Product-Based Versus Service- Based Business 2021

I started my own business in 2018.

I always knew that I wanted to start my own business, for many reasons.

In the beginning, I had many ideas but I didn’t know what I wanted to do.

One thing I knew for sure, I knew my business would involve me making money and helping people.

That is all I knew.

When I thought about the things that I was good at, every idea included me providing a service.

At the time, my thoughts were I am good at cooking and I am good at helping people.

At that moment, I decided that I would start a cooking business.

The Stand, the mobile food cart I founded in 2018. At The Stand, I provide the service of cooking food for my customers!

When starting a business, there are 3 types of businesses you can start.

You can have

  1. A service-based business. Which is a business that you create to sale your personal skills or knowledge.

I am skilled at cooking, so I started a business doing just that.

I went to school to learn how to help people identify their challenges to reach their goals. I now have a business doing that!

  • A product-based business.  A product-based business is when you sale a product to people for money.

You are not selling the service, you are selling the product itself.

For example, Apple has the product phones. Nike has sneakers. They have products.

  • A mixture of both. A business that provides a service and also has a product.

I am noticing that a lot of service-based business are going this route. Even myself, if you check out my store on my website, I have a few products their for sale.

I also like to think of Chic Fil A. You know they sell chicken but we also go there for that good customer service, and I know that I am not the only one that gets mad if Chic Fil A does not meet the standard of customer service that we are use to.

Whatever journey you decide to go on, you have to know that each journey has its strengths and weaknesses. I share few below.

When it comes to starting a business where you are providing a service, here are some strengths that I recognized

  • Low start up cost.

With my coaching business it didn’t cost me anything. My education was expensive but I didn’t know I wanted to be a “coach” when I was going to school for Social Work.   With my mobile food cart, I paid less than $10,000, and made my money back in 60 days. Great investment!

  • You directly get to see the impact you create

You get to see the smile on my customer faces. You get to see the needs of the community you serve. You get to see the beauty you create, the problems you solve, the lives that you change, directly.

I would say the weaknesses include

  • Its A LOT of WORK!

If you don’t do it then it won’t get done. Everything is on you. Don’t get me wrong, their systems that you can put in place that can support you in making your job easier, but at the end of the day it is all on you!

  • Hard to scale

When you are providing a business it’s hard to scale (grow) your business, especially as a service provider who is hands on and passionate about what you do. It requires a different level of thinking and different set of actions.

  • Unpredictable Cash Flow

Depending on the industry you are in the money could be funny in some months. Don’t be scared. Plan accordingly.

  • Always doing for others

You find yourself always doing for other. You provide a service, that’s what we do right. Well sometimes people get burnt out from serving. Sometime you have to take time to serve yourself.

The pros of having a product-based business

  • Ability to scale

You can grow your business more easily because you are selling a product. Once you have a prototype, you can just keep selling it, making sure the quality is the same.

Some cons that are I would say are associated with having a product based business are

  • Upfront investment

You need to pay for the product up front and you don’t know if the people will buy. That’s is a pretty big risk. Right? Do your research you will be okay.

  • Vendors

Most people tell me that finding a reputable vendor is challenging. Sometimes prices go up, packages get delayed, communication is a barrier. Finding and dealing with vendors can be a lot.

  • Customers

Customers can be a pain. Some of you probably chose this business model because you like money don’t really want to deal with customers and people like that. Well some things you just can’t get around. Customers can be crazy but you treat them right and they will treat you better.

If you are going to be a business that provides a service and offers a product, I would honestly say conquer one beast before moving to the next.

I am learning that now. And as I am conquering one beast, it is all starting to come together!

If you are starting your own business, I would love to know more about the journey you are deciding to take below. What is the name of your business? Do you provide a service or offer a product?

Alright now,

Talk to you soon!

How A Moms Vision Can Save Her Child(ren)

For the last two days we have been sculpting the answers to the following questions:

  1. What is your mission for your life?
  2. What is your vision for your life?

Your response to those two questions will support you in living in your purpose!

If you have not read the last 2 articles, please do so, after you get done reading this post.

