When you have decided to go into business for yourself, one thing you will have to determine is whether your business will be based on selling a product like clothing or providing a service.
Landscaping, graphic designing, and personal fitness training are an example of services that can be offered to potential clients.
If you don’t know what type of business you want to start, I recommend selling services due to the following advantages.
Low Start-Up Costs
Service businesses are easier to launch due to lower start-up costs. For a large portion of them, the most you need to start is yourself.
Some will require a small overhead for supplies (for example cleaning supplies for a cleaning business). However, considering the return on investment, those costs are minimal.
You Set the Price of the Service
When figuring out the pricing for your services, you should research the market rates, however, you don’t have to base your price on that of your competitors. The benefit is that you can charge as much as you deserve taking into consideration your skill level, years of experience, and the value you are providing.
You Can Run it Out of Your Home
Many service-based businesses can be headquartered right from home. For example with a lawn care service, your staff works out in the field. There is no need for office space, furniture, or break room snacks (besides your own).
In today’s digital age, team, and client communications can be handled through the phone, facetime, and email. You will save a ton of money by managing the whole operation right from your couch.
You Already Have the Skills
Monetize a hobby. Turn a passion into profit. A lucrative service offering can be created by using many of the skills you already possess.
The ease of transferring what you do all the time either as a job or just for fun, to now being paid additional income can be rewarding. There will be no long training courses required. You can learn best practices and how to improve along the way without having to go through hundreds of dollars.
Create Your Own Schedule
Possibly the biggest benefit of owning a service-based business is the time saved and the ability to work as much and as little as you want. When providing a service, it’s easier to set defined times that you provide said service. Your cut-off time is just that.
On the other hand, you have the option to work more if you choose.
Need extra Christmas money or have a vacation coming up? No problem. Open up your schedule and take on more clients for a few weeks. You can literally work as little or as much as you want.
No matter what kind of business you decide to start, hard work is inevitable.
Make it easier on yourself by creating a business you can run out of your home. Service-based businesses provide flexibility, have lower start-up costs and advertising costs, and can easily be created based on your own skills.