Many people gravitate toward starting a service-based business because they tend to be easier to start. You don’t need as much capital, there’s not as much risk involved and they’re less expensive to run.
But service-based businesses often trade time for money, especially if you’re charging an hourly rate. Time is finite. There’s an end to how much time you can dedicate to your clients. Which means there’s also a cap to how much you can make once you’re charging top-tier prices.
Creating a product out of your service is one way you can earn more money while still providing the service that you love.
Take Jamie Cholaki, for example. She was a guest on The Sassy Strategist podcast and we talked about how she created a product out of a need in her hair styling business. She wanted to grow her business in a different way and develop a product that would serve her clients after they left the salon seat.
Any service-based business can create a product, as long as you’re willing to think outside the box. Here’s how to do it.
Think Creatively In Your Business
First, you’ll need to think outside the box. How can you repackage what you’re doing into a product that’s repeatable? Some examples include:
Gather Resources For Your Business
You may not have all the resources needed to develop your product on your own. If you’re developing software or a physical product, think about distribution and manufacturing before moving forward. There are often costs involved in that and you’ll want to ensure your idea is viable before investing time and money into it. You’ll also need to start developing relationships with the people and organizations who can help your idea come to fruition.
Learn New Marketing Strategies
Marketing a product is different from marketing a service. While the clients you serve may have an interest in the product, you also have an opportunity to reach a new, wider audience. This can bring additional income, but may also mean new challenges as you learn how to market a product.
The important part is to think creatively so you can scale your business, and aren’t limited by the amount of time you have on your calendar to meet with clients. Creating a product for your business opens new doors and new opportunities that you won’t have otherwise.