Summary: Find out what it means to be an infopreneur, and what information products can do to help you grow your business.

---

As an entrepreneur, you may earn your living in any number of ways – most likely selling a service, products, or some combination of the two. Something many entrepreneurs don’t ever consider is becoming an “infopreneur.” Yet becoming an infopreneur can lead to more exposure for the primary business and even more direct income (sometimes even in a relatively passive revenue stream.

What is an Infopreneur?

An infopreneur is someone who sells informational products. This may be their sole business, or something done “on the side” in addition to running a more traditional small business.

What are Informational Products?

So what kinds of things can you do to go from entrepreneur to infopreneur? Here are few common options:

• Write a book.
• Write an e-book.
• Create an informational website (often monetized by ad revenues). This can be a static site set up once, or a regularly-updated blog.
• Offer seminars or webinars (more technically a service, but they still fall under the tools of infopreneurs).
• Offer classes or e-courses.

Why Become an Infopreneur?

1. Any entrepreneur can do it. It’s all about sharing your expertise. Even if you’re uncomfortable with the idea of writing a book or creating another informational product, you can always outsource things to a ghostwriter, programmer, etc. working closely with them.
2. Info products and services lead to exposure. They don’t only get your name out there, but they’re all excellent vehicles for more directly promoting your business. They can lead to more media interviews, and even more customers or clients for your business.
3. Most, if not all, informational products can be monetized directly, giving you an extra income stream. This is optional of course – you may find there’s more marketing value in offering information for free, to build that exposure and generate more business (more true for those selling high-ticket products and services).

Summary: US small business owners are worried about inflation and the weakening economy. As an entrepreneur, what are your biggest business concerns right now?

---

I came across an article from Reuters this morning talking about the small business outlook on the US economy, and how apparently it’s the worst it’s been since 1980. Read the article.As a small business owner in the US, how do you feel about the weak economy? Are you worried? According to the article, inflation is the biggest business concern for small businesses – with the slowing economy not stopping that inflation. Do you agree?

I’ll admit that inflation’s a problem. As I mentioned in a past post though, the thought of a recession really doesn’t bother me – given the type of work I do, it can even be good for my business, because folks are more interested in hiring independent professionals to save on labor costs. So while it’s a problem in my eyes, I wouldn’t necessarily say it’s the biggest.

Are your views more in line with this report? What business problems plague you the most from an economic standpoint as an entrepreneur?

If you plan to operate your business on your own, a sole proprietorship may be an acceptable and appropriate legal business form for your needs. Find out what sole proprietorships are, and whether or not that legal business form would suit your small business.

What is a Sole Proprietorship?

A sole proprietorship is a business with only one owner, that’s not a corporation of any kind. Many business owners automatically start a business as a sole proprietor when they launch their small business.

Pros of Sole Proprietorships

• Sole proprietorships are easy to set up.
• Sole proprietorships are inexpensive to set up.
• Sole proprietors don’t have to keep as many records for the IRS as corporations do.
• Sole proprietors control their business finances and profits exclusively.
• Taxes are simpler for sole proprietors, as income is declared on their personal income tax forms.

Cons of Sole Proprietorships

• The business owner will be held personally liable for debts of the business.
• It can be harder to raise startup capital and financing for a sole proprietorship as opposed to corporations and other legal business structures.
• It can be easier for the IRS to declare a sole proprietorship is a hobby rather than a business for tax purposes as opposed to other business structures.
• All business losses are on the shoulders of the business owner alone.