Upfront investment (time): 🕒🕒
Upfront investment (money): 💸💸
Passive income potential: 💰💰💰💰
What are digital products?
A digital product is an intangible asset or piece of media that can be sold and distributed repeatedly online without the need to replenish inventory. These products often come in the form of downloadable or streamable digital files, such PDFs, videos, plug-ins, and templates.
Digital products are assets or pieces of media consumers can’t touch physically. These include downloadable or streamable files such as Kindle books, templates, plug-ins, or PDFs.
Digital products are great passive income streams because they have high profit margins. You only have to make the asset once, and you can sell it repeatedly online. There’s no storage or inventory needed.
You can sell as many digital products as you want. Many creators scale their passive income by selling kits, printables, files, and other assets professionals can use. UX Kits, for example, sells personas, flowcharts, and wireframes to assist the design process.
The brand has sold its products to more than 10,000 customers in over 100 countries and continues to sell these lucrative products online today.
Why sell digital products versus physical goods?
Selling digital products has many advantages that makes it uniquely attractive to entrepreneurs:
- Low overhead costs.You don’t have to hold inventory or incur any shipping charges.
- High profit margins. There’s no recurring cost of goods, so you retain the majority of your sales in profits.
- Potential to automate. Orders can be delivered instantly, letting you be relatively hands-off with fulfillment.
- Flexible products. You can offer free products to build your email list, monthly paid subscriptions for access to exclusive digital content, or licenses to use your digital products. You have a lot of options as to how you incorporate digital products into your business.
- E-learning is the future of education. You have a massive opportunity to expand your business and impact with e-learning, an industry expected to be worth $374 billion by 2026.
Tools I need
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