When you decide that you’d like to run your own business, it often opens you up to a wealth of opportunity. Not only do you have a lot of plans to put in place, but you have the very important decision of choosing what kind of business to go into in the first place. Although there are so many different industries and ideas to consider, the first thing that you’re going to need to decide on is whether you should produce a product or provide a service. If you’re not sure on which to go for right now, that’s okay. Simply use the following points to help you decide.
Research & Development
Firstly, you should think about the key research that you’re going to need to do for each. For a product, this will often be extensive and quite complex. However, for a service, your research can often be qualitative and based on experience than anything else. Either way, you will find that both options come with things like intellectual property and copyright infringement that you will need to take into consideration.
Next, you’re going to want to think about the funding that you will need for both. Now, although the amounts may differ, the process that you would use to go about obtaining your finance would be largely the same. Investors will take into consideration your business idea, the experience you have, and the projections that you put forwards. A lot of the time, the decision between a product or service won’t matter here if the numbers are right.
Then you should consider the production processes of both a product and a service. Regardless of which you go for, you need to know how your business will come about. Will you use a manufacturing professional like GreenLeaf Industries to create your product, or will you devise a service scheme yourself? You need to work through the implications of creating a product and giving a service to see just how different they will be to set up.
Next, you need to think about how you’re going to market each offering. Because marketing a product and marketing a service is very different. Just look at this KeyDifferences Chart to see why. The way you market, supply, and even evaluate your product or service will be done in a completely different way. So, you should figure out which method you have the most experience in or would feel most comfortable with.
You also have the kind of customer service that you should be expected to offer too. Regardless of which you go for, you need to make sure that your customer service is good. But, it will differ between offering a product or a service. For starters, with a product, you could be operating on a B2B scale, but with a service, your customer service should sort of be ingrained in everything that you do. As long as you are providing a top experience, respond quickly, and always take action, you should get it right.