Sell what scales

Posted by Jeremy L. Knauff

Selling a service can be great because it doesn’t require you to produce anything up-front, but the downside is that it doesn’t scale. There are only 24 hours in the day and your revenue is limited by how many of them you can work.

Selling a product, on the other hand, means that once you’ve produced it, you can continue selling it forever. The advantage here is that you can sell your product online 24/7 while you focus on developing new products to sell. Over time, you will start to see exponential growth because each new product creates a new revenue stream.

You may think that you just don’t have the time to create your own products. You’re wrong. Even if you only spend 30 minutes each day creating your own products, that adds up to 10 hours each month. That’s plenty of time to package your knowledge in a format that others would gladly pay for. If you maintain this pace over the course of a year, you’ll have 12 new products to sell, creating a solid residual income that will free up even more of your time.

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