Day two of passive income challenge: Determine the need

Alright, so if you’ve been following along with this passive income challenge so far, you should have your writing schedule all figured out. (If not, don’t panic; it’s really very simple to do. Just click here to read yesterday’s initial passive income post. It will help you get started.)

Okay, so now that we have our schedule in place, let’s move on to the next step in the passive income process: considering the need our books will fulfill. How do you know you have a winner on your hands? In my case, I had a lot of people asking me information about a very specific problem, and when I gave them my solution, they just loved it. No matter that it seemed so simple to me (because I’ve done it so much, it’s become second nature); it was brand new to them, and it was exactly what they needed. No doubt the same can be true for you. If you’ve been doing your thang (whether that’s bookkeeping, business coaching, writing, whatever) for any period of time, you have probably seen what works and what doesn’t. Right? That’s what makes you an expert in your field (even if you’re too shy to admit it just yet).

But you need to find that need for yourself. Have you noticed that there’s little to no information out there about what you do? Did you spend two or five or ten years honing your skills with no guide to help you along the way, and now you want to help others get results for themselves by teaching them what you do so well? Or maybe you just noticed that all the information on your subject is packaged in a way that bores readers to sleep, and you can freshen it up with a new perspective and a funny spin. Whatever the case, find the need.

And then make sure that people are actually paying for it. There’s a publication called Standard Rate and Data Service that puts out regularly updated info about what consumers are reading and buying, and you can use that resource to see if there really is a need for your topic. If you’re a parenting coach and you find that hundreds of thousands of readers are subscribing to a particular niche parenting magazine, you know that you have a market who will eat up the information in your e-book. If, however, you search and search and can’t find anyone buying anything near your topic, there just might not be a need for it right now.

Check your library for a copy of the recent Standard Rate and Data Service pub, or you can buy an online subscription at www.srds.com.

So, in determining the need for your e-book, ask yourself the following questions:
•    Can you deliver the same-old information in a new and exciting way?
•    Do you have a fresh slant on a tired subject?
•    Do you have insider knowledge that your audience can benefit from?
•    Do you have exclusive or limited access to information that can make readers’ lives better in some way, shape or form?
•    Is there a question (or list of related questions) that clients keep asking you over and over again?
•    Do you have a process that you take each client through that can be duplicated in a book?

When I realized very recently (last week, in fact :)) that the last bullet point applied to me, I decide to run with it. So, my e-book is going to offer do-it-yourself access to my Starter Marketing Package that helps entrepreneurs develop a client-attracting website.

I’m so excited to get started! 🙂

If you’ve determined your need, please share! Just click the Comments link below to let us in on your progress through the passive income creation process. Can’t wait to see how things are going with you!

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