One of the challenges of developing an information product platform is having enough capital to invest in quality products and marketing. Original content tends to sell better than old and used content. A number of businesses have made some money from selling package sites and niches to people who think that these poor products will help them get rich quick. If you’re serious about creating a valuable, money making information product platform, then you need to develop original content that will rank well in the various search engines and keep your customers coming back for more.
Quality isn’t necessarily cheap though. In fact, generally the opposite is true. Unless you plan to write all of this content on your own, you will need to hire writers to assist you with the development. While many freelance writers work for flat fees, you may be able to enter into an alternate payment structure to get a quality writer to assist you in developing the kind of content that you need to make your information product platform work.
Trade Services or Barter
One of the oldest methods of commerce is bartering. Through bartering, you can offer the writer something of value in exchange for the writer’s services. Depending on what your information product platform is, you might provide the writer with particular services your business offers. Or you could offer a complementary service or product from another business that you run. Anything could form the basis of a bartering relationship so long as it is not against the law.
Craigslist is one of the more popular online bartering sites, but the quality of the offers do not always meet professional expectations. Other online bartering services can sometimes connect you with higher quality professionals such as U-Exchange, Care to Trade, Internet Barter Exchange, and People Trading Services. People Trading Services tends to work best for most information product developers.
To get the most out of the system, make sure that you provide detailed information about the services you want and what you are willing to give in exchange for those services. Remain somewhat flexible. Also keep in mind the relative values of what is being traded. Generally, you’ll want to make sure that the approximate money value is equivalent. Don’t be afraid to ask for samples though when considering someone else’s services. Remember to be willing to provide your own sample if someone is concerned about the quality that he will be receiving in return.
Sometimes, getting capital may not be the problem. In those cases, you may find that it works best to offer the writer a payment system. Most writers will be leery of providing you with the full product without any payment up front. In this case, place anywhere from a third to a quarter of the money in an escrow account. The more you can place upfront, the more secure the writer will feel. Through freelance sites such as Elance, the escrow process is handled upfront. Just explain from the beginning that this is a beginning venture, and you do not have all the money right now but expect to have it at the following times. If necessary, provide certain assurances and guarantees.
Set up an agreeable payment schedule based on the writer turning in the key elements in accordance with your timeline. When setting up an account in escrow, make sure to have the money in account entirely separate from your typical business account. In many states, this is the law. In the states that don’t require this, it’s just good practice.
One of the best ways to get great writers to assist you with your product development upfront is to offer royalties based on the sales you make from the information product platform and the various products sold on it. Make sure to clearly state what the royalties will include and how often they will be calculated.
Offering royalty payments can help you to find much better writers than just offering a flat fee up front. It also gives the writer a vested interest in ensuring that the materials they produce for your information product platform are of the very best quality. It is not uncommon though for information developers to provide writers with a nominal fee at the beginning. After all, writers have to live too. If you need them to focus on the content they are developing for your platform, you need to make sure that they have enough to live on for that time. According to “The Freelancer’s Guide,” a nominal fee may be anywhere from $75-$500 for a set of sales letter, squeeze pages, e-book, and 15 to 20 articles under 600 words. The higher the royalty percentage, the lower the nominal advance. Royalty percentages can go as high as 60 percent.
Remember, that if you can only afford to pay a very nominal fee at the beginning, it may take the writer more time to develop content because the writer must balance other projects with it. Get a clear schedule established early on so that both of you are clear on the terms, conditions, and various deadlines.
Ask for a Favor
If you already know writers, you may find that some of them are willing to do you a favor. Here’s the catch to this though. You’ll need to give the writers who helped you a favor back at some point. Be very cautious with this method. In general, it works best to ask writers who believe in the cause or the product you are developing and who want to help you achieve your goals. Do not log on to writing or freelance sites and just ask for a favor from strangers. That’s a good way to get you kicked off. Instead, only look at this method as a last resort.
Just Remember to Get It in Writing
Regardless of the payment form that you choose, make sure that you and the writer get everything in writing. Whether you hire a team of writers, an individual writer, or overwriting firm, make sure that everything is put into the contract. It will save you enormous headaches later.
The contract itself needs to detail the necessary information for your agreement. This includes the deadlines, the rights involved, the expectations of both parties, the standards to be applied, and any other definitions and requirements that are beneficial or required to enforcing this relationship. One of the biggest mistakes that business owners make is to assume that just because they are working with supposedly nice people or friends that legal problems will not develop. As the business owner, it’s your responsibility to look at this through the lens of the worst-case scenario. Having a clear contract helps to keep friendships that already exist and prevent misunderstandings from developing.
You must also learn about the scam products for publishing to prevent any further issues. Are you Looking For The Best Info Product Tools? Read Our Reviews. Get a good understanding about information product platforms before you make a business plan. Also, get an excellent writer to write your contract.
While it may cost extra, it is beneficial to have an attorney go over the contract before you both sign. If you or the writer provides a written contract, read all the terms and agreements carefully. You can avoid the formal contract when you use online services such as Elance because they require enough information in writing to form a quasi contract. This type of contract may not be as precise as a formal contract, but it generally works to prevent misunderstandings, and it is enforceable in most court systems.