OK, with that headline I’m ready to cozy up on the couch with a nice movie. But I’m here to help YOU. So, that’ll have to wait. Now, I don’t if there are any statistics to back me up on it. But I bet most new business owners start out with a service-based business. Because it makes sense to use your skills to serve others. But I bet the most successful CEO’s would tell you to provide products AND services.
So, you might wonder how YOU can offer products and services.
My products have been my business-building courses and book. But every industry is different. So processes, ideas, and results will vary.
But according to an author on the subject, many service-based businesses will “fail and waste a lot of money in the process,” when it comes to developing products. And that’s despite the fact that “more and more traditional professional services firms are turning to ‘productization’ as a strategy to grow, improve valuations, and to fend off new digital-first competitors.”
So, there are ways to speed up your business growth AND avoid the mistakes most business owners make.
I think it’s a great idea to create products and services you can scale up to build a business that can take care of you. So, of course, I think it’s also a great idea to learn proven “tactics so you don’t have to start from scratch.”
And anytime you can improve your business without reinventing the wheel, go for it, if the information applies to YOU.
I saw a bullet list about how to “productize” your business.
It’s a good list. But I think I’d rearrange it a little. Because the item that was fourth on the list is the one I’d put first. “Ensure there’s a viable market for your product idea.”
And then you definitely should:
- Inexpensively test your ideas before investing in development
- Figure out how much money to invest in exploring and building products
- Shift your culture to embrace a product-mindset
- Figure out if you have the skills or if you need to hire others who do
- Inspire and reward your sales team so you can more sure of commercial success
Yep, I certainly recommend you remember these pointers. And even get a book to help you when you get to the point of adding products to your services.
But, as I keep saying to anyone who’s just starting out (or thinking about it), make sure you have a clear Vision of your future. Or at least the future you want to work toward.
That’s why I wrote and published a book to help you set up and RUN your own empire. It’s based on what YOU have to offer. And it helps you to develop your Vision for your future so you KNOW what you can offer. And that can include products AND services.
The book is available on Amazon.
The $115 price ($100 for the Kindle version) is a small investment when you consider how it can pay for itself over and over. In fact, if you don’t believe in yourself enough to implement the business-building strategies my high-paying, one-on-one clients have used to ramp up to six and seven figure incomes, don’t get it.
But if you DO, use this link to get yourself a copy on Amazon. I don’t guarantee your success. But I DO guarantee it can help go-getters and risk takers. Is that YOU? Then, go get it!
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