How to Go from Freelancing to Starting your Business in No Time!
Freelancing is one of the best ways that one can make money online. It has a great income-generating capacity partnered with the ultimate flexible work setup, which allows you to travel the world without having to worry about your work productivity being disrupted. If you’ve been a freelancer for the longest time, then the next step to level up your work is through a productized service.
In this blog, we’ll give you the basics surrounding Productized services and why you should consider getting to it to scale your operations.
What is a Productized Service?
A Productized Service is a simplified and a more straightforward version of the services that you can offer. Essentially, your services are in a “done-for-you” setup. Meaning, your services are divided and classified into different parts and you come up with a boxed offer for a specific service. In this kind of business, you are addressing a specific client with a specific need. Technically, it’s really just offering your service in a more straightforward way in which there’s no room for other interpretation.
In this business setup, you’ll be using a standardized process for the delivery of your service, making your clients’ experience a smooth and seamless transaction. This setup also provides you with a faster sales process with your customers – hence, better conversions.
Why Should You Offer Productized Service
Done-For-You services are fast, timely, and effective since it gives the customers what they really want. With a productized service, customers will not have to spend time talking you through the details of every service that you offer only to find which one fits their requirement.
These Done-For-You services simplify this process since they already know from the get-go which service package will fit them. In return, time will not be wasted for multiple consultations and meetings since they already know what exactly it is that you offer as paired to what they actually need. It basically streamlines the process of landing a client.
The thing with a productized service is that you can be certain that you will not have a problem in finding customers. This is mainly because the services themselves are already in demand, you’re just simplifying it to make it more accessible to all sorts of customers including those who are hesitant to sign up for the service offering in the first place.
Converting a service into a productized one will also make it easier for your potential customers to decide whether to buy or not since they know exactly what to expect. And, we’re positive that most customers prefer the productized service format for being standardized. Besides, you’ll also benefit from this setup since you will be spending less time doing pre-sales like meeting clients and revising proposals to find which one will work for a certain customer.
High Revenue Potential
The nice thing about offering productized services is that you get better revenue potential. Unlike any other startups, you can be certain that you won’t suffer from a long period without any customer. In offering productized services, you don’t need thousands of customers to start earning. Instead, you only need several clients who can be a retainer to get your business going. Plus, if you’re freelancer, you can just tell your existing clients to try out your productized services so they can budget smarter the next time and to help simplify their engagement with you.
Still an Untapped Market
The business of productized services is not yet mainstream and overrated. Hence, now is the perfect time to start and grow this business. That is because you still have a lot of means to successfully penetrate into the market since there are only a few competitors. The main benefit? You get better visibility and exposure with your target customers without worrying about the competition.
Who Should Start a Productized Service?
As earlier mentioned, starting a productized service can be a step up from your typical billable work setup. If you think that you’re getting stuck in your freelancing path, then starting a business with done-for-you services should be your top choice. The main reason is that you already have an extensive background on the kind of service that clients need – hence, you are in a better position to standardize the offering by converting it into a productized service. Plus, serving your services in packages is better than being burnt out billing by the hour.
A productized service is one of the easiest ways to sell your service. It can serve as your minimum viable product, which you can quickly roll out and grow it eventually overtime. In fact, many startups develop their productized services, which eventually rose to become their secret recipe for success. This is because many startups typically complicate things by offering all sorts of coding and technical services, which the end customer may not comprehend.
Forms of Productized Service
These are typically services that are done one-time and hence, it’s better to outsource it than hire a person in-house. Many freelancers typically overlook this demand since they’re mostly looking for clients who would be their retainer. An example of this would include a video editor for a B2B company. Since in essence, B2B companies are not highly visual, they only require several videos for their company background and products. Other than that there’s not much need for video editing services. The typical setup here is that once B2B business already have the video, they just use it over and over, hence, making it a one-time project.
These are typically services that require constant updates and new releases. One good example would be blog writing. For instance, if you run a business with the goal of having an up-to-date blog that’s beneficial for your customers, then you should make sure that you always have fresh blog releases at least every week.
The problem though is that business owners whose business already grew in size don’t have the time to sit down and write blogs anymore. In those cases, it would be best to hire a writer who can write your blogs regularly.
A Coaching service combines the structure of a typical coaching model and a productized service model for a more standardized and efficient coaching process. In this setup, you are in charge of the advisory role, with the goal of helping the client to solve or learn a particular thing/skill. This includes the one-on-one workshops offered by many entrepreneurs like myself.
Getting into the business of Productized Services can be very exciting and may even bring bigger opportunities for you.
Aside from the financial freedom that it can give you eventually as you grow it, you’re also opening your door to other potential customers who may be interested in your services. Since there’s not much competition to date regarding productized service sellers, now is the best time to start your business.
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