“How much money do I need to start selling digital products?!” This is one of the most popular questions that I get asked on my social media. I’m just going to cut to the chase: you don’t need any money to get started on selling digital products. Zero! Zilch.
However, there is a little caveat, which is that this is for the majority of digital products. There are some folks out there that are doing something super niche that does require some fancy equipment. Let’s get into it!
Upfront Money Required For Digital Products
When you consider the details of starting your very own business, it often leads to immediate stress and a whole lot of questions. With a physical product and business, you will likely need to obtain a business loan from the bank, locate a brick-and-mortar storefront, find trustworthy partners to join you, investors to fund your success, a manufacturing location and maybe even a logistics team for shipping and storing your product. Sounds like a major headache if you ask me.
The beauty of digital products is that they remove most of those barriers! Depending on your skill set, you just need yourself, your computer and some trusty internet access. You have the power to transform your life and harness your unique experiences and knowledge into a flourishing business while connecting with a terrific online community. You really can make a killing with digital products.
Let’s look into my story a little deeper. When I first started to sell my digital products, I made $859.00 in my first month. Not bad when you consider how little time I was actively working on the product. The second month it exploded and I made $2,938.00. This is all while still working at my full-time job. I was amazed by the success and it opened a ton of doors for me that were previously closed.
Many digital products require no upfront costs, assuming you already have a laptop or computer. Some examples of totally free digital products are:
- Nutritional guides
- Wellness tracker templates
- Aesthetic checklists
- Bible study guides
- Skin care guides
- Legal templates
- Coaching sessions
- Bookkeeping templates
These are all free and can be done with Canva, a free and user-friendly design tool. If you know me, you know I am obsessed with Canva. Pro tip: If you’re going to monetize your product, do not use Canva’s existing templates, as these are copyrighted. Rather, you must start from scratch!
Now, depending on what you decide to hone in on to sell, there are some digital products that do require a bit of financing from the start. For example, photographers or videographers should have a decent camera to capture imagery that they can then sell as stock images. DJs and musicians who wish to sell sound effects or instrumental tracks must have the correct instruments or online equipment to do so. In regards to cost, this will completely vary depending on the quality and type of equipment you require. This should be something you budget for in the offset, as it could cost anywhere from $200-2,000. The good news is that it will pay off!
Ready for more good news? You absolutely do not need to be an expert in the digital product niche you choose. This means you do need some fancy degree to start making money. Of course, your product should add value and it should be made with care and diligence, as it won’t be much of a success if it is not.
Plus, you can take advantage of free and inexpensive online tools to track sales, revenue, conversion rates, bounce rates, and any other tools that might help you make more money.
Cost Of Creating An Etsy Storefront
To join Etsy and create your own storefront is free! They don’t charge you a cent until you decide to open your shop and make all of your digital products live.
There is a small fee in order to sell your products. These are called the listing fee, the transaction fee, and a payment processing fee, which cost 0.20 cents! Your listing then stays active on your storefront for four months, or until it is sold.
Anyone can start their storefront on Etsy and a credit or debit card is not required to create a shop. You do have to become verified in order to sell, but you have the choice to use either a credit card or to register via PayPal.
Optional Things You Can Pay For
While you absolutely do not need to pay a dime to get started, you may want to pay for additional things for additional success. These can be the following:
You may wish to gain more traffic to your storefront through paid Facebook or Google ads that start from around $5. You may wish to create a personal website for additional authentication and greater outreach, which typically costs around $20/month. Another way to garner attention is by collaborating with influencers or other online personalities, where costs will vary.
- Additional Learning
I’m a huge advocate for continued learning, as it adds to your personal value and can give you an edge over your competitors. You may wish to grow your knowledge with my Digital Shop From Scratch course. Those that enroll get lifetime access to the valuable information and it is self-paced, taking around 1 hour to get through! This information will take you from beginner to pro at topics like market research, creating the best product, and standing out on Etsy.
Start Making Profit Today!
Digital products allow modern-day entrepreneurs just like you to take advantage of the internet, by making a steady stream of income without the hassle of physical products and without an upfront cost.
I believe that everyone should take advantage of the unique opportunity that lies within digital products. There is no risk, no debt, and the chance to be creative and make great money. Yes, it’s that simple! What excites you the most about digital products?