Idea To Income – #11

Hello, my friend and future millionaire. 

Welcome to this episode of The Money Wheel. 

My name is Don Shade. 

As we’ve walked down the path of turning your idea to income, we’ve covered a lot of different things.

Some of it seems almost elementary and other steps seem really important. 

Well, here’s what it comes down to: As you’re putting your course together, it’s time to start thinking, ‘what am I going to sell this for?’.

Before you start to answer that question, what you need to do is take some time and do some online research.

I don’t want you to be selling a product that nobody else is selling. 

I want you to be selling a product where other people are doing the same thing.

We know that there’s an audience for that product, whatever it is. 

So, as you start doing your online research, one of the things I’m going to do here in later episodes is have Kris cover how to do the online research for a product.

But just for this episode, what I want to do is make sure that as you do your research, you’re looking at two key things. 

Number one: How long is the course that you’re researching online in comparison to your course?

Number two: Is there any coaching with the other person’s course that you’re looking at? 

In other words, if you’re selling just a straight up digital product that you have no time involved in; the only time that you have tied up into creating this product is the actual time that it took to put the product together.

Then you can sell as many of them as you want, because you’re not coaching people. 

You’ve done the training.

They follow the videos, they do it on their own. 

That is going to have a lower price point than a product where you’re coaching.

Where, ‘okay, I’m actually going to step in and I’m going to help you get through the obstacles or build the product for you’.

For example, we help people build digital businesses. 

If we sell a ‘do-it-yourself course’, where you go through it at your own pace and set everything up off the training videos that we have created for you, we would sell that at a cheaper price than for someone who needs some help and can’t do it on their own.

We have some of our time involved, so it takes a greater investment on the customer end to get to that point. 

One where you’re actually working with coaches who walk you down the path.

One of the things I want you to look at as we compare these products online is: ‘where do I want to be when I’m selling my online product?’.

‘Is it something I want to create one time and not really coach people, just be able to sell it’. 

‘Here you go: this is how you do whatever it is’.

‘Or do I want to look to make more money, but it’s gonna cost me some of my time with a new customer?’.

‘I’m going to walk you through exactly how to do this, because you need help with emails or you need help setting up a website’, whatever the situation is.

I’m making stuff up here, because it’s the part that I know. 

I know what we do to create a digital business, as you start looking at, ‘okay, this is the product that I’m going to have’.

I want you to begin with the end in mind. 

You’ve heard me say that before in other episodes, that we want to make sure we know basically what success is going to look like to us.

‘I put this course together’. 

‘This is what I want it to accomplish for the customer’. 

‘This is what I want it to accomplish for me’.

In other words, ‘I want to make this much money out of selling my course or my book’, or whatever the situation is.

This is just stuff to make you think, as we’re starting to walk down the process of, ‘okay, I’m putting my course together, I’m getting people’s opinion’.

Now it’s time to find out, ‘what is it worth to my ideal customer?’. 

And it’s like Kris covered in the last episode: that he showed it to his Mother and he was very proud of it.

And she said, straight up, ‘nobody’s going to pay that’. 

Well, that’s not true, because  we’ve sold the course that Kris created.

So, people will pay that. 

You just have to find the people that are interested in having that problem solved for them.

And that’s the same thing we need to do with your course. 

That’s everything I have for this episode of The Money Wheel.