How to Turn a Service Into a Profitable Digital Product

Let’s face it; service-based businesses are difficult to manage and sustain. They require you to work with clients, team, and, depending on the stage you’re in, even fulfil a part of a service you offer. But over time, even a business you love can start taking a toll on your health. If you’ve been wondering how to turn a service into a profitable digital product based on your expertise, you’re in the right place. 

Developing an online course can be a game-changer, enabling you to reach a global audience, while freeing up your time for other impactful activities. 

3 Essential Steps to Turning a Service into a Product 

Step 1: Document Your Process

Being a service-based business ourselves, providing Premium eLearning Videos since 2015, we understand the importance of documentation. Start by writing down and documenting your entire process. 

Standardizing and making your actions repeatable is crucial. Whether you're creating an online course, a digital product, or aiming to automate your service, this foundational step sets the stage for success.

Step 2: Implement Tim Ferris' Approach – Eliminate, Automate, Delegate

Embrace Tim Ferris' philosophy of "Eliminate, Automate, Delegate." 

Analyze your documented process and identify unnecessary elements that can be eliminated. Leverage AI and automation tools to streamline repetitive tasks. 

Lastly, delegate the remaining tasks to a capable team. This approach ensures efficiency, reduces bottlenecks, and allows your service to run seamlessly without your constant involvement.

Step 3: Create an Online Course

Once your processes are documented, refined, and streamlined, you're ready for the next step – creating an online course. 

Utilize the knowledge you've gathered through steps one and two to craft a valuable product. The online course becomes an extension of your standardized and automated service, reaching a broader audience while maintaining a high level of quality.

Myth-Busting: You Can Provide Services and Have Online Courses

Contrary to common belief, productizing your business doesn't mean you have to stop providing services. Our example of offering premium eLearning videos showcases how a service can be standardized, automated, and delegated, leading to a seamless and successful productized service. 

In fact, executing services can fuel the creation of more online courses as you gain insights from client interactions and market dynamics.

Related Read: 

• 5 Additional Revenue Streams for Small Businesses: Diversify Your Income
• 9 Signs Your Business Needs eLearning

Conclusion

Start by documenting the process you need to fulfill your service from A to Z. Next, follow Tim Ferri’s approach by eliminating, automating and delegating tasks to other team members. By doing this, you’ll free up time to create an online course or another digital product around your service.