Which one should you go for and why? I m giving out a general opinion and outline and why you should go for product instead of services.
- Usually come in form of subscription, one time or multiple time purchase
- Example such as digital content, digital magazine & news, online tools & app, games, software, etc
- Allow you to scale as you develop one time but sell multiple time
- You own the “product”
- “Product” focus, as you focus on developing, enhance, adding content & features on it
- Usually easily to scale it to other country
- Usually are one time basis, contract, as request by client/ customer
- Example such as customize web design, multiple design, video production, graphic design, copywriter, digital marketing, consultant, etc
- Work base on customer/ client requirement and changes according to their need
- Your client/ customer own the work, and you are not allowed or can’t resell
- “Client” focus, as you need to make sure the client happy and looking for new one
- Usually hard to scale, time consuming & unpredictable
I only see the value of “services” if it come in LARGE amount of money on HUGE project, extreme profile enhancement or stepping stone towards your “product” goal.
As entrepreneur, I always fall into “service” hole, because in need of money for survival, short term and easy compare to “product” building. But it is the worst trap ever, as is so hard to move from “service” to “product” base.
Why you should build “product” not doing “service”
- You will get old and can’t handle it, or as good as before
- Services; Price war, market change, technology change, new young blood in the market
- Services; Most of the time, you found out you need to invest more inorder to earn more
- Services; If you are doing good, soon found our swam with competitor
- Services; Bigger project, bigger team, bigger risk, more investment
- Services; Your line its in the hand of the client
If you are still in “service” line, time to sit down and think what and how you could move to “product” base.