Get More Leverage and Profits by Productizing Your Service

Posted on | March 5, 2010 |

Whether you want to sell your business one day or not, build for success from the very beginning. And success means leverage. In other words, if one-on-one dollars-for-hours transactions is your primary business activity, it’s impossible to grow your business.

To achieve leverage, you must stop selling time and productize your service. Turn your service into something you can deliver without actually doing the work: information products, membership sites, software, etc.

How do you begin?

Dr. Anita Campbell, the founder of Small Business Trends, writes in her “5 Steps to Turning a Service Into a Product - So You Can Sell Your Business” article:

Here are 5 steps to turn services into products:

1. Identify something you can replicate repeatedly (what do you keep doing over and over?)

2. Document it (steps and processes)

3. Put limits around your offering (don’t leave it open-ended)

4. Incorporate technology (automate some steps)

5. Build an organization (build a team)

Even if you don’t want to create a big business, productizing your services and knowledge will help you achieve a lot more freedom, profits, and fun in your business!

Category: Passive Income, Systems

Comments

One Response to “Get More Leverage and Profits by Productizing Your Service”

Jon Orana
March 6th, 2010 @ 4:17 pm

The steps are deceivingly simple but are powerful.

If we look around, successful businesses was established by these simple steps you outlined.

As a solopreneur, I tend to do everything instead of systematizing it. I was able to systematize probably just 10% of my workload. 90% more to go.

Thanks for this great post that serves as a reminder.