3 Steps to Effectively Add Products to Your Service-Based Business Considering new ideas to add additional revenue to your business? Here's how to find out if adding products to your service-based business is the right move for you.
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As someone who has mentored and coached thousands of women business owners for more than a decade, I know the heart, soul and drive it takes to keep your business prospering. Particularly if you are the owner of a service-based business — where you and your work are the product being delivered to the client — it can be difficult to stay fresh and vibrant with your delivery year after year.
At a time when many of us are weary of the world's economic future, burnout among women in the workplace has been at record highs. According to Deloitte's Women at Work 2022: A Global Outlook, a recently released report that polled 5,000 women in the workplace across 10 different countries, women in today's society are stuck in what's being called the "burnout epidemic" on the heels of the Covid-19 pandemic.
This dilemma is certainly not going to be eradicated overnight — nothing the pandemic brought about can be. But one approach that I aspire to get more entrepreneurs on board with is to add a product (or more) to their list of services. Adding physical or digital products to your business can be a desirable strategy if you're looking to diversify your revenue streams. Furthermore, having a product to sell can reduce stress and burnout when you want to take time to revise, enhance or do a complete overhaul of your services.