Things to Remember Before You Start – Part 4
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Avish: Fred, let’s talk about an idea that we talked about before but it’s worth repeating, and that is that 50 Percent of Something versus 100 Percent of nothing.
Fred: Yeah. I think a lot of times, you know, people in the information marketing business tend to get greedy and I should, I would suggest everybody listening to this program not be one of those people. Which is, there will a lot of times be deals in which you feel, you know, you should be getting, you know, a bigger piece or all of it or whatever. And in actuality, I wrote this particular, I thought about this particular concept because of the fact that, you know, partnering with people may give you a smaller total split, but a lot of times if you say to yourself, oh you know what? I’m going to do this myself. And you end up not doing it? You didn’t get a dime out of that.
Whereas, if you find someone to partner with, for example take our old relationship, we do a lot of work with speakers. I could do that whole thing myself and, you know, may not have enough time for it, and I’m more than happy for us to split our efforts, and for each of u to get a, you know, 50-50 share of that, rather than my trying to sort of get it all. Because getting it all is a great idea if you have the time, energy, motivation and inclination to do so. But a lot of times it is impossible.
So I’m very, very willing to do deals in which I don’t get 100 percent in, you know, in understanding that, you know, it’s certainly going to be better than getting nothing, which will often times be the case when you think about doing anything. Does that make sense?
Avish: Yeah. Yeah, absolutely. And I think that leads a little bit into the next idea, which is one of my favorites, and that is something you call Gleeckonomics.
Fred: Yeah. Well, Gleeckonomics is something that you helped create the term for, so I think that you can actually explain it. The whole idea is that Gleeckonomics is about understanding that, similar to mutual funds when investing in stocks, that it is better to get a little bit of money from a lot of different sources, than to try and get all of your money from one source.
So Gleeckonomics is the science of generating checks from 100 different sources every month, so that it’s the idea that rather than trying to get and put all your eggs in one basket like investing in just one stock and hoping it goes up, that if we have our sort of efforts put into a lot of different places, an affiliate relationship here, you know, a joint venture there, this, that, you know, this product there, so that I would suggest that people over time listening to this program end up with at least 100 different sources for revenue. For right now, it’ll sound kind of daunting, but in the long run it makes a lot of sense. What do you think?
Avish: I like the idea, but one thing that people might be wondering, and I am a little bit, too, is, how do you balance that diversification with focusing and niche’ing on certain areas?
Fred: Well it really, it’s a good question. And the idea here is that you might have revenue sources coming from 100 different places, but they are all at least related to your topic. For example, with me everything, every check that I get every month is in manner, shape, or form connected to information marketing.
Now if someone was saying, yeah, well I’m going to get 100 different checks a month. One of them is going to come from a plumbing business, the other is going to come from this architectural firm I’m involved in, the other one is going to be coming from this security business, the other one is going to be because I’m going to have a part interest in a major league baseball team, then I think you’re going way too far afield. I think that the idea of having multiple sources that are related to one another, at least intentionally, makes more sense than things that are way out there. At least for me. I would be too distracted with the other.
Avish: Okay, that makes a lot of sense. So since we’re talking about information and creating digital products and your ideas, one fear a lot of people have especially when they start out, and some for a long time, is this fear of people stealing your ideas.
Fred: Yeah. Yeah, it’s a big one, and I, you know what? It’s probably with people who aren’t, you know, who are getting started in this business who aren’t particularly savvy. It’s one of the questions I hear more, most often at my seminars and just in general, you know, when people contact me. And the thing that we have to understand, is first start out with the understanding that people cannot copyright an idea.
If, Avish, you know, you’re an expert in improve and improve comedy, and your next book coming out is called what?
Avish: Ding Happens.
Fred: Ding Happens, and what is that all about?
Avish: It’s about applying the ideas of improv comedy to business so you can deal with change quickly.
Fred: Now, if somebody listening to this program wanted to take that same concept and write their own book about it, you could do nothing to stop them, because the specific presentation of an idea is what is copyrightable, not the concept or the idea itself. So there are many, many book on improve, but yours is going to take a particular slant, and it’s going to be your idea and your thinking.
The thing about it is, is that people can always copy and, boy, you know, look at Hollywood. Look at reality shows. I mean, man, there’s copying going on all the time. The question, even when things are copied, Avish, take a look at, you know, who is it that actually succeeds? Does every show that’s a copy of another show make it?
Avish: No, in fact most don’t.
Fred: Yeah. And most don’t because, why? Which shows actually make it, that are copies of one another?
Avish: That’s a good question.
Fred: Yeah, well the one’s that people, voting with their eyes and eyeballs, watch every time. So–
Fred: So the only determinant of what is, you know, who is successful is, you know, people may like your particular approach more than others. They may not like it a little bit less. They may like it enough that you can stay up, still stay in the game but you may have 2 or 3 stronger competitors. It doesn’t matter. The marketplace will decide whose ideas are going to be most accepted in a given field. So let’s not worry about other people. Let’s take the information, the ideas that we can. Put them into our own sort of eye way of looking at it.
And the other thing is, you know, you can’t change who you are, nor can someone exactly imitate you. So one of the things that remains unique is that, no matter whether, you know, you’re doing the 5th reality game show. Maybe that game show or your information product is very, what I call, instructor-dependent, or in the case of a show on TV, very host-dependent. For example, I don’t think that a show like American Idol would work without Ryan Seacrest and some of the people they put on as judges. Whereas if somebody tried to do a knockoff of that, you know, they could probably knock it off, but one of the things that they couldn’t have is the host and the judges.
Well, the same thing is true with you and your information products, if you’re listening to this. You can take something that’s already out there, come up with your own slant on it because you are your own Ryan Seacrest, or, you know, fill-in-the-blank with the given judges at the time. You can’t, they can’t make another you. But they can try and imitate what you’re doing. So don’t get hurt or bothered. Consider it, you know, flattering when people do that. Because the one thing that they can’t do, and by the way, that leads to another important concept, which is that you want to put enough of the You into your product to make it so that copying the product is really going to be, and again to go back to our example that we used earlier of the formula for Coca-Cola. You know, there are, when you go to the store, Avish, you can see products called generic cola on the shelf.
Fred: And they don’t sell very well because they’re sort of like Coke, but they’re not Coke, because they don’t have the exact formula. Well, anyone producing an information product has to realize that when they put together their product, one of the things that’s coming through in that product is who they are, their personality, their ideas, their method of delivery and their slant, and that by definition will always be different.
Avish: Well it sounds like it almost builds off of an idea you mentioned before, which is to do your own thing and to not necessarily worry about it, but just keep generating content, keep building your own products, and don’t really worry about some of that other stuff.
Fred: That’s exactly right.