Brent Riggs - Product Business Or Service Business

By Author: Brent Riggs
Total Articles: 22
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Recently, I received a question about the wisdom of pursuing a service-related business as opposed to building a product-based business. I'll give you my generic response to this question. Your situation will certainly be different, but the principles would still apply.

Here was the question: Should I invest my time in my service-related business or focus on building my product-based business even though I might need to work a part-time job to provide for cash flow?

I would shelve the service business (a small phone installation and service company) if at all possible. It is a labor intensive shrinking market because of wireless and computers. You're on call every time something bleeps, and in any I.T. based business, you will get run in the ground on costs, low-balled by other providers, and hounded by customers every time they have a "need", perceived or real.

I would take the part time job you spoke of only if it does NOT impede the growing of your own PRODUCT based business, and only if you need the income. PASSIVE residual income is the most important need as you get older.

You can't work part ...
... time service jobs or install phones the rest of your life; and in ANY technology business, AGE is a liability, not a bonus, because people think all technology experts and providers should be young, or they are "out of touch". I know this first hand.

Additionally, with any technology related business, you must be diligent to stay on top the technology and pricing side of things, or you will soon be undercut by some aggressive young guy who tends to over-promise and under-deliver. They will steal your customers right from under your nose.

So, I would forego, or forget, any service business, take the part time job for the cash and fun (the part time job in question is a tour guide in the mountains) plus you'll meet lots of prospective customers. Concentrate on your product business.

If you do not have your product-based business on the internet yet, you're lagging behind. It is time to get that up and running NOW. It takes several months to get that ball rolling, so don't delay. If you need help in that area, I have a great tool that will provide the assistance you need. Feel free to check it out at: http://www.onlinebusinesscreate.com.

One caution: be careful to limit the part time work to the point where it doesn't adversely affect you growing your product business. Your products will sell 24/7 online until you are 99 years old� in my opinion, it is BY FAR the most important part of your efforts at this point.

Remember, whenever possible, the building of passive residual income far outweighs the choice to simply seek another service job, where the income stream ends once your work stops.