Daniel DiPiazza is the founder of Rich20Something, having built three separate businesses to more than six figures in revenue, without taking startup capital from investors. DiPiazza shares the secrets to his sucecss in his new book "Rich20Something: Ditch Your Average Job, Start an Epic Business, and Score the Life You Want," which outlines the mindset, hustle, tactics and strategies it takes to build and scale a profitable business.
Among the key takeaways in the book is the incredible scaling power of digital infoproducts: essentially the monetization of content in the form of online courses, premium paid membership sites and more. DiPiazza is a living case study, having built his business around courses like Freelance Domination and Startup From The Bottom.
"Information products and digital courses are all about teaching somebody how to do something that they couldn't do before, and all of us have something unique that we can teach others," DiPiazza says. "If you can learn how to package that knowledge and direct people to it, you can help the world by providing people with valuable skills--and you can help yourself by making money from what you already know."
DiPiazza shared some of the perks of an infoproduct business:
You Already Have "The Big Idea"
As DiPiazza talks about in the book, there's a lot of pressure to come up with a "big idea" as an entrepreneur. But when it comes to creating a course or other infoproduct based on your experience and expertise, you already have everything you need to know inside your head (and maybe a few notebooks or Google Docs.)
"The learning curve tends to be a bit lower than with other business models," DiPiazza says "because you're essentially working with what you already know."
Spend some time to think about your skills and experience, and think about what you can teach the world. Someone out there can benefit from your work experience, setbacks, hard-learned hacks and breakthroughs.
When it comes to infoproducts, DiPiazza says, "The ROI is crazy." Since the course materials are typically created upfront, and you don't have to factor in costs for physical creation of products, you can run your business with fairly minimal expenses, mostly on the tech side.
"Info products require almost zero start-up capital, and the risk is very low," DiPiazza says. "You'll have to buy a domain name and a few other things to get started, but you won't need to go looking for investors."
"Since you don't have to worry about overhead or inventory, the majority of the money you make will be pure profit."
Work Upfront, Passive Income After
"Scale is much easier with info products," DiPiazza says. If you've already built an audience around your expertise through an email list, blog, social following, podcast, speaking appearances, Facebook community or other avenue, then you can consistently acquire new customers without changing your habits much at all.
And, because you don't have to be actively working for students to be buying and taking your course, you can continue earning money from your infoproducts while you're doing other things.
"You can easily automate the systems so that your products sell 24-7 without you even being there, which opens up the possibility for the "work from the beach" thing, if you desire," DiPiazza says.
"The BIGGEST benefit of this business model is the ability to completely dominate in a niche market," DiPiazza says.
"While many other types of businesses revolve around large traffic numbers or third-party middlemen to sell for you, you can build a successful six- or seven-figure info product empire with a very small list of customers who are highly targeted and really care about your work."