You are an ‘ideas person’! That’s why you’re in business. You get inspired and come up with innovative ideas and products, something that most people are never able to do. You can add value to your service-based business with a physical product.
It’s not as difficult as you think, and it doesn’t need to cost a fortune.
Create your Own
Positive: you make it exactly as you want it, with the features you like, colours, components etc.
Negative: it can be a costly process, and can take up a lot of time. You will also need to learn new skills in order to make a good product and understand the process.
White label
What is it?
When a product or service is made without a brand and logo. And the person buying it has their branding on the item.
Positive: you access someone else’s skills because they are making the product for you. This will save you time, and in the long run, could even be cheaper. You can brand the product to your own specifications. And, if you are able to negotiate an MOQ (Minimum Order Quantities), it could be another financial saving.
Negative: White Label manufacturers are making this product for many other businesses, so your product won’t be unique to you.
Affiliate
What is it?
When you make a commission for selling someone else’s product, normally just using a link. But there are other ways you can sell with an affiliate.
Positive: You don’t have to make the product or even distribute/fulfill it. This is a huge energy and time saver. And you can make money for very little work.
Negative: It’s not your product. And you will need an audience to sell to with some marketing opportunities.
Dropship
What is it?
You sell the product, but you pass on the sales order to a third-party supplier, who then ships the order to the customer.
Positive: you don’t pay the third-party supplier until it is paid for by the customer. And, because you aren’t actually sending it out to the customer, you don’t have to pay for any stock, which can be a logistical challenge.
Negative: Because it is not your product, you pay more for each item (the marginals are less). The customer is handed over to the third-party supplier and it becomes a ‘numbers game’.
Write a Book
There are only positives to writing a book. You have knowledge, experience, and passion, and you can share your journey with others.
You do not need to be a writer to write a book! There are tools you can use to transcribe your speech (such as Otter), and there are people around you who can support you to make it happen. And it is easy to publish on Amazon!
A book is a brilliant physical product in any business!
