Part 2/8:
Product-based businesses involve the sale of tangible items or digital products. While they can provide substantial financial opportunities, they come with considerable drawbacks.
Physical Products
These include any commodities sold directly to consumers, such as furniture or clothing. Despite their appeal, this business model has a D-tier ranking for beginners due to significant capital requirements and high complexity.
The key points to consider include:
- Pros: Potential for high financial returns if executed properly, autonomy in managing the business, and scalability as systems and hiring practices improve.