StartUp Tip #59: Productise your services


Selling time is a hard life.

Doctors, lawyers, consultants sell time.

You have to be there to get paid, if you are not there to render your service, no invoice is charged.

You make a comfortable living.

You may be running your own practice, but YOU have to be IN your practice in order to invoice.

If you are sick, your business is sick.

If you are off from work, your business is also off.

Even if your consultancy is thriving, you still only have so much time to exchange for money.

Time is not scalable.

Try as you might to maximize price or delivery and allow yourself a comfortable margin, you will still reach a natural ceiling.

Consider productising your service.

Productising your service means a service which you’ve systematised and supported by tools, automation, processes, etc, so that you increase value to the customer in a fixed time.

Accountants will give you a fixed rate for vat returns, preparing financial statements, compiling business plans. This is productising your services.

By productising your service you are able to structure your services in such a way as to get more people to render your service in your absence.

More people, more service to more clients, more revenue.

It is easier to scale a productized business, than a traditional service consultancy business.

You only have one 24 hours in a day, if you have 5 people working on delivering a “product” to your customers, you now have 5 24 hours for your business.

This way you are able to take time off from your business or spending more time on scaling business without being bogged down to operational duties..






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