If you don’t have good fresh content to use for new products, your momentum comes to a crashing halt and so does your business.
So the question begs itself, how do you consistently create new content?
Here are your four basic options:
1) You can continually write your own materials…and you should.
2) You can record your thoughts and get them transcribed… and you should.
3) You can hire a ghostwriter to write materials for you… and you should.
4) You can purchase the rights to content that you can resell… and you should do this as well.
Each option has its own positives and negatives but in my opinion you should be doing a little bit of each.
Let me explain…
4) You can purchase the rights to content that you can resell
Purchasing the rights to content that has already been created can be a double edged sword, but, if you do it right, it can be VERY profitable for a number of reasons.
First and foremost you want to review the “legal mumble jumble” to the materials that you have purchased. There are different “rights” and you need to be aware of the differences. I’ll give you a quick break down of the basic ones that I commonly come across for these types of products.
A. Recording Rights: These usually grant you the rights to record the written material in your voice and sell the audio for whatever price you want. They do not give you the right to reprint the materials or transcribe your audio (yes that is the same thing!!) and resell that.
B. Reprint Rights: Reprint rights give you permission to resell the written content. You can’t modify the content at all but you can resell it. Sometimes there are clauses that do not permit you to resell the product beyond a certain price point. Make sure you read all the details carefully
C. Master Resell Rights: With master reprint rights you basically have permission to sell the content AND you have the right to sell the reprint rights. However, you do not have permission to change the content at all. Once again make sure you read all the conditions yourself because every contract can be different.
D. Private Label Reprint Rights: These are basically the grand daddy of them all. These rights allow you to change the content, rebrand them with your own logos, name, graphics, and turn around and resell the finished product. The only thing you don’t have permission to do is resell the private label reprint rights.
So that’s a basic breakdown of the major categories of what you would get if you purchased the rights to any content. I do want to emphasize that I am not a lawyer and every agreement is unique and different. Therefore you need to read over all the legal stuff before you agree to purchase anything and then start reselling it.
So what are the advantages of doing this?
Well you can get access to good quality content that you can sell right away. Obviously if you purchase any of the rights we just talked about you will want to read the content and make sure that it is a good quality product. You don t want to be reselling crappy products.
Another advantage to this approach, specifically the private label resell rights, is you can use the content for a variety of different purposes. This is where the creative imagination really comes into play.
Here are some examples of what you could use THE SAME content for:
1) Break up the written course into 5-10 different special reports
2) Rework the content into a mini-course
3) Chunk up the content up into a whole bunch of articles
4) Break the content up and plug it into an autoresponder series
5) Use the content for teaching material on a teleseminar
6) Use the ebook as a special bonus for an existing package that you have developed.
7) Break the content up into a “tips” series
8) Use the content for teaching material in a seminar
9) Record the written material into an audio product
10) Use the content for a monthly newsletter
These are just 10 quick tips for different ways that you can use this content once you have it.
Are there more? Absolutely!
There really are all kinds of possibilities once you learn what you can do. So purchasing these types of rights can be VERY beneficial in a variety ways.
So how much do these types of rights normally cost?
Typically they are a one time cost ranging anywhere from 12-15 times the retail value all the way up to 40-60 times the retail value (that’s normally for a master resell license). That means if the retail price of the product is $200 an average reprint license would be between $2,500-$3,000.
For a master resell license of the same $200 product the cost would be somewhere between $8,000 – $12,000.
Now that is a lot of money but remember you get to keep all the profits of any sales that you make from that point onwards. So if you sold this $200 product at a seminar you could potentially make you money back very quickly.
If you enjoyed this article make sure to look up the other two articles in the series dealing with the other 3 methods of creating content: Part 1 – Writing your own materials and Recording Your Thoughts and Part 2 – Hiring a ghostwriter!