How to transition from service to product?

by gpacx 2 replies
Hey,

I have a question that I'm hoping someone here can help with. This is the forum for eCommerce and I'm specifically interested in marketing and selling online so I think this is the best place to put this.

Basically I'm a Freelance writer currently. My business makes about $3000 a month and satisfies all of my basic needs and I only work about 70 hours per month on writing and spend a little bit of time prospecting. I have a good client base that sends me regular work and I'm able to accumulate some savings and have a decent lifestyle.

I realized that I can't grow my business without either taking on more work or raising my rates - two things that I'm not that excited about doing. While I plan to raise rates when getting new business, I'm already quite busy between Freelancing and some side projects I work on and don't have much time for more work than what I'm doing.

My question is about how I can turn my service into a product. I think that I basically have three options:

1. I can hire someone else to do all of the writing for me and focus only on prospecting. I could pay this person by the hour but charge a lot for their time in hopes of making a profit that way and getting a higher volume of jobs done every month to make more money.

2. I can create a website that sells my services at a higher price and invest money in marketing my website to potential buyers.

3. I can create a product that teaches other people to succeed in the same way that I have. I'm not saying that I'm the most successful writer ever, but I can teach people how to start a business and how to service and retain clients.

My question is basically which method I should choose. Is there already a great product teaching people to be freelance writers or can I move into that space and be the best product early on? Would it be more effective for me to hire my own writers? I think I could make like $10K monthly with my own writers, but could I make more by creating a product out of my skills?

Any advice or insight on this would be awesome - thank you!
#ecommerce sites, wholesaling & drop shipping #product #service #transition
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  • Profile picture of the author wildcat64
    Hi gpacx,

    All of the above sound like viable options. A team of ghost writers would free you up to expand your client base. A web site selling your services would ensure that you have sufficient work to hire out, and there is always room for a new product in any space.

    If you can craft an irresistible offer and get enough eyeballs on it, sales will be forthcoming.

    The web is your pot of gold! :-)

    Dave
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  • Profile picture of the author Chris-
    I recommend investigating whether you want a job or a business.

    Basically, a business is something that can be outsourced or sold, if not, it's a job.

    I came across an article by someone (Shay Rodkhold, if I'm getting the name right) here, a few years ago. She said that instead of getting paid for writing an article for someone else, she writes the article to sell herself, and gets paid MUCH more.

    Since I prefer the idea of a business to that of a job, I followed her suggestion. I already had some content I'd written for an internet-marketing course, a 97-page Ebook which had sold only one copy in 3 years on my own website. I followed the advice and simply put the same content on JVZoo at $7 with PLR rights, and never did anything else about it (no traffic generation etc). That was 4 years ago, and last month, my personal profit from that reached over $1000, and the money still comes in, not much, but a bit every month, for zero effort on my part.

    More recently, someone else helped me realize that I also have the list of buyers, which I can market to, and also the list of affiliates who've sold that product, who I can tell about other products of mine.

    So a lot more value than if I'd just been paid to write the ebook, but the value is much more long-term.

    That's a difference between a job and a business . . . a job makes more money in the short-term, and is a lot easier, but a business, if successful, should make FAR more money in the long-term.

    Written content can be sold in many ways . . . as Ebooks on JVZoo, etc. as a Kindle book on Amazon, as a CD on Amazon or ebay, as a printed book on either of those, and in other ways too. Sometimes the same exact content can be sold in all those ways.

    Building a business is more challenging and takes longer, but if successful will make a lot more profit for the same work, in the long-term.

    Yes, as you say you can create a product to teach others to make money as a writer. My comment on that would be that creating a product is about 1% of what's needed . . . the other 99% is marketing . . . most writers sell almost nothing. Even listing the product in the right places, providing banners and email swipes, listing on the announcement-sites etc. is no guarantee if even a single sale (as I know from experience!), so there is a lot to learn in that area, but since some people are doing it effectively, it is certainly possible to learn (or find someone to JV with).

    Hope that gives you some ideas

    Chris
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