I currently run a product business and have run many service businesses online in the past.
If you’re just getting into the game and you are wondering whether you should dive into a product business or a service business it’s key to know the pros and cons of each one.
(Please note, I’m talking primarily about online businesses that deliver digital products or digital services.)
PROS OF RUNNING A SERVICE BUSINESS
- Great way to develop skills and quickly turn those skills into money (like when I sold graphic design or SEO services to clients)
- You can sell right out of the gate without building anything (send the invoice and deliver the service, no setup beforehand)
- Easy way to get lots of referrals (when you deliver a service to someone, chances are there’s people around them who want it too)
CONS OF RUNNING A SERVICE BUSINESS
- Immense time investment if not setup correctly (if you’re in charge of sales AND in charge or fulfillment, you’ll be working all day)
- Always hunting the next client (since you have no real assets built, if getting repeat clients for your service is hard you’ll need new ones)
- Can be stressful “reporting” to people (if you have lots of clients, in a way you have a lot of bosses that you have responsibilities to)
PROS OF RUNNING A PRODUCT BUSINESS
- Build the product once and sell it forever (nobody pays you to BUILD the product but once it’s built you have an asset you can resell infinitely)
- More sales doesn’t mean more time invested (digital products can be delivered instantly whether it’s noon or 4 in the morning)
- You can open it up to affiliates to sell for you (a one-time setup can open up the floodgates to affiliates that will sell your product FOR YOU)
CONS OF RUNNING A PRODUCT BUSINESS
- Building a product is a TON of work (nobody pays you while you’re building the product, even though you can earn when it’s live)
- You have to be better than the competition (chances are other people are building similar products in your space, so you have to one-up them)
- There’s ALWAYS extra work that goes into it (in addition to building the product you’ll need to build a sales funnel to sell it)
I recently announced that I wasn’t taking on clients anymore in my business and that is so that I can devote my time to a product business, where I sell lines of digital products from the various companies I’m running in different spaces.
When I started out though, I was running service-based businesses almost exclusively.
It was the fastest way for me to come into a marketplace and monetize a skill that was in demand like graphic design or SEO (can be others too of course for you).
Personally, as I went through the years I would get better and better at getting new clients.
But what that left me with was a LOT of clients where I was doing all the fulfillment by myself in ADDITION to going out there and getting those sales in the first place.
Discovering that I loved building digital products helped push me in that direction as well.
It really depends on personal preference, don’t get me wrong.
Some people absolutely LOVE and THRIVE in client based businesses.
Some people prefer making digital products and selling those passively.
At the end of the day it comes down to really analyzing those options against your BIG vision of where you want your life and your business to go.
Do you like working with people 1-on-1 to help them solve their problems?
Or do you want to wake up with nobody to report to that day?
Do you like getting on Skype calls and coaching people through things?
Or do you want products to be sold with passive marketing campaigns you run?
Ask yourself these questions (and feel free to ask me any questions as well) while determining which one you want to start with, and know that you can always SWITCH LATER if you feel you’ve picked one you don’t resonate with or you can DO BOTH if you feel inclined to do that as well.
If you’re leaning towards the product business side, I’d definitely recommend getting into affiliate marketing to start. You don’t even have to build your own products to begin! (Although I DO recommend building them LATER). The coolest part about affiliate marketing is that you can leverage already created products and sales funnels where all you handle is the traffic-sending and you get to go to sleep at night knowing EVERYTHING is handled for you.
My mentors created a PDF that goes over how a business like this can be run from your home and how it can be more beneficial than other types of businesses out there. Highly recommend checking it out, it’s free, totally on the house.
>> CLICK HERE TO DOWNLOAD THE PDF <<<
Business can be extremely SIMPLE or extremely COMPLICATED based on how you set it up.
One way to make business easier is to run an online business…
…but even THAT can get overcomplicated QUICK (if you let it).
For example, starting a physical brick and mortar business gets complicated INSTANTLY. You have to go far into debt for it, run through all the red tape that comes with a physical business and deal with everything that comes with a physical building.
