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THE IDEA

Organize Your Thoughts And Ideas

Notes on glass pane

What unique skills/talents do you possess? What resources do I have available to me? What products/services are needed in my community?

Make a list for each one of those questions, As you begin to study those lists, your business idea should begin to come into focus.

You then to need to determine if your business is going to be service business or a product-based business. First, you need to understand the differences between the two.

SERVICE BUSINESS

  • This type of business generates income by providing services instead of selling physical products.

  • A typical service business provides intangible services such as landscaping, cleaning, consulting, business advising, tree clearing service.

  • Service companies don’t usually carry inventory.

  • These businesses can be easier to run because there is no inventory and no cost of goods sold when it comes to accounting.

  • Examples: Lawn care, hair dresser, barber, mechanic.

PRODUCT-BASED BUSINESS

  • A product-based business sells tangible products.

  • A product-based business includes retail clothing, grocery stores, shoe stores, restaurants and bead stores.

  • This type of company must maintain inventory.

  • This makes accounting more difficult than service businesses.

The main difference is that a product business sells physical, tangible objects, whereas a service business provides value through intangible skills, expertise and time. Keep in mind that the marketing techniques and costs vary when you're selling services versus selling products.

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

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