I have conducted a survey, and found a painful problem that I know how to solve, although it is complex. It cannot be "done for you", and can only be "done with you", or "do it yourself". I know done with you can be lucrative, but it's not for me. I would rather not consult a few people one on one for thousands of dollars. So do it yourself seems most appropriate. Hence I have two options: 1) Package the problem into an en ebook or online course, and sell it at $20-$200 Or; 2) Create an online resource (blog, online magazine, etc) build an audience of 2-3k visitors/day and 5k email subscribers slowly, and then sell to them multiple products and services (plus I can monetize the traffic with ads etc) Some facts: I am too broke to spend money on advertising. No one knows who I am in the industry and I have no formal qualifications, so the trust level is low. On the upside, I know exactly how to solve the problem, I can write killer content and I am an email marketing wizard. I am decent with SEO, and I am willing to learn. I don't expect people to see my ebook and buy it in thousands.. Unless I advertise the heck out of it and myself. And I don't have money to advertise like that. I am more than willing to take 2-3 years to build the audience before I monetize it. I am playing the long game and looking to make 20k/month consistently. Which would be smarter to do here: - Package all my knowledge into the book/course and sell for cheap Or; - Create the audience, monetize the traffic and email list. And why. Thanks!
First of all, based on the informative manner in which you phrased your question, you seem very intelligent and business/internet savvy - so either way, I'm sure you'll do great.
Answer: I would go for both. Why? Because they are not exclusive to each other. Some people will just want to read about a specific subject/issue/solution within the field, and others will want to read the entire e-book. Also, some people like to have a book layout, versus others who prefer reading short posts. The online concern with an e-book is the re-publishing of the content by a third party - but if you release the eBook only after you publish most of the content on your website, this won't be a problem because Google recognizes who published the original content first.
If the above us not an option because of the specific subject you're covering, then I would go with the online resource option (and not the e-book). The eBook is a once off profit model, whereas you could probably sell numerous products/services on the website (I would of course need to see all the numbers to give you a 100% answer).
p.s.: if the business has a lot of potential (backed by numbers), I would be willing to consider a small investment (if this interests you).
I've successfully helped over 300 entrepreneurs, and am happy to help you as well.
Best of luck
Answered 3 years ago