It is time for some out of the industry thinking in order to seriously break the mold in the service industry. Think about the service that you currently or are planning to offer. Then think about what products you could create or obtain legal rights to that would enhance your services? It may be hard to wrap your head around. Here is an example to simplify this concept and to get you thinking.
A landscape architecture firm provides drawing sets and consulting services to a wide variety of clients- from individual residences to cities to developers creating new community developments. Let’s say this particular firm focuses on the individual residence. The landscape architect builds a quality relationship with a client base over the years. But as the years go on, in order for the landscape architecture firm to continue to function, new clients must be added. The lifespan of individual residences is fairly low, typically one residence per client.
In order to keep the clients interested in the firm, the landscape architect produces a newsletter with updates, tips and tricks for maintaining a healthy yard, and new promotions. The new promotions may be a seminar series in which the landscape architecture firm teaches a group of its clients the best tips on gardening. The company may also create a manual as well as a book showcasing projects that will be sold at the retail level as well as used as a marketing tool. To take it one step further, the company could also take a custom designed set of furniture for one of its clients, redesign it to make it a unique, and license and protect that design. The company could then joint venture with a manufacturer to build the furniture and then sell it through catalogs or at boutique stores.
The idea here is to take what you already do and turn it into another source of income. The furniture becomes an asset for the company in which they receive income each month from the sales of that product. Whether the company sells its services, they are still earning money from their licensed furniture.