Pivot to Products

Module 4
The five foundations of successful product businesses

How changing to a product-based business changes this

Changing to a product-based business gives you a different set of opportunities. It helps you to get away from some of the problems we talked about in the previous module, by breaking the relationship between how you spend your time and how you make your money.

The results I’ve seen

I’ve worked with a lot of business owners who are making these changes and moving to a product-based business. Hundreds of them now. And I’ve been on that journey myself, going from being a billable hours consultant, to offering a productised service, launching programmes and then developing tools and calculators. Oh, yes, and two books. Pivot to Products is actually my first stand-alone, self-guided course.

These are the results I’ve seen myself and from clients when we pivot from a services business to a product-based business.

Goodbye feast or famine

Products can give you a more secure cash flow. Recurring income products, even with a small number of subscribers create a steady, predictable income for you. When you’re busy on client work, it can be a joy to get in an extra dollop of cash from a product, perhaps one you did all the work to create years ago.

Scalability

There’s always a ceiling on how many hours you can work for clients. Creating products kicks through this ceiling because you can sell multiple products to many clients at the same time. I call this client stacking

Keeps it interesting

My business is called Adventures in Products because many of us want to have that next adventure in business. We’ve got pretty good at what we do, and we want to find new ways to do it. Learning, reaching more people, having more of an impact, selling to a more international market, these are all little adventures you can have at your desk. While making more money, which also makes running a business more interesting

Going deep

One of the unexpected benefits of a product-based business is that you get the opportunity to go deep into your subject. Many people I work with love this part of it, the opportunity to think creatively about what we do and stop taking it for granted.

Here’s Nick Parker talking about how he enjoyed the painful thinking of making his first product.

https://vimeo.com/770819278