The MPS (Minimum Productizable Service) is a concept we created that forces you to think about the skills, PPPs, or knowledge you have and package it up into an easily deliverable & predictably profitable subscription.
What makes an MPS so powerful is that it strips away all the nonsense and hardships normally associated with starting an online business and allows you to focus on a few simple key ingredients that set you up for success.
The greatest thing about determining an MPS is that you’ll notice they can be derived from just about anything you’re probably already doing in your everyday life or job.
This means turning your passion into a sustainable and hyper-profitable online business has never been easier.
Why An MPS Is So Critical
MPSs are defined. Meaning they are the same every time and allow for easy sales & easy fulfillment.
Gone are the days of negotiating back and forth, waiting through weeks of procurement, and using sleazy sales tactics to get the contract you want.
An MPS has a clear objective, offers a needed commodity, and are delivered in a packaged form so your customers are never confused and you’re never stressed.
Unlike the failing agency model, you’re not offering a handful of services at an agreed-upon price. You’re offering 1 service in the form of a subscription — just like a software or streaming service.
1 service, at 1 defined capacity, in 1 defined delivery, for 1 defined price.
An MPS is similar to operating your very own streaming service or freelance marketplace. It’s a subscription of you and your services and all you have to do is attract a few customers and wake up to tickets ready to be fulfilled every morning.
MPSs take the sales out of the equation and let you focus on doing the work you want to be doing.
Find Your PPP (Predictably Profitable Passion)
Clearly, there are 3 elements to an effective MPS’s PPP.
Predictability. Profitability. Passion.
Your PPP is what you’ll build your MPS around and it will be something that fits all 3 P’s.
The most important P is Passion.
What are you doing daily that you’re passionate about? What’re you doing at your job that you could see yourself doing as a daily job under your own roof? Whatever this is, it’s surely good enough to be a Predictably Profitable Passion.
If you require some inspiration, be sure to check out some of the examples we lay out of successful MPSs that all revolve around extremely effective PPPs. If you’re having trouble thinking about what your MPS could be, think about commodities and services like social media marketing, public relations, email copywriting, video editing, and even painting or proofreading.
Now, what’re the steps to determining your MPS.
Choose a Vertical
What makes MPSs so unique is that they are geared toward such specific needs. This means they sell incredibly easy because you’re talking directly to the pool of customers who need you most.
Verticals like real estate investors, wellness providers, and dentists are great areas to start considering your vertical.
Don’t be discouraged if you think the vertical you can best service seems to small. There are plenty of customers in just about any vertical and even if they are small, your MPS can be priced at a premium to commensurate the lower volume of prospects.
Notice how we’re focusing on the person themself instead of the overall business. Real estate investors. Dentists. This is because we want to talk directly to the prospect in that vertical.
Choose a Service
Now that we know who we’re servicing, we need to determine what we’re offering.
Think about common problems these people have.
Maybe they’re struggling to keep their email newsletter engaged. Maybe they need assistance in updating their resumes and practicing for interviews. Maybe they’re trying to publish more video content online and require editors on-call to cut and edit their content.
Desirable MPSs are specific and easily deliverable. Offering advertising services could be simple enough if you package it as a clearly defined template. Video editing could be simple enough if you outline the parameters and the scope for each video you’ll edit — and its average turnaround time.
Solve a Specific Problem For a Specific Person
You’ll find that during this exercise, other types of verticals and prospects can benefit from your services as well. Do not be sidetracked into helping everyone.
The maximum success of an MPS comes when you have tunnel-vision on one singular service for one specific type of customer. You can offer the same skills or knowledge in multiple verticals. No one is doubting that. However, you lose the benefit of speaking directly to your niche when you try to offer your services to more than one type of customer.
Finding Your MPS
Now, if you found these examples inspiring and you’d like to see how you can find your own MPS or tweak one of the businesses above to make your own, I’d like to invite you to a free 70-minute training where I walk you through how I built Broker Buffs (a 5-figure/mo MPS) and how I’ve assisted in the businesses you learned about above.
I discuss the major things we did to build up from nothing and how I got our MPS out to the masses without spending months failing and draining our bank accounts.