I recently received a question from the group regarding whether to pursue a service-related business or build a product business. This is my generic response to this question. The details for your situation may be different, but the following principles would still hold true.
The question was in essence: "Should I spend my time on my service oriented business or arrange my time around building my product business, even if it means financing it with a part time job?" My answer:
My answer is: I would advise setting aside the service business - a phone installation and service company - if it is at all possible. That is labor intensive and the market is shrinking because of the wireless and computer industry. You would have to be available every time a customer's phone beeps, and as in most IT businesses, your prices would quickly be undercut by low-ball providers, and you would be badgered by customers every time they were in need.
I would recommend taking the part-time job only if it does not hinder the growth of your product-based business and only if you truly need the income. Remember this...PASSIVE residual income will be the most important need as you become older.
You will not be able to work part-time jobs or install phones for the rest of your life. Also, in the technology industry, age is a liability, not an asset. People think that all technology experts or providers need to be young or they risk being out of touch. I know this from first hand experience.
Also, as with any technology, if you are not diligently staying on the cutting edge with regards to technology and pricing, you will quickly find yourself being undercut by aggressive young guys who tend to over-promise and under-deliver, and they will take your customers away.
Therefore, I would forgo the service business and take the part-time job to earn needed cash and have fun. (The part-time job is leading tours in the mountains.) You might meet prospective customers while you are at it. Focus on your product business.
If you do not have your product-based business on the internet yet, you're lagging behind. It is time to get that up and running NOW. It takes several months to get that ball rolling, so don't delay. If you need help in that area, I have a great tool that will provide the assistance you need. Feel free to check it out at: http://www.onlinebusinesscreate.com.
One caution... be careful to limit the part-time work so that it doesn't adversely affect the growth of your product business. Your products will sell 24/7 online until you are 99 years old. In my opinion, it is BY FAR the most important part of your efforts at this point.
When at all possible, building passive residual income is by far the better choice than simply seeking another service job where the income ENDS when your work ends.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Free Public Domain Articles
By: evonn | 22-10-2007
Where do I find these articles, can I use these articles on this website to do with as I choose Yvonne
Is the Stock Market obsolete ?
By: rubberguy | 22-10-2007
Can U give me any reasons why the stock markets around the world r obsolete considering the radicial fluxuations in market activity. Wouldn't it be better if companies sold their own stock from their base of operations and have oversite by the federal goverment? thanks
Real estate for sale by court order
By: miousa | 19-10-2007
Good morning I am an Italian citizen living in Germany . I am looking for web sites regarding real estate sale by court order in USA . have you any adress for me ? Thank you very much . Luca Appolloni phone +491722976556.
Texas time
By: elessouky | 18-10-2007
which time zone texas has?
What are the options for self-publishing, advantages and disadvantages?
By: Ecrivaine32 | 16-10-2007
What are the options for self-publishing and the advantages and disadvantages of these? I'm thinking of beginning my own publishing company, but I'm not sure what would be most beneficial or what I should take into account.Options I've considered are: Publish e-Books, and do so through Lulu or iUniverse, or a similar company; Publish through Lulu or some other site and sell the print version; Put my own name on a publishing company and either publish books Print On Demand or via some sort of e-Book software and sell them from my site or via Amazon, etc.I'll take any helpful ideas, because seeing all of the options from people more knowledgeable about publishing and marketing their books online will help me. Thanks!
What is the European City Model?
By: pinklily21 | 15-10-2007
I need to know about the European City Model.What is it? Who designed it?
Q&A Powered by:
Latest Marketing Articles
Tell Them Why They Should Buy
By: Karen Scharf | 21/08/2008
Our customers don't know our products inside and out. They do not make the mental leap from features to benefits. We need to show them, to spell out exactly what our product or service will do for them.
The Number One Killer of Information Marketing Success and How to Avoid It
By: Caleb Scoville | 20/08/2008
The longer you hang onto an idea without implementing it, the less viable it becomes. It's better to implement and learn from your mistakes than to obsess over it for weeks or months that you could be focused on more important things.
Want to Attract New Dental Patients? Think About a Referral Contest
By: James Erickson | 20/08/2008
A referral contest is a great way to get your current patients bombarding you with new, quality patients. Referrals are always the best new patients, because they generally come in already liking you. So, why not do something to double, or even triple the number of referral you receive?
Relationship Marketing: Lead Scoring for Success
By: Christian Fea | 20/08/2008
Developing a relationship marketing platform for your business is an important step in every marketing campaign. Having a relationship marketing plan for your business puts the focus of your business on customer fulfillment and strong customer relationships.
5 Powerfull Tips For Optimizing Your Viral Marketing Campaigns
By: Paul Baican-Vist | 20/08/2008
The media has focused recently more on Viral marketing, or "refer-a-friend" email campaigns. These campaigns are making more active the recipients of promotional emails to forward the messages to their companions. They were garnering both positive and negative comments from customers, privacy advocates, and industry pundits.
The main issue are the...
The "Secret" of Voice Broadcasting Exposed
By: David Seldon | 20/08/2008
Voice broadcaster exposes a little-discussed yet obvious "secret" that has major implications for those considering using voice broadcasting. Those considering utilizing voice broadcasting in their business should consider this before spending any money for voice broadcasting.
Article Submission Services: How To Choose The Right Company
By: Deep Arora | 20/08/2008
These days the mantra for modern business is marketing. Marketing plays an integral role in your end results of sales for your organiation. While you may understand the benefits, for many the process of article submission may be better left to experts.
How to Design a Slick and Professional Website
By: Chris Coleman | 20/08/2008
It's amazing how quickly business changes. Before the internet, the only contact you had with customers was using the phone and face to face.
Now, due to the advent of e-commerce via the internet, customers can discern much about your company without leaving their office or home.
Marketing 