Let’s get into it.

Continue reading “How A Moms Vision Can Save Her Child(ren)”

The Business Plan: The Foundation to Your Success

Hey Developers,

Last week, I finally did a thing!

I engaged in my 1st interview for my Youtube channel “Antinette Develops”.

Antinette Develops is a channel dedicated to supporting the mind, body, and soul of every individuals so that they can be successful in their business and personal lives.

I have been wanting to add interviews to my channel for so long, but I did not due to FEAR.

Not knowing how it would turn out.

Not having all the tools I felt I needed to move forward.

Well that is dead!

No longer will I continue to make moves based out of FEAR.

Elevation requires separation from the old person that you use to be so that I can be the person God called me to be.

Below I share with you my Interview with Danya Woods, CEO of “So You Need A Tutor?”

Danya Tiara Woods is a motivated servant enhancing the lives of today’s youth through education, community outreach and mentorship. Serving as an educator and a member of her school’s leadership team, she supplements her expertise with hands-on, interactive activities that are both engaging and educational. Danya successfully owns and operates a tutoring company, So… You Need a Tutor?, LLC spanning across Delaware’s New Castle County. She employs a team of passionate, professional and patient educators and administrators who build confidence and independence in each K-6th grade student.

She is currently pursuing a Doctorate of Education in Educational Leadership from Wilmington University and is a proud member of the illustrious Delta Sigma Theta Sorority, Incorporated.

Danya’s strong family ties, tenacity to be successful and willingness to serve others have sustained her through challenging times. These traits will continue to make a way for her as she strives to impact society by living a life that testifies to the notion that the sky truly is the limit.

About Antinette Develops

Antinette Develops is a brand that is dedicated to developing the mind, body, and soul of every individual so that they can be successful in business and their personal lives.

We fulfill our mission by

1. Creating valuable content

2. Facilitate workshops

3. Hosting events

4. Coaching (Individual or Group)

That teach skills and strategies that support our people in developing healthy habits, developing peace in their life increasing their finances reaching their goals goals If you are struggling with any of these components in your life Please visit Antinettedevelops.com to schedule your free growth session today! If you are looking to partner in other ways please email tgn@antinettedevelops.com Thank you

The following interview is FIRE and I encourage you to watch it in its entirety. I do not want you to miss a thing that she says.

Please subscribe to my YouTube channel while you are there. Every Monday at 9 am a new video will be posted that will support you in reaching your goals.

Much Love. Until Next time

Entrepreneurship is Freedom

Being an entrepreneur means many things to me, but most importantly, I equate entrepreneurship with FREEDOM.

Happy Monday!

Entrepreneurship is Freedom

Being an entrepreneur means many things to me, but most importantly, I equate entrepreneurship with FREEDOM.

Happy Monday!

Soooooo….

I have always been passionate about ENTREPRENEURSHIP and BUSINESS.

I enjoy it so much that I quit my 9-5 in November of 2019, to become a full time entrepreneur!

I wanted to control my time, my money, and my lifestyle.

I wanted to be in 100% control of me and I believed entrepreneurship could get me there.

Matter of fact, I knew it could, So I QUIT!

However, I realized when making the leap, that I wasn’t alone when it came to envisioning a life of freedom, and being my own BOSS.

There were and are many people who shared with me that they wanted to be their own boss and control their own time but they were too scared to take the LEAP!

Now, I am not judging anyone, because taking the LEAP is hard work, believe me, I know.

However, being scared is an excuse and that FEAR is preventing you from living in your greatness!

The last few days I have been meditating on personal stories that I can share with you that will MOTIVATE, INSPIRE, and ENCOURAGE you to take the LEAP, if you haven’t done so already!

I am not saying that you should or have to QUIT, like I did.

What I am saying, is that you should not give up on your vision of being your own BOSS!

You can do it!

Put a plan in place and get it done!

Over the next few weeks, I will be sharing my entrepreneurial journey with you.

From the beginning to the end.

It is my hope that by the end of our time together. You decide to take the LEAP, if god put it on your heart to do so.

You can be anything you want to BE!

You have greatness within YOU!

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