Ways To Develop Your Own Outrageously Profitable Product

By Rich Hamilton, Jr
Posted Wednesday, July 21, 2004

If you want to make big money on the web, you need to have your own product. A lot of people would like to have their own product, but they lack either, the expertise and/or have no idea how or where to begin.

Before you even think about creating a product, you need to research and make sure there is a market. You need to identify your market and find out exactly what they want for a product.

When it comes time to decide on a product to develop, you need to realize that the niche your researching is something that people want and not need. People are more apt to purchase something they want over something they need.

Why?

People on the web are impulsive shoppers, they make decisions based on emotions. When they see something they want, they buy it based on their impulse and desire to have it. Any purchase based on emotions is an impulse purchase and emotion is what sells!

Develop The Product Yourself

Today, the two hottest and outrageously profitable products on the web are, software and informational products, such as ebooks. If you want to build a solid reputation on the web, then having your own product is the best way to go. When most people develop their own product, they tend to favor an ebook over software.

Why?

A couple of reasons, one is, ebooks are a lot easier to develop, then software. Another reason why ebooks are so popular is, because they cost next to nothing to start up and maintain. The profit margin of an ebook is extremely high, compared to software, anywhere up to 95% is profit.

On the other hand, with software your profit margin is not nearly as high as an ebook. Unless you know how to develop your own software, developing costs will be at a minimal. You probably don't know how to develop software, so the chances of having to hire a software developer is high, and can be very costly too.

Moreover, it takes time to write and publish your own ebook. You need to write, go through the lengthy editing process, and publish it. I am not trying to discourage you, it takes time and dedication to write your own ebook. When it's all said and done, the end result is well worth it, because your are gaining the name recognition.

If you can't write, or don't have the expertise to develop your own product, no problem. I will give you a few other alternative solutions to help you on your way to developing your product.

Conduct An Interview

You would like to write your own ebook, but you don't have the expertise to educate your reader. This is a problem that many people face. If you don't have the expertise for your ebook than find someone who does and conduct an interview with them. It's that easy!

You might be able to find an expert in your particular field that might participate in your interview for free, because it would be more exposure for them. On the other hand, a real expert knows their expertise is valuable and will charge you a consultation fee for participating in the interview.

Ghost Writers

If you are the type of person that doesn't think they can write, let alone write their own ebook. Well, that's where you can hire ghost writers. There are literally thousands of writers out there that are hungry to write for you. Ghost writers will write your ebook for next to nothing.

You can find thousands of ghost writers by going to the Search Engines and searching for the keywords "ghost writers". With ghost writers no one will even know that you have hired a ghost writer, with the exception of you and the ghost writer. I wish that I could recommend one for you, but I don't use ghost writers, so I can't.

Freelancers

If you have ever wanted to develop your own software at a reasonable price, then freelancers might be the way to go. A freelancer is a professional independent contractor that you can hire to develop your software, or just about anything else you can imagine.

The best place to find freelancers are at network giants, like Elance and eMoonlighter. Elance is my personal favorite. Just to give you an idea, Elance alone has tens of thousands of freelancers waiting for your job.

Let me give you a quick rundown of how it works within these networks. It works just as though you were selling an item on eBay. The first thing you do is post your job, giving a detailed profile of the project. Then, you will select a certain amount of time for the professionals in that field to place their bid on your project.

These are some of the popular methods that people use to create their own products. Just make sure you do your research before you think about developing a product. You don't want to develop a product that no one wants, you will not be happy with your results.

About The Author
Rich Hamilton, Jr is the CEO/President of (http://www.ElitesMarketing.com) and the Author of Inside Internet Marketing. His book will show you how to ignite your sales by unlocking the absolute truth to marketing online and how you can turn your web site into a moneymaking powerhouse without paying a cent for advertising. (http://www.Advertising-Free.com)