Are Service Businesses Better than Product Businesses?

How are service businesses better than product businesses?

For starters, service businesses cost significantly less to launch.

While product-based businesses require a considerable investment to develop the product, produce it, and distribute it.

So you need less capital to kick start a services business.

But there is a catch.

Although service businesses cost less to start, they cost more than product businesses to scale.

This is because service businesses depend on people – often with specialized skill sets – to deliver the service. So growth depends proportionately on additional staff (additional salaries).

In this week’s live stream, I cover 8 other differences between these two types of businesses to show you how you can start a services business and turn your current skills into a revenue stream.