Software Product vs Consulting

Does anyone have any input on the pros and cons of trying to write software that can be sold over the Internet, versus acting as a consultant developing business applications?It would seem that selling software over the Internet could be quite profitable, but there seems to be a lot of competition. On the other hand, working as a consultant is limited by the number of hours I am available to spend with my clients.Any thoughts?
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My goal is to establish a consultancy firm with a secondary product as a cash-cow. I need to first generate funding from consulting to establish a client base and pay for the software development.
With this type of leverage, you can fall-back on revenue generated from your cash-cow when the consulting revenue suffers a slump.
Jon E.