Have you ever thought about creating your own product? (If not, you probably should.)
In this post I want to address what I see as a very common problem: people who have the potential to create good or even great products but don’t bother because they don’t think they have enough to offer.
A very common version of this thinking goes like this: There are already products about subject X, so I shouldn’t create my own.
That is really bad thinking that successful business people don’t waste their time entertaining.
Note: I am not saying you should blatantly copy other people’s products or create lousy products. Let me give you a real example of what I mean.
A Real-Life Example
Recently I met a man who makes a very comfortable living with a specific type of offline business, a common one that many people have done, but very few make a living with. He works about 10 hours a week on it, has no employees, and makes more than enough to support his wife and kids. He’s been doing that type of business almost 15 years and making a living from it for about 10 years.
I asked him if he had ever considered doing coaching or creating a course to teach people how to do that kind of business and he said yes, many times.
Naturally I wondered why he hadn’t done it, since he certainly was qualified to teach that and had the time to do so.
He said the main reason he hadn’t created a course was that there are already other courses that teach how to do that business.
Of course there are. Like I said, he’s in a common business. But since he’s been doing it for so long and making a good living at it for close to a decade, don’t you think there are people who would love to learn from him?
I know of other courses on that subject, but after talking with him for few minutes, I’d rather learn that stuff from him than some industry guru, and I’m sure there are other people who would feel the same way, too.
That’s because anyone with that much real experience in a subject is bound to include ideas in his product that the others aren’t teaching.
It’s also because his style of teaching would be different from anyone else’s, because everyone’s style is different.
Stop Thinking That Way
If you think you can’t or shouldn’t create a product on topic X because there are already products on that, stop thinking that way!
If that’s really the way things work, there should only be one product about each topic. Imagine how boring a world would result from that. Imagine if there could only be one book about playing golf, one about raising dogs, one about investing in stocks, and so on.
I have created courses on membership sites and Kindle publishing, among other subjects. Are there other courses on those topics? Yes, of course, but I didn’t let that stop me, because I know mine are different and have some ideas the others lack.
Imagine if Dave Thomas hadn’t started Wendy’s because McDonald’s and Burger King were already selling fast food hamburgers. I seriously doubt he ever spent even 5 minutes thinking that way. Yet, every day, people are selling themselves short by not creating products because someone else already has a product that covers that topic.
Forget About Competition
If you’re waiting for a topic that no one else has written about, plan on waiting a long time, or finding some topic that’s so obscure that there’s nothing available on that topic because there’s no demand for it.
You might manage to find some brand new topic and be the first to create a product about it, which can be a great advantage, but don’t expect to be alone for long if the market is a good one, because other people will create products and won’t have the hangup about having to have no competition.
Forget about competition!
Three Simple Questions
If you’re considering creating a product (specifically an information product such as a book, membership site, or course), there are really only three questions you need to answer:
1. Is there a demand for the information? If not, don’t bother creating something no one wants.
2. Can you create a quality product on that topic? Note that doesn’t mean you have to be the expert. You can find someone else who’s an expert or research the topic.
3. Do you want to create a product on the topic? (I’ll assume the answer here is yes, or you probably wouldn’t be considering it.)
If you can answer Yes to all three of those, go for it, do your best and forget about competition. If not, find something else to do.
It’s really that simple.