Starting an online business can be much simpler.
You don’t need a building.
You don’t need to go into debt to start.
You can literally get started as long as you have wifi.
NOW…inside of the online business world we want to keep it SIMPLE.
Lots of people complicate it for the following reasons:
- THEY TRY TO DO EVERYTHING THEMSELVES
In an online business there are a lot of different components. There’s creating a product to sell, creating the sales funnel, building a list, emailing your leads, etc.
These are all things you should learn how to do EVENTUALLY but if you try to learn them all right out of the gate before you make money, it will take you forever to make your first dollar. The best solution is to leverage an internet business you can come into where 90% of the work is done for you and you just have to drive traffic to make sales.
2. THEY DON’T FOLLOW A PROVEN GAME PLAN
If you really want to make money online, there are PLENTY of people who have figured it out before you. There’s no need to reinvent the wheel.
It will take FOREVER for you to get results if you’re just trying to figure out everything yourself. But if you make it a priority to lock onto a mentor QUICKLY you can learn from them and avoid all the mistakes they made and replicate their success much faster.
3. THE FOCUS ON TOO MANY ACTIVITIES
Like I said, there are a LOT of different skills needed to build a truly successful internet business. But these skills take TIME to develop and it’s best to develop them one at a time. If you try to master them all at once, you’ll master none.
Keep an eye on what the skills you need to learn ARE…but aim to master them one by one. By diving into a leveraged business system where the system is built for you and you just need to bring leads to the system, you get to focus on TRAFFIC and not have to try to master a thousand skills at once.
Avoid these 3 mistakes and you’ll be able to start a business online that is simple to run and is able to earn money for you passively. If you fall for these 3 mistakes, you might wind up with an internet business and it might even make money, but it will be stressful and you’ll never be able to truly grow.
If you’d like to grab a free PDF my mentors passed to me that showed me how to avoid these 3 mistakes and setup an online business that is simple to run, here’s where you can get it on the house: DOWNLOAD YOUR FREE PDF
Also, if you enjoyed this content, would love to invite you to check out even more over on my YouTube channel and My Blog. Feel free to leave a comment letting me know what kind of content you’d like to see and I’ll make it happen 🙂
If you know me, you know that I teach people how to make money by ranking videos on YouTube. Once you get the system down, the whole thing is actually pretty easy. And although there IS a time investment (doesn’t have to be YOUR time by the way) you can still drive a hell of a lot of targeted FREE traffic just by making new videos on the regular.
If you’re looking into this journey, I wanted to show you a few resources that I KNOW will help you, because they’re resources my team and I literally use every single day to rank ridiculous amounts of videos across the web and make our lives easier in the process.
Before we dig in, I wanted to let you know that I do sell a full-blown BADASS course that contains literally EVERYTHING I know about how to not just rank your videos on YouTube and Google in a snap, but how to set them up so you can make money with them for years to come.
It’s called Video Ranking Club and you can check out more information about it by CLICKING HERE
There’s also a page in there with a bunch of videos from course members about what THEY had to say, so be sure to check that out too. I could rant and rave about my course all day long, but hey, at the end of the day it’s about the process being duplicatable so that OTHER people can get results in addition to just myself.
Anyway, let’s get into it! Here are 3 quick free resources that can help you rank and bank with YouTube.
1 – TUBE BUDDY (For Competitor Analysis)
Just to be transparent, there IS a paid version of this tool but I just use the free one because another paid tool Vid IQ gives me everything I need. That being said, if you’re looking for an AWESOME free tool that you can plug into YouTube that will allow you to dig into your competitors campaigns and see what they’re doing, I HIGHLY recommend this tool.
Check out how this works. I pulled up one of Grant Cardone’s videos and it gave me a TON of free information about it I would have never gotten without using this free plugin. I get to see what the tags are he used for the video, how many subscribers this particular video has gained, even where people drop off of the video so I can see what lost them and avoid that in my OWN videos.
