12/05/2022
Product or Services?
Grasping the distinction between them can be a crucial element in rapidly expanding your business to the million-dollar level, or struggling to gain momentum.
This can be divided into three distinct categories:
- services (e.g. programming or photography);
- tangible products (e.g. T-shirts);
- intangible products (e.g. subscriptions to a platform).
Services may be difficult to scale. To address potential issues, customize offerings and lessen reliance on service-based operations, aiding scalability and achieving desired growth.
Tangible products can be challenging due to costs of creation or acquisition, reducing potential profits. Consider margins when selling tangible products.
Intangible products are often the easiest to scale, such as software, courses and other tech-related items. For tangible products, consider costs, margins, storage and other factors for business success.
By following these tips, you can refine your startup's offering and take it to the next level, potentially reaching the million-dollar mark.
Follow me for daily tips on scaling a startup to generate $1M in annual recurring revenue.
