Why services over tech or products?

Service based entrepreneurship is what I promote for a number of reasons.

People are specializing more and outsourcing the services they need in their home and business. More and more customers come on the market every day. 20 years ago 5% of people paid to have their lawn mowed. Today 40% do. In 10 years 80% of people will.

The customers are already there. You don’t have to train a market and take a big risk teaching customers what you are offering. You don’t need a big new idea. You don’t need venture capital. You can bootstrap and own everything.

You can start out as a company of 1 making really really good money and chose if you want to turn it into a big business or not.

You have a ton of data out there to study and look for holes in the market where you can compete and carve out your niche. You can copy the businesses that do things well. Take a little bit from this company. A little bit from that company. Find one that does what you want to do in another city and mimic it in your city.

Who would you rather compete with? Massive companies and brilliant people from the ivy league or mom and pop down the street that runs a business like its 1985?

You can target your customers physically instead of competing online for clicks with every company in the world.

You can do one thing really really well and all you need is a handful of customers who need your service to get started and build a healthy base.

If you answer the phone and provide professional customer service you are ahead of 95% of the companies out there. You can compete on speed and quality and name your own price.

Its low risk. Its not getting cheaper every day like web development and software.

You can automate the business and gain location and time independence.

All the wealthiest people I know got started small like this. All the people with the best quality of life and the time to do what they want got started like this. My friends who tried going the product or tech route ended up getting jobs.

I could go on and on and on.

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February 8, 2019 6:49 am