Research Your P.I. Product Ideas
Did you do the S.W.O.T. exercise? If not, I recommend you go back and do it. Remember Speed of Implementation? I knew you would.
That exercise can lay the groundwork for everything you achieve in the passive income realm over the next five to ten years. I understand it isn’t a bright and shiny exercise and that you may be thinking, “I just want it done!” but it is extremely important.
If you did do the exercise, we will now dig deeper into what you learned about yourself. I've created another PDF worksheet for this exercise. You may download it at the bottom of this page. Once you have the PDF in hand, we can begin.
This exercise may scare you, but don’t let it. You are just gathering intelligence. Write everything down — you can always go back and edit later.
Take a few minutes and highlight a couple of ideas that sprang from the S.W.O.T. exercise. Let’s go back to the sewing example. We will pretend that sewing is your hobby, and you want to see if you could turn it into a passive income information product.
Go to Google — not Yahoo or Bing, but Google. It is the largest search engine on the planet, so start there. I want you to try every search you can think of for the term sewing. Dig deep into this subject and look at the results. Write down anything that jumps out, and open the pages in a new tab or window.
Here are some examples of search terms:
- How to sew
- Sewing courses
- Sewing books
- How to be a seamstress
- How to sew a shirt
- Make your own clothes
- Sewing garments
- Stitching a seam
- Repairing a torn shirt
Notice that as you start typing, Google will make suggestions. Write those suggestions down and search them too. Chances are, you will see a lot of material. Is that bad? Or good? Actually — it’s very good. The fact that people are writing about it or have products related to it, means that people are interested in the topic. If you are not finding anything or the search does not yield the expected results, it may mean demand isn’t high.
So which is better: a subject with little interest, or one with a higher demand? You should be able to answer that yourself. You can still create a passive income product in a small market and succeed if you do a great job — and I know you will do a great job. But the rewards are much greater if you select a market with a high demand.
After you have spent some time searching, look at the pages you have opened. Make a note of the titles of the courses and books on offer and write down a brief blurb of what they teach. Write down any products for sale and some details about those. You should end up with a full page that has the top ideas, products and information available on the topic you chose. It could take you an hour or even two, but it will be time well spent.
Try the same searches on YouTube — it is the world’s second-largest search engine behind Google. Then try the search on Amazon.com. It is one of the Internet’s biggest sales websites. Want to dig deeper? Try Yahoo and Bing, although chances are, you will start seeing a lot of duplication.
Tip: On Amazon, notice the sales rankings in the product’s category. Click on Best Sellers to see the top sellers in that category or niche.
You could spend a whole evening on this — but an hour should be plenty. Do this with two or three of your passive income ideas. That way, if one doesn’t pan out, you won’t be back at square one. One thing you shouldn’t do is get discouraged. Some people see all the content available online and let self-doubt creep in. If you do that, you’ll never get anything done. I’m going to tell you again and again and again: you CAN do this.
Remember, this is just the idea and research phase. No one you see online was an instant success or born a leader/expert in their market. They learn things just like you do. If they can achieve any level of success — you can too.
You have a lot of work ahead of you. Over the next couple of hours, you will lay an incredible foundation for your first passive income profits.
Go and explore.