FA002 – Products, Services, and Bits
from The Foolish Adventure Show | Internet Business Radio Hosted by Tim Conley
In our first installment, we discussed finding your passion to know what niche you should be in. In this second installment, Izzy and I cover what form your passion should take — physical products, services or digital products (we call them bits). Inside this show, you’ll find pros and cons for each type and which one we prefer (I bet you can guess). Services You can typically start selling your services faster than trying to create and market a product. Usually low start up costs. Unfortunately, still trading your time for income–the hours for dollars dilemma of employment. And if you take a vacation or get sick, you’re not earning any income. Physical Products The world still runs on physical products. Clothes, electronics and more make up a gigantic global economy. Problems include manufacturing, warehousing, shipping and inventory management. You can use drop shipping or affiliate programs to earn an income without ever having to ship or store a single product. Digital Products (Bits) No shipping, inventory, warehousing or manufacturing. Woohoo! Can have huge profit margins, allowing you to earn a good living on smaller number of sales. Digital products can take all sorts of forms such as audio, video, text and software. Pricing can be anywhere from $1 to several thousand dollars. Can be sold while sleeping, sick or on vacation. And much, much more…
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