In today’s digital age, creating and selling digital products has become a viable business model for many entrepreneurs. According to a recent study by Statista, the global e-learning market alone is expected to reach $375 billion by 2026, highlighting the growing demand for digital content. I recently spoke with Michelle Ponvert, the founder of the Business Chic Shop, to discuss how to get started with digital products. This blog post summarizes their conversation and provides actionable insights for aspiring digital product creators.
Meet Michelle Ponvert
Michelle Ponvert is an online business owner who runs the Business Chic Shop, a platform designed to help other entrepreneurs streamline their operations. With a focus on templates, tools, and training, Michelle aims to provide resources that simplify the business-building process, especially for those juggling multiple responsibilities.
Why Digital Products?
Digital products offer a unique opportunity for entrepreneurs to generate passive income. Unlike traditional products, digital goods can be created once and sold repeatedly without the need for inventory or shipping. Here are some benefits of creating digital products:
- Low overhead costs: No need for physical inventory, which reduces financial risks.
- Scalability: Digital products can be sold to an unlimited number of customers without additional effort.
- Flexibility: Work from anywhere and set your own schedule, making it an ideal business model for remote entrepreneurs.
- Global Reach: Platforms like Thrivecart (affiliate link) enable creators to sell products to an international audience, increasing revenue potential.
Two Paths to Creating Digital Products
Michelle identifies two primary paths for those looking to enter the digital product space:
- Marketplace Creators: These individuals start by selling their products on established platforms like Etsy, Amazon, or Creative Market. While this approach offers immediate access to a large audience, it also comes with challenges, such as intense competition and the need to optimize product listings for discoverability. Data from eRank shows that over 7.5 million sellers are currently active on Etsy, making differentiation essential.
- Service Providers Transitioning to Digital Products: Many service providers can leverage their existing skills and knowledge to create digital products. This path allows them to “productize” their services, offering templates, guides, or courses based on their expertise. A survey by Podia found that 57% of creators selling digital products started as service providers looking to scale their business.
Getting Started: Choosing Your First Digital Product
If you’re new to digital products, you might feel overwhelmed by the options available. Here are some popular types of digital products to consider:
- Templates: Website templates, sales page templates, and social media post templates are in high demand. Canva alone has over 100 million active users looking for ready-made templates.
- E-books: The self-publishing industry is booming, with Amazon KDP reporting a 17% increase in e-book sales year over year.
- Worksheets and Spreadsheets: Productivity tools that help users track and manage tasks are highly sought after, especially in the finance and wellness industries. Dama Jue teaches entrepreneurs how to create editable Google docs (affiliate link) which make great digital products.
- Online Courses: E-learning platforms are experiencing rapid growth, with Teachable reporting a 68% increase in course enrollments since 2020. You can easily use platforms like Thrivecart for payment with Thrivecart Learn+ to host your online courses (affiliate link).
The Importance of Personal Branding
Michelle emphasizes the significance of putting yourself out there when creating digital products. Consumers are more likely to connect with a brand that has a human element. Here are some tips for building your personal brand:
- Show Your Face: Use your image on your website and marketing materials to create a personal connection.
- Share Your Story: Let your audience know who you are and what motivates you.
- Engage with Your Audience: Respond to comments and messages to build relationships and establish credibility.
Overcoming the Fear of Imperfection
Many aspiring entrepreneurs struggle with perfectionism when they get started with digital products, which can hinder their progress. Michelle suggests adopting the MVP (Minimum Viable Product) model:
- Start Small: Create a basic version of your product and launch it.
- Gather Feedback: Use customer insights to improve and refine your offerings.
- Iterate: Continuously update your products based on user feedback and market trends. Data from Thinkific shows that online course creators who update their courses regularly see a 32% increase in engagement.
The Role of PLR and AI in Digital Products
Private Label Rights (PLR) and AI-generated content are becoming popular tools for digital product creators, especially when they get started with digital products. While these can be useful shortcuts, Michelle warns against relying solely on them.
Here’s how to effectively use PLR and AI:
- Add Your Unique Touch: Always infuse your personality and expertise into PLR products to differentiate them.
- Use AI as a Tool: Leverage AI-powered content creation tools, such as Jasper or ChatGPT, to generate ideas or streamline writing, but ensure the final product reflects your brand’s voice.
Conclusion
Creating digital products can be a rewarding venture for entrepreneurs looking to diversify their income streams. By understanding the different paths available, choosing the right type of product, and embracing your personal brand, you can set yourself up for success in the digital marketplace. With global digital product sales projected to reach $460 billion by 2027, now is the perfect time to get started.
For more insights and resources, be sure to check out Michelle Ponvert’s offerings here.
