Exclusive interview with Matthew Wright, UK entrepreneur and information products expert

Launching a home-based business has long been a common way for proactive and driven individuals to increase their earning potential and is becoming increasingly popular in the recession as people lose their jobs. However, it is not without its challenges: without the proper resources and a solid action plan it’s extremely easy to fail, and most ‘newbies’ sadly end up losing money rather than making it.

In the following interview, Karen Clayton talks to acclaimed UK-based information publisher and entrepreneur Matthew Wright about his new release which is a DVD and CD box set called The Info Product Toolkit and finds out why he sees it as a step-by-step road map for people wanting to create their own information products such as ebooks, manuals, podcasts and newsletters.

Thanks for your time, Matthew. Could you start by telling us a bit about yourself and your background?

I like to think that I’m a fairly ordinary, relaxed guy who has a positive outlook on life.  I believe that people should work hard but efficiently in whatever career they choose.  I live in Surrey in the UK and in my spare time I love playing sport and spending time with my family. 

I started creating and selling information products some years ago. 

At what point did you feel comfortable enough to ‘give up the day job’ and do this full time?

There came a point when I was earning significantly more from selling eBooks and information products than I was in my day job as a London banker!  I made sure that I had set up several secure income streams before I handed in my notice at work.  My family would not have thanked me otherwise!

Which marketers and industry peers inspired you to become an information publisher?

I have learned a significant amount about information publishing from one person, although I have never met him face to face.

Andrew Reynolds is a UK multi-millionaire information publisher who looks at business in a different way to ‘traditional’ entrepreneurs.  I purchased one of his business courses and was immediately impressed.  He is a great inspiration who started with about £10.00 in the bank after being made redundant, but has made an estimated £30 million in the past 10 years.

You admit that your first eBooks sold slowly. How did you stay motivated during this time and do you think that some people’s personalities are more suited to this form of revenue generation than others? 

When I started, I viewed information products as a hobby and devoted the odd weekend until I had the skills to make a career out of it. Knowing this, I would never advise people to quit their jobs straightaway and jump in head first! It’s important that people understand the market, have the confidence and drive to implement the techniques and have several proven and profitable products under their belt. 

The second important point is to keep costs as low as possible – don’t splash out thousands of pounds on web designers or Google Adwords. If you keep things tight you can afford for a few mistakes to be made as you learn the ropes!
 
I’ll be honest: some people’s personalities may be better suited to this than others.  Information publishing is not for those who expect to receive something for nothing. Although the methods shown in the Toolkit will help you cut the time it takes you to become an expert publisher, persistence is still required. You  need to learn not to procrastinate and to take your time setting things up properly. But if you have a marginal call between action and inaction – be brave and take action!

You estimate that 99% of people don’t make any money selling information products online. Are there certain practical skills needed to be successful (e.g. computer skills, technical knowledge, writing skills)?

I don’t think so – if you are rubbish at computing (as I am!) you can find an expert cheaply online who will do that bit of the project for you.  I am dyslexic and am poor at writing so I just tend to produce a basic draft when writing about new products and then get experts to write it up for me at little cost. 

It is unlikely that anyone will be good at all elements needed for this type of business, but one of the keys to success in this game is to acknowledge your shortcomings and not let them be a barrier. 

What makes your product special?

From my experience there are few programs out there in the same price range that take the user through all the key stages of creating a successful online information product business from research, to creation, to launch and beyond.  The Toolkit also includes £150-worth of excellent bonus software that I have carefully chosen to compliment the learning process.

Who do you see as the ‘typical’ customer for The Info Product Toolkit?

A customer may be new to the industry or may have had a few failures in the past working in this area.  These people will be motivated to succeed and willing to learn from the experts.

How do you think that your product can help people who may be looking to make extra money during the worldwide economic downturn?

The downturn is very worrying but just makes all the techniques taught in the Toolkit - especially the research side - more important.  Beginners can no longer afford to set up a random product and hope that it will become successful. 

People are still craving information, just in different subjects.  For example someone who two years ago may have purchased an eBook on property renovation may now be looking for a manual on buying property from foreclosure auctions. Entrepreneurs can use the Toolkit to gain an advantage over the competition by discovering where to find these profitable niches and then learning how to leverage their knowledge. 

How would you convince someone sceptical of buying your product to give it a try?

Simple – try it for a whole year and if you don’t find it invaluable, you can return it and get a full refund.

The Info Product Toolkit is available for worldwide purchase. How do you think the UK eBooks market differs to those in the USA and mainland Europe?

In relative terms all of these markets are very young versus something like banking or mining.  However, of the three territories the US is the most advanced market in terms of entrepreneurs marketing eBooks and other information products.  
 
There are some obvious differences in terms of language and more subtle ones in terms of what people are demanding.  However, the internet has broken down international barriers.  I can go on the internet and find an eBook on Canadian cooking written by a chef in the US but marketed globally!  

What developments and new projects do you have planned for the next 12 months?

I am keen to help educate entrepreneurs about the wonders of the information product industry.  Later in the year I plan to release a Masters series where industry greats such as Dan Kennedy give away their tried and tested trade secrets. This will be presented in a way to help people build and develop their online businesses through easy, actionable steps.

Finally, if you could achieve one thing in 2009, what would it be?

I love cricket and play regularly.  I try to be a batsman and last season didn’t score many runs so this year I would like to hit a 100.

The Info Product Toolkit retails for £77 in the UK and $97 in the USA plus P&P. Affiliates earn a huge 50% commission on each sale. To promote this exciting product, please sign up with the Profitistic network in the UK, or RunByAffiliates in the USA. 

For more information on the product or Matthew Wright, please email karen [at] azam.net.