Creating Information Products: dyi or outsource?
Do entrepreneurs want to make their own information products or would they rather hire other people to do the work for them?
I know, I know, it depends but depends on what exactly?
I’m developing a new program to help small business owners create simple but valuable information products. An associate who is working with me to develop the program presented the concept to a group of small business owners to get their reactions.
In marketing-ese we did a “proof of concept.”
The owners liked the idea of having information products. They love the idea of passive revenue. But they balked at spending the time to actually create the products preferring to hire someone else to do it for them.
Hmmm.
So I’m wondering:
- These business owners want to take their business to the “next level.” They are generating as much business as they can with their current employees, mo
- Information products are a way to take a small business to the “next level” (a term I loathe but have yet to find a better one).
- Getting to the “next level” requires an outlay of time and money. The challenge is that it takes time to make the most of these investments. For example, if you hire a new salesperson, they need training and time to develop business.
- So there will be a lag between the time you invest in the infrastructure and the time you see higher revenues.
Business owners interested in information products need to either
- Invest their own time into creating products, or
- Hire someone to create the products
If they are unwilling to invest the time or money either
- Time and money is scarce which mean the business itself is in trouble
- They don’t understand the value an information product offers
- They understand but prefer to invest in other capacity building options at the present time.
It’s possible re point #2 that we haven’t done a good enough job establishing the value of having an information product (in which value is the perceived net of benefits less time/$$ invested).
We need to find people who are already sold on the value of information benefits but are stuck and a little coaching & structure is all they need or clarify the net value (lower costs; increase benefits; or both).
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