The Infopreneurial Business Model
Infopreneurs’ success all boils down to following a simple business model that has the power to transform your knowledge into a profitable digital business.
“The infopreneurial business model involves the creation, marketing, and sale of products (mostly digital in nature) that share one’s passion and knowledge for the purpose of creating profit and educating or influencing an audience”.
Infopreneurs and Information Products
Before we dive into the logistics of the infopreneurial approach, you must first understand what an infopreneur really is.
The word “infopreneur” is a combination of the words “information” and “entrepreneur”. This word has been around for at least twenty years and is used to describe someone who is in the business of creating and selling information products. An information product is simply information that has been packaged in such a way that it can be sold and delivered over and over again.
Most of ClickBank’s successful infopreneurs are building their businesses around “how to” information products that teach others how to do something new, better, or more efficiently. Here are some examples:
- How to play a musical instrument.
- How to have a better love life.
- How to market a business.
- How to stay fit after turning 50.
- How to potty train your child.
- How to coach a football team.
Virtually any topic you can put a “how to” in front of, is a viable candidate for information products
Capturing Information and Selling Digital Products
There are several ways you can capture your knowledge so it can be sold over and over again. In the past, information products were text-based products that were primarily delivered in books, reports, or manuals. However, one of the great things about becoming an infopreneur today is that you have a lot more options. Today, you not only can sell text-based books, you can also create simple audio and video products.
And, thanks to the Internet, people all over the world can buy your information products in digital form. Unlike the past, you no longer need to have your books printed or your videos copied to a disc and then shipped out. Today, customers can order your product online and get access to a digital version of the product right away. This is a win-win for you and the customer.
When you’re selling a digital information product online, you really can build a business that runs mostly on autopilot, creating a passive revenue stream for yourself.
You might be thinking… Why would somebody pay for my knowledge?
Costly Mistake- Being too quick to discount or disregard the value of your knowledge and expertise
A big mistake people often make is thinking that whatever they know or have learned is common knowledge and not worth anything to anybody.
Have you ever purchased an information product? At some point in your life, you have probably purchased a “how to” book or video to help save you time, money or hassle. This is exactly why other people would pay good money for your knowledge. People are eager to learn from someone who has been there and done that.
Think about it this way. You’ve spent years gaining your knowledge and experience. Someone could save a ton of time, money, or hassle by learning from you! You could help people avoid costly mistakes while helping them accomplish something new. Here is a real vendor example:
Let’s say you’ve built a successful, part-time janitorial business that cleans office complexes in the evenings and on weekends. Maybe after some years of struggling you learned the ins and outs of getting clients, pricing your services, hiring and managing workers, or even where to buy the best supplies.
What if you then captured your hard-earned experience and knowledge into a series of “how to” manuals and videos? This product would be great for people who want to start their own part-time janitorial business because it would save them time, money, and hassle. Essentially, they would be paying to learn what you have already figured out! And that’s worth something. In this case, it’s been worth over $600,000 in total sales.