Hey everybody welcome to the $100 MBA show where you, yes you, learn how to be better

at business with our daily 10 minute business lessons for the real world. I'm your

host, your coach, or teacher Omar Zenholm. I'm also the co-founder of the

$100 MBA a complete business training and community online. And in today's

session you will learn why build a service-based business. Now, right before we jump into this, full disclosure,

most of my business pursuits in the past have been in the services.

I actually ran a lot of service-based businesses.

Web development design,

Nicole and I have done a lot of video work for clients,

you're shooting conferences, doing video reels,

doing documentary style, video trailers for people's websites

and telling their stories. So a lot of our work was

in services just recently we transitioned to more product-based by a more product-based

business with the $100 MBA so we have a lot of experience in this area. We also have a unique perspective

being able to show you all the pluses and the minuses of having a surface-based business.

So let's get down to business.

First of all, what is a service-based business?

A service-based business is simply any kind of business where you have to exchange your time for money.

So a good example of this is a web programmer or a photographer or videographer, right?

So these people, they are actually using their skills or time

of their talent, so the more time they work on a project, the more they need to get paid.

So usually these people have rates in terms of like an hourly rate or they have a project rate meaning that this

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