Do you know what leverage is? Leverage is an advantage. It is getting the most out of something. Think of it as getting the most gain for the least amount of pain (pain being work!).
There are untold riches in a single booklet when you know how to leverage that booklet. And if you have more than one booklet, that’s even better!
Create Your Booklet Once And Sell It Forever
One way you gain leverage from your booklet is that you only have to write it once, yet you can sell it over and over again. This is a huge advantage over services businesses where you must perform a service and get paid for your time. You can’t leverage your time because you only have 24 hours in a day and you can never give them all. And you can’t sell the same hour over and over again.
But, there are many product businesses that also cannot be leveraged – such as selling crafts. If you create a craft item and sell it, it’s gone forever and you must create a new one to sell the next time. But, once your booklet is written, the work is done and you have a product that can be sold repeatedly.
One Booklet Equals Many Products
Another way you can create leverage from your booklet is to develop other products from it. For example, you might offer your booklet as a download, and then develop hard copies, a CD and an MP3 from the same booklet. Now you have four different formats to offer your booklet in, and each one can be viewed as a separate product.
You see this all the time. If you have ever visited any guru’s website, you’ll often see that they offer teleseminars and everyone who signs up gets either an MP3 or CD of the seminar at a later time.
Another thing you’ll often see one of these gurus do is offer a product in printed form, and then offer that same product in a CD format. Why? Because it adds value to their product. They didn’t have to write any more content. All they had to do was take the content that they already created and record it.
You can do this very same thing! Once your manuscript is created, you can create different products from it without much, if any, additional work.
Leveraging Your Idea And Your Market With Spin-Offs
Finally, another way to leverage your booklet is to create spin-off products or a series from it. This is really leveraging your idea as well as your market, but you need that first booklet in order for this to happen.
When I created my first booklet, once it was selling and I had established my market, I created two spin-off titles from it that I knew would be of interest to that same market. I now have a series of three booklets, and have since come up with ideas for several more booklets I can create within that series for that particular market.
Spin-off products include much more than just creating a series of booklets. You might decide to create a workbook to go with your booklet, or you might create a DVD. TV shows will create toys and other products as a spin-off, and often they’ll take a character or two from one show and create a spin-off show using those same characters.
With a spin-off product you will have some extra work to do, but it’s well worth the effort if you’ve already got an established market.
When you create a booklet, you should get as much leverage from it as you possibly can. The more leverage you have, the more riches you’ll make!
Got an idea for leverage that I left out? Please leave your comments below!
To your riches!
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