20 Aug 2024
1,298
7 minutes
From idea to successful project. Infobusiness funnels
Infobusiness. What is it and how to build a successful project?
As an entrepreneur, I often hear questions about the infobusiness: ‘Is it worth investing in this? How can I make money on my knowledge and experience?’ My answer is simple: the infobusiness can be a great source of income if you approach it wisely. In this world where knowledge and experience are becoming increasingly valuable, the right approach can turn your ideas into a profitable business.
The information business is a powerful tool for monetising knowledge and experience, which has its own unique advantages and challenges. It has pros and cons, which I will discuss further.
What is an infobusiness? Let's count its advantages
- Infobusiness offers an almost limitless choice of topics. You can share your knowledge in any area that interests you and in which you have an expert level. From marketing to cooking, any topic can find its audience. This allows you to find your niche and become a leader in a particular area.
- With the right processes in place, an infobusiness can generate a steady income without constant involvement. Online courses, webinars, or books created once can be sold without your direct intervention. This allows you to automate your business and earn passive income.
- Starting an infobusiness requires significantly less investment than a traditional business. You do not need to rent premises or purchase goods. The main expenses are content creation, marketing, and personal brand development. This allows you to reduce financial risks at the initial stage.
- The information business does not require significant investments in physical resources, so the risks of losing money are minimal. If your idea doesn't work out, you can quickly adapt or change direction without incurring major losses.
Disadvantages of the information business
- Although the information business does not require large financial investments, it does require significant time and resource investments. Creating quality content, building a marketing strategy and developing a brand takes a lot of effort, especially at the beginning.
- Choosing the right niche and an effective marketing strategy are critical to the success of an infobusiness. Incorrect positioning or product mismatch with market needs can lead to losses and even failure. It is important to thoroughly research the market and test your ideas to minimise these risks.
- The information business requires clear organisation and discipline. Without a physical office and a fixed schedule, it can be difficult to set up a workflow. You need to develop a time and task management system to work efficiently and achieve your goals.
- The information business is often a self-directed endeavour that requires a high level of self-motivation. Without external pressure or a supportive team, it can be a challenge to achieve consistent results. It is important to have clear goals and strategies to keep your motivation high.
- If you hire people to help you with your information business, you have to take responsibility for their work. This means not only quality control, but also encouraging, training and developing employees. This approach requires additional effort and time, which can be a challenge for those who have no experience in managing a team.
Promotion of information business. Is it easy or not?
The most important stage in the info business is product promotion. And this is where a sales funnel comes in handy, as it is an important part of the product promotion strategy.
Let’s look at the main stages and schemes of sales funnels that can be used to effectively promote your product.
Diagram 1: funnel engagement → mailing → intensive → nurturing email series → sale
This scheme is ideal for low-value information products, as well as for entrepreneurs who use social media as their main promotion channel.
Stages of implementation:
- Attracting attention
Attract new subscribers through intensives, webinars, advertising, affiliate programmes, or other marketing campaigns. For example, organise a free webinar on ‘Reels and Shorts Promotion in 2024’ and offer a paid intensive course ‘Reels and Shorts Intensive’ as a bonus.
- Newsletter
Start sending out useful content via social networks, email, messengers (specify your channels where your target audience is concentrated). Send tips, tutorials, or interesting articles relevant to the topic to prepare your subscribers for your intensive.
- Intensive
Hold a paid intensive where you will present your main product. Offer special conditions for those who purchase the product during the intensive, such as a discount or a gift for the first ‘early adopters’.
- A series of emails
Send a series of reminder emails or messages to those who didn’t make a purchase right after the intensive. For example, remind them of a deadline or the remaining number of seats or a special price.
This scheme allows you to effectively attract new customers, keep their attention, build trust, and encourage them to buy, which ultimately increases sales success.
Scheme 2: game → tripwire → main product → sales → additional product
This scheme is designed to sell several low-cost products in order to attract the audience to the main product. It is especially suitable for entrepreneurs who are actively developing their social media presence.
Stages of implementation:
- Game
Organise a free game or contest on social media to attract new participants. For example, ‘Pump up your financial thinking with Cashflow’.
- Tripwire
During the game, offer participants a tripwire – an inexpensive product or service (cost from 5000 to 3000 UAH). For example, the Financial Literacy template.
- The main product
After the game, remind participants about the main product, for example, ‘Young Investor 2024’. Present the main product as a logical continuation of the tripwire.
- Additional products
For those who have purchased the main product, create special offers for additional products or services. For example, offer exclusive discounts or bonuses for buyers of the main product.
Using this scheme will allow you to effectively attract new customers, make your first sales, and encourage further purchases through special offers for additional products.
Scheme 3: traffic → free marathon → sale of the main product → landing page → sale
The scheme helps to create a high level of trust and interest among participants, which helps to increase sales.
Stages of implementation:
- Traffic
Use different channels to drive traffic to your platform or event. It can be social media advertising, contextual advertising, affiliate programs, or SEO optimization. For example, you can run social media advertising campaigns to promote your free marathon.
- Free marathon
Organize a free marathon or webinar series that offers valuable content and information to your target audience. The marathon can be focused on problems and solutions in your niche, which demonstrates your expertise and builds trust.
- Selling your main product
During or after the marathon, offer your main product or service. Use sales techniques such as special offers, limited-time promotions, or bonuses. For example, on the last day of the marathon, you can present an exclusive discount for your course or consultation.
- Landing page
Create a special landing page that presents your main product and contains all the necessary details, customer reviews, benefits, and ways to buy. The landing page should be optimized for conversion and contain a clear call to action (CTA).
I have not used this particular scheme in its pure form, but I plan to launch such a funnel this month, so follow me on social media to learn from my example ?
How to legalize the information business?
Many people ask me: “How to legalize an information business in Ukraine? It’s so complicated!” If you are serious about turning your knowledge into a business, you need to first figure out how to formalize everything correctly. Don’t worry, it’s not as complicated as it seems at first glance.
Legalizing your info business is an important step to ensure legal protection and avoid possible legal problems. Here are the main steps that will help you do everything legally:
- Business registration
– FOP (individual entrepreneur). Suitable for information businesses if you work independently. Easy to register and manage.
– Legal entity (LLC, PE, etc.). Recommended if you have a team or plan to scale your business. A more reliable form in terms of liability and credit history.
- Licenses and permits
Information businesses usually do not require special licenses, but you should check whether additional permits are required in your jurisdiction for specific activities, such as financial advice.
- Tax accounting
– Single tax. Suitable for small entrepreneurs. The simplified system reduces administrative costs.
– General taxation system. For large businesses with more accounting and reporting responsibilities.
- Legal documents
Develop standard contracts for cooperation with clients and partners. These can be service agreements, license agreements, confidentiality agreements, etc.
Create a privacy policy that describes how you collect, use, and protect your audience’s personal data.
- Protect intellectual property
Register copyrights for your information products (courses, books, videos) to protect them from illegal use.
These steps will help you legalize your infobusiness and ensure its stable and legal operation. It is also important to consult with a lawyer or tax specialist to avoid mistakes and ensure compliance with all requirements.
So... what are the conclusions?
I wonder which of these funnels will work for you? ?
