Today I am talking to the ladies from the Product Boss Podcast. Jacqueline and Minna are the duos behind this incredible podcast. Now I currently don’t have a product-based business but you know me. I am always looking to diversify. Things are rapidly changing and I wanted to hear from someone outside my industry what was working now. In this episode, I ask them questions like Selling Physical Products
- How has the pandemic helped or hurt their industry (you might be surprised by this)
- What types of products could you add to your business model?
- The dos and don’t’s when it comes to products
How to Become Your Own Boss Without Selling Physical Products
When I was really honest with myself, I realized there were 6 reasons I hated selling physical products:
- Margins are Crappy – Physical products cost money to produce, and you can only mark up the price so much. Even when you are selling a ton, your margins are not going to be as good as they would be with a digital product or a service that costs you nothing.
- Ad Cost – In addition to the cost of the product itself, I needed to shell out a considerable amount of money for advertising, which cut into my bottom line even more.
- Managing Inventory- If you’re selling physical products, it’s likely that you are also keeping inventory. This means you need a space to keep everything, and for a lot of people, that space is their home. Try leaving work at work when you are climbing over boxes of t-shirts in your bedroom.
- Liability- Maybe this doesn’t happen to everyone, but the amount of liability here really stressed me out. Imagine if we had a fire or a flood, or someone stole that inventory? Just thinking about it makes me sick.
- Working with Others– with my t-shirt business there were a lot of people I had to work with. I had a team of designers that I needed to manage, and even though they were good people, it was a challenge to stay on top of everyone’s schedules and ensure deadlines were met.
- The Hustle- selling requires near-constant effort. If you aren’t designing and ordering products, you’re advertising them and promoting them, or taking orders and shipping them out. You’ve got to act fast when orders come in and stay on top of the whole game. I spent so much time in front of the computer tracking inventory and ads and watching orders roll in. If you slack off, your bottom line suffers, and we already know that the margins are tight. Selling Physical Products
It’s exhausting just remembering what it was like to sell physical products. I don’t mean to be a downer here – if you sell physical products and you are rocking it, and you are happy with your life, then, by all means, keep on with your hustle. It’s working for you.
I had thought that selling physical products was the key to freedom for me. Working for myself was supposed to be less stressful and financially free, but that wasn’t my reality. I had been killing myself – and what for? For a job I didn’t love, selling items I didn’t love, at the expense of my time and sanity.
“Opportunities don’t happen. You create them.” -Chris Grosser
“Success usually comes to those who are too busy to be looking for it.” -Henry David Thoreau
“Don’t be afraid to give up the good to go for the great.” -John D. Rockefeller
If you need further convincing that digital marketing is right for your business, get in touch with us. At Crucial Constructs, We’re willing to listen to you and answer your questions. Contact us today!
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