Sometimes it costs more not to do something than it does if we do it.
For example, I would much rather have someone else clean my house. It costs me X$ to have someone else clean it, while I can be creating new products that I can sell for X$.
If you would rather clean your own house because it’s your way of relaxing and thinking, that’s a different story. For me, it isn’t. I earn more per hour than I pay to get this chore done. Besides I prefer creating new information products.
Let me explain further.
Let’s say you have a teleseminar. You feel it would cost too much to get the teleseminar transcribed, so you don’t. You just use the audio, or you try to transcribe it yourself. What did that cost you? Well, let’s go through it.
1. If you get the teleseminar transcribed, you have another product to sell. It costs X$ to get it transcribed, but you can sell it for X$. Chances are very good that you would sell more than one, and continue to sell it for perhaps years. Plug in the numbers.
$_____Profit.
You will make more money getting it transcribed than if you don’t get it transcribed.
2. How long does it take you to write an article? If you get the teleseminar transcribed, you will be able to extract at least one article, more likely 2-3 articles, from just one one-hour teleseminar. How much would you pay yourself to do an article?
$_____Your Time Saved.
You will make more money in time you save yourself than if you don’t get it transcribed.
3. Then let’s talk about blogs. How long does it take to write a blog? You would have 1-3 blog entries from that one one-hour teleseminar.
$_____Your Time Saved.
You will make more money in time you save yourself than if you don’t get it transcribed.
That’s not even talking about the money you make in either your time saved or products you create from that one teleseminar. An ebook—a special report—a workbook—a home study course—articles (magazine, newspapers, ezine), blog. I can think of at least 10 products from that one one-hour teleseminar. And that’s just off the top of my head.
Let’s plug some numbers into the blank spots.
For #1, I would price a 20-page Special Report at about $15.00 each. It could be more (or less), depending on the subject. Getting the teleseminar transcribed would cost me about $125.00. That means that I break even if I sell at least eight of the teleseminars. What if I sell 20 of them? 20 x $15.00 = $300, less the $125 it cost me to get it transcribed means that by not getting it transcribed I have left at least $175 on the table. What if I sold 40 or 50? Hmmmm. That’s a lot of money left on the table.
You will make more money by getting it transcribed as well as the money you make in time saved than if you don’t get it transcribed.
For #2, assuming I charge $50.00 per hour for my time (you probably charge more), and it takes at least one hour to write three articles, I would have saved another $50 (or more).
It will end up costing you more not to take advantage of transcription services. Think about it. Do the numbers.
When you are preparing for your next teleseminar, consider the costs of getting it recorded and transcribed versus not getting it transcribed. You will make more money if you pay the relatively small amount to get it transcribed, and create another product to add to your pot of gold.
Sometimes it costs us more not to do something than it does if we do it. Don’t you be guilty of this.
