All of us have our own set of skills and areas of expertise—all you really need to possess is the drive, dedication and the desire to turn your skills into a revenue generating opportunity.
A service based business is difficult to start and continue simply because in essence, you will be basically selling yourself and not a product. And in a consumer conscious world, your biggest challenge as a service based business owner will be in building and providing a tangible experience of your services to a customer.
The entire crux of a service based business is centered on your ability to not only reach the right customers, but to also maintain your clientele.
Everything from your skills, to your professional competence to your customer service and relationship building abilities to how well you can package yourself and your services to suit the needs of your customers will be under the glare and yes scrutinized by your potential clients. In the service based business it helps to remember at all times that the product that you will be selling your customers primarily, is you.
However if you can get past the initial hiccups of starting your service business, the rewards can be more than satisfactory. The time, effort and hard work will pay of rich dividends in the form of a thriving business, good revenue and in the opportunity of letting loose your creative skills and interests.
Every business is subject to volatile market trends, various degrees of customer satisfaction and expectations and the numerous laws of marketing and publicity etc. However in the service business the onus of success almost always is placed with the customer. Since a service business is where you are offering your customer some form of service, the only way he/she can access your expertise or skills is by actually giving you a try. And if you are new or unknown, getting set into the business can be difficult.
Although this should not deter you if your mind is made up, one of the best ways of assessing any situation or as is the case a business, is to consider the pros and the cons very carefully and based on that one can chart out a further course of action.
Pros of the service business
Undoubtedly there are several advantages of starting out your own service business. Here are some of the most obvious ones-
You get to be your own boss: This is one of the top reasons of getting not just into the service business, but any business. Being the boss, you are in effect in control of your time, resources and future, your destiny. No more being answerable to higher authorities, no more having to adhere to rules and regulations laid out by someone else. You can plan and organize your life according to your wishes.
A major selling point of the service business is that there is no end to the kinds of service based business ideas to choose from. From child care, to pet care, VA services to resume writing or domestic services such as housekeeping or errand service the list just goes on and on. If you have a skill or are good with anything and you feel that there is a market for selling it, then it is an option definitely worth exploring.
In most instances, the ease of setting up the business and the relatively low investment required especially if you are running it out of your home is a major contributing factor. If you have some spare space or room, then with a few adjustments and changes you can easily run your business. For example if you are planning on becoming a VA, all you really need is a computer with internet connection, a phone and fax machine, a desk and chair and some basic office stationary.
Money: On the top of most people’s list, a service business has the potential of providing you with good revenue. If you plan your business well, you sit to gain income that can even surpass your expectations!
Cons of the service business
Risk- One of the biggest drawbacks to this business is the risk involved. You may be skilled at your job or service, but without the backing of a good business plan and marketing strategies the chances of your business succeeding is almost zero. Another risk factor is the off hand chance that even after careful planning and analysis, the market that you intend to break into will not respond favorably.
Another drawback to the service business is the lack of a tangible product for the customer can see or touch making it difficult for a customer to accept your skills based only on your word. It can be especially difficult to convince a new customer of your skills and superiority of service.
Uncertainty: this is something that comes with the job. Yes, it is not easy being a business owner, and while it is the perfect opportunity to showcase and utilize your talents and skills the sheer uncertainty of whether or not you will succeed requires a strong and positive mindset. Not a lot of people have the tenacity to weather storms.
No guarantees of a steady source of income/ no benefits- your income will be dependant of the work available only. Besides this, you will be responsible for paying out your health insurance premium or life insurance.
Starting your own service business can be a dream come true. However if you really want to succeed in this business, the best way forward would be through careful consideration of all contributing factors. Condition yourself to look at the bigger picture in the future, while not loosing focus of what is required in the present.
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