Step 5: Plan Your Products

In this lecture, we’ll discuss the crucial step of planning what digital products or services you’ll offer.

Your digital product should not only align with your interests and skills but also address a need or solve a problem for your target audience.

Here’s how to consider and plan your products:

What Will You Sell?

Here is a list of the top Digital Products that you can create and sell:

  1. Education (Courses, Ebooks, Newsletters..): Digital learning materials and resources spanning various topics and formats for personal and professional development.
  2. Community: Online platforms or memberships that bring together people with shared interests for networking, learning, and collaboration.
  3. Templates, Themes, and Codes: Pre-designed layouts, visual themes, and code snippets for websites, documents, and software to save time and effort in development and design.
  4. Data Access: Subscription or one-time fee services providing access to specialized databases, research, statistics, or proprietary information valuable for analysis or decision-making.
  5. Tools and Software: Digital tools ranging from simple apps to complex software solutions for various tasks or industries, enhancing productivity or offering specific functionalities.
  6. APIs: Application Programming Interfaces that allow different software applications to interact, enabling developers to integrate and leverage various functionalities in their own applications.
  7. Ad Spaces: Virtual real estate is available for purchase on websites, apps, or digital platforms where businesses can display advertisements to a targeted audience.
  8. Affiliate Products and Services: Marketing and selling third-party products or services in exchange for a commission, leveraging online platforms and networks for promotion and sales.

{Video showing examples from my business on each, and talking about multiple income streams in one business we mentioned before, you can start with one and scale later. We will talk about scaling later}

Solve a Problem!

Your product should solve a specific problem or fulfill a need for your target audience.

Whether it’s helping them to learn a new skill (health, wealth, relationships, etc.), improving their efficiency, or providing entertainment, it needs to have a clear value proposition.

To-Do

  • Research: Identify gaps in the market or common pain points in your niche.
  • Skill Assessment: List your skills and knowledge areas to see what unique value you can offer.
  • Product Planning: Decide on the type of product you want to create. Start outlining what it will look like and how it will deliver value.
  • Market Analysis: Look into your competitors and similar products. Understand what works, what doesn’t, and how you can differentiate yourself.
  • Prototype/Test: If possible, create a small version of your product or a sample and get feedback from potential users.

Create a Simple Tool to help suggest product ideas (streamlit) create labs for this course.