in one basket.
With multiple products you can target different sections of your audience. I don't think product creation should ever stop after one product.
You have to keep the train going and that's what I started to do.
I was beginning to make money every single day with these products.
It was time to turn my attention to the health & fitness niche where Thrive/Strive was building a tribe.
I wasn't going to do a course or book. This time, I wanted to do a membership site.