Are you a Product or Service... or Both?
- What is your physical product you are selling?
- What is the service you are selling?
- Is there a way you can be both?
These are the only things you can sell or give as a business, so you better do them well. Also, understand that when you achieve doing these well money is the way the customers are telling you they see value in what you do regardless if it is $1- $1million.
Now a days everyone wants to be a service business (yes me too), however for that reason everyone is doing things very similar. That is why you need to figure out what your competition is doing poorly and do that better. Be the solution to peoples problems and do things better where others lack.
Creating an original product or service is extremely difficult and these companies are rewarded with Billions of dollars, yes with a B. Some started by mimicking the competition with there own taste and for that reason of being different and doing it better they surpassed by a long shot.
Being a product is always harder to break into because the execution is a little bit harder. Storage, shipping, producing, fulfilling, outsourcing, capital, etc. are all trigger words for this industry and takes a lot of thought when trying to compete with the world. Typically this is why there might be more reward in a product over a service, but this is changing very fast.
Do you understand fully what field you are in and are you doing it better?
This is why I always try to have streams of all the above. One stream of my own product... One stream of my own services... and One stream of steady and accountable income that support the two.
This is success in wealth I believe as I grind to be at the top.