126. Product-Based vs Service-Based Businesses
I’m excited to have LaKaye Mbah come on as a recurring guest co-host this season to discuss various topics that impact creative women. You’re getting an inside peek at how I chat with my business besties. Yes, you will hear a lot of laughter and jokes! This week we’re covering product-based businesses vs. service-based businesses. Though we have dabbled in both, I’m “team product,” and LaKaye is “team service.” Which team are you on?
We don’t get into the weeds of products and service-based business, so I know we left a lot on the table. However, we get into the not-so-good side of each business, how to determine which one is right for you, and share personal stories and dreams. Wherever you are in your journey, we hope this episode helps you decide which one is right for you.
For reference on how we’re defining the different types of businesses check out this excerpt from Chron:
The distinction between the two is that the product business sells a physical, tangible product, while the service business owner sells his skills as the primary product. In the service-based business, customers purchase the skills of a service provider or owner, such as a plumber or lawyer, This type of business has a strong emphasis on the client relationship and makes the customer’s user experience very important. Product-based businesses, on the other hand, deliver physical products that are reasonably consistent in quality for each customer, making the customer experience fairly predictable.
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