If you scroll while using this tool you can see even more. And it has ALL KINDS of amazing features like letting you locate things quickly in your account that YouTube makes you take forever to get to as well as being able to bulk-add tags and thumbnails to your videos if you’re in a rush. Overall there’s a paid tool I use called Vid IQ that’s my FAVORITE for this stuff but I run that alongside the free version of Tube Buddy because combined they’re even more powerful.
You can get Tube Buddy for free by CLICKING HERE
2 – CANVA (For Creating Thumbnails)
I’ve known how to use Photoshop since before I was 15 so I’m a bit biased on the Adobe products being my FAVORITES to design with, but if you don’t know how to use them AND you’re not trying to pay for them, use a free online tool called Canva.
They have all kinds of templates you can use, and that includes YouTube thumbnail templates that have stock text and stock images in them. You literally just click on the text and type what you want, then click on the image and upload another image and you’re done. It makes creating your YouTube thumbnails a breeze and the templates are proven to capture attention.
There’s lots more you can do from Canva as well, including designing your YouTube cover photo and making social media images to share on sites like Twitter and Facebook, which you can point back to your video to get even MORE traffic.
Overall, if you’re not a design ninja like I am with years of knowledge in the Adobe suites, I’d highly recommend just creating a free account over at Canva and using them for all your graphics needs. You can create things in seconds/minutes for free without the back and forth with a designer, however I do recommend EVENTUALLY outsourcing everything to a designer as that just means less work for YOU in the long haul. That’s something I teach how to do in my course. Learn how to use Canva yourself and then you can get your team to use it for you while you sip mojitos in the sand.
You can get Canva for free by CLICKING HERE
3 – EVERNOTE (For Taking…Well…NOTES!)
MANY people overlook this, but you need some kind of central place where you can keep all your notes vs. having a million scattered pieces of paper around your house (which kills trees anyway!) I use Evernote for my notes, and for YouTube there are a few different notes I’m taking that I HIGHLY recommend you take too:
- Who are the top 10 competitors in my space?
- What are my competitors doing RIGHT?
- What are my competitors doing WRONG?
- What videos from my competitors are doing the best and WHY?
I also use Evernote to stash my keywords and all that good stuff (plus about a BILLION more things) but for YouTube it can be best used to stack up a lot of critical data about the people you’re competing with. Just think about this…if you have notes about who the top players are and what they’re doing right you can MODEL and what they’re doing wrong that you can AVOID…do you think it will be EASIER or harder to make money on YouTube? EASIER all day, every day.
Most literally don’t take the time to figure out what’s working or who’s already winning in their space, and in the YouTube world this makes everything about a billion times harder. Start here by building a strong foundation and simply start keeping some notes in Evernote about who your players are, what you need to model from them and what they’re doing that you can do BETTER. That makes winning a heck of a lot easier and lets you get to that “momentum point” MUCH faster.
You can get Evernote for free by CLICKING HERE
Be sure to browse this blog because I have a LOT of posts on here about how to make money with YouTube, which is one of my FAVORITE platforms to run free traffic to my businesses.
ALSO…I put together a page that has a lot of information for you about my Video Ranking Club course I sell that contains my FULL system for pulling money out of YouTube on demand that you’ll be able to apply REGARDLESS of what business you’re in. I have some free trainings there for you, a free webinar, full details about everything you’re getting and I also have a page full of member testimonials and case studies so you can see other people this is working for as well.
To learn more about Video Ranking Club simply CLICK HERE
The information in this course is what changed EVERYTHING for me and allowed me to open my businesses up to REAL passive income, which was something I’d never had before. The truth is that you can upload a video ONCE that makes money FOREVER…so then the question becomes…how many videos are you willing to upload? Because you can do as many as you want for FREE with no ceilings, and that means a hell of a lot of profits if you play your cards right. See you inside my friend and looking forward to hearing about the results you start to get with YouTube once you start IMPLEMENTING. Cheers.