Benefits Of A Product Business

Updated: Jan 17

In a previous blog post we mentioned why a knowledge business is amazing and told you exactly how to build one, and today we’re going to be mentioning why a product business is also just as amazing.

Yes, the world is moving more towards digital things and people are selling courses more now than before, but that doesn’t take away from the fact that people still need physical products in everyday life. How will you brush your hair, drink water or even have a Zoom meeting without physical items?

The need for a product business is still very much alive and today we’re going to tell you the benefits of having one.

Perfect side hustle

Can you bake really well? Do you know how to knit? Are you a master at building things? Use those skills that you have and start your side hustle. Everyone loves food, people need sweaters in winter and a nice dining room table is always a compliment. Once you’ve started your side hustle and it’s going well we don’t doubt that you could turn it into your full time hustle.

Easy to scale

Did you know that a product business is a little bit easier to scale than a service business? When creating a product, depending on your business model, it can be scaled pretty quickly. This happens when your product goes into the manufacturing stage because then you can create a lot more at once and sell a lot more at once.

You can create it

If you’re someone that enjoys painting, building, doing crafts or just working with your hands then you’ll love a product business. You will be able to create your product from scratch using your hands while also getting satisfaction from doing something that you love to do.

You’re fulfilling a need

We know that a service business fills a need and a knowledge business fills a need and a product business is no different. You are creating something that other people are asking for, or something they didn’t even know they needed until you supplied it. To us, that’s pretty awesome and you should be extremely proud of that.

Let others sell for you

Why market for yourself when someone else can do that for you? It’s possible to supply a bigger company with your products who will showcase them to a new audience, but also market it because they’re also trying to sell it. This means that you always have a place to supply and they’re the ones putting money out for marketing and they’re also getting sales. Win-win for everyone.

Owning any business is amazing and rewarding. Our advice to you is to follow your passion and go from there. There is no point in trying to sell products when you really want to offer a service because then you’re not going to do the best that you can and the work is going to become tedious, and you’re not going to be as happy. Do what you enjoy!