Every business has its slow times. For some, it's the summer months. For others, it's the last two months of the year.
Whether it's because you have kids who are going to be out of school for holiday break or your business is slow because your clients are doing less, these slow times are great for coming up with a new product to sell during your busier times.
If you have never created a product before, don’t be put off by the fear of the unknown. You can get through this faster than you think, and it’s nice to have something new on your website or to talk about on your Facebook page.
Here are two kinds of products you should definitely consider doing.
Why not do both?
There is plenty of time!
Idea 1: Create a New Packaged Offering or Product
The product you create could be a new free offering, a low-cost entry to your products and services, or a high-end offering. (I have put some suggested time frames in parenthesis for each task.)
1. What Are You an Expert On?
What are you talking to your clients about already? Think about the kinds of questions your audience is already asking you about. What can you talk to them about without preparation? If you were at an event and someone started asking questions about your business, you know you could talk for at least 30 minutes on probably more than one thing. Write down a few ideas here. (total time: 30 minutes)
2. Take Your Topic and Break it into 3 – 5 Points
Write an outline for each of these points. (total time: 1 -2 hours)
3. Create a Recording or Video for Each Point
It could be a 3-5 minute recording or it could be 30 minutes. The more information you share, the more you could potentially charge for the end product. (total time: 1 day)
4. Make at Least One Handout per Session
How about a glossary of terms, some tips, resources, etc.? Make these look nice. It needs to have your branding on it, some graphics, maybe photos, links to your website, Facebook page, and other social media accounts. Maybe it’s a fill-in-the-blank handout to go along with your recording. It might be workspace as you walk them through an exercise of some kind. (total time: 1 day)
5. Create a Transcript from Each Recording
Again, this should be formatted similarly to your other handouts. Everything should look the same and match your branding. (total time: 3 hours)
6. Package it All Up and You're Ready to Sell
Add the links to your website and publicize. (total time: 1 day)
Idea 2: Create a Monthly Membership Program
You have clients who already love working with you and have enjoyed your products or services. Why not give them a way to continue working with you? Each month your members will get information from you that non-members don’t get.
The point of a membership program is to leverage your time to increase your income. Set a goal to have a certain number of new members in the first quarter. You will create the information and share it among all of the members who are spending a little bit of money each month to have a small piece of you. Depending on how much you offer each month, and the value to the client of what you are offering, the monthly cost could be low-cost ($27 – $99) or very high end ($197 or more).
You could have an open-ended program where they subscribe indefinitely, or you could have a short term program where members participate for 3, 6, 9, or 12 months, and have then completed your offering.
Consider some of the following components in your program and price accordingly.
- Send a special product or industry article that you have written for the occasion. (total time: 1 hour)
- Create a private Facebook group for members only where everyone can get to know each other, share ideas and questions, and have some contact with you. (total time each month: 1 hour each week if your group is very active)
- Teach something on a 30 minute or hour-long teleseminar or conference call. Have one or two each month. (total time: 1-3 hours, includes prep)
- Teach something on a short 20-30 minute webinar. (total time: 2 hours, includes prep)
- Have call-in hours. Set aside a one or two-hour block of time on a set day each month where members can call you directly to ask a question. Limit the calls to 10 minutes each. (total time: 2 hours)
- Create and send a short video answering a question or giving some information. (total time: 30 minutes)
Related Content: How One Niche Blogger Created a $300,000+ Offer
This year, choose to use your low time (or ANY 60 days) to add a new digital product to your offerings. Make it fun and grab a business colleague and create something together! It could be a joint product or program offering, or maybe you just help each other create something new for your individual businesses. Either way, you’ll be excited about the possibilities for the new year ahead!