This story originally appeared on DollarSprout.
Looking for a way to scale your business and increase your income without being needed at the office all day? Digital products could be the solution you’re looking for.
There’s an endless number of digital product ideas that could help you establish your own business, take your business to the next level, or just help you bring in extra income.
A digital product is one that is created, sold, and used digitally. There’s no physical product; you use it solely online, on your mobile device, or in your web browser.
There are many reasons why selling digital products is one of the best — and easiest — ways to generate passive income.
It’s inexpensive to start. There’s no inventory to buy upfront, no storefront to rent, or packages to ship. You can use free and inexpensive tools to make a product and oftentimes the only investment is paying fees to the sales platform you use.
Digital products are passive. You can make a product once and sell it over and over whether you’re working or not. Selling a service online is a great way to start your own business, but it can be time-consuming and you may only be able to serve a few clients. With digital products, you can sell online and make money at any time of day and to as many people as you want.
Digital products are scalable. When you sell a service your income is capped by how many hours you have in the day to work. When you sell a digital product you can grow your business exponentially without increasing the number of hours you work.
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