I’m a big believer in creating multiple revenue streams.
First, I always start with some type of recurring revenue program. ALWAYS. That’s the crux of my business.
But I also like to create big-ticket items as well. And the big-ticket items is what separates 5 and 6-figure entrepreneurs from the 7 figure earners.
Now the definition of “big” ticket will vary based on your industry. In general (and in today’s economy), I define big ticket as something $500 and above.
If you do not have AT LEAST one big-ticket item in your product portfolio – you are leaving money on the table. A LOT of money! Seriously.
Think about it. Even if you sell just one product for $1k every week – that’s 52 a year. Which comes to $52K per year. If you sell one a day.. that’s $365K. Not too shabby.
I remember being scared to create a product for more than $50 all those years ago. And when I launched my first product that was out of my comfort zone (a $197 program), I was terrified. But I sold out all 100 spots in a couple of days (and just about $20K in profit).
So, my fellow entrepreneur, here are 2 simple ways to turn your ideas and passions into BIG ticket items..
METHOD #1: THE LIVE WORKSHOP
I love doing small group live workshops. And because of the personalized nature of these type of events, I have charged from $1,000 to $10,000 per person. (in fact, you can see one of my $10K workshops right here for just $1).
You can create these laser-targeted workshops in just about any niche and market. Think about it. Just 5 people at $1K each is $5K for one day. Just run one a month and that’s a $60K income… still more than most people earn in a year!
METHOD #2: THE HOME STUDY KIT
If you want to create even more leveraged income without having to do more than one workshop.. no problem. Simply record your live workshop and resell the recordings as a “home study” kit. You can charge $500+ for a niched home-study kit.
You can deliver it online as downloadable audio, video and pdf files.
Or offer it as a physical product like DVDs, CDs and printed workbooks.
I’ve helped people develop these kits in everything from fitness and parenting to marketing and stocks.
Figure out the biggest challenge in your market and develop a plan for at least one big ticket item. I like the idea of a workshop and then recording it.
Now get out there and change the world.
COMMENTS AND QUESTIONS ARE ALWAYS WELCOMED
P.S. I have created the most comprehensive system that show you EXACTLY how to create big ticket products (everything from the tools you need, building a site in 10 minutes and even my best simple selling system). Check it out here.
P.P.S. Oh yeah, my 1K Per Day model is the most details system to date. Heck, even if you want to do a workshop, I’ll break it down to when to have breaks and where to find super-cheap (and free) space to run them. And even how to fill the room.