Profitable Service Industries

We have all heard the saying that money doesn’t grow on trees.  Well, does it, really?  Business marketing professionals agree that there are certain businesses worth starting because the potential profit margins on these businesses are much higher than, for example, selling common day products.  You wouldn’t need to make money only in situations where you sell in huge volume, but rather, you would make a significant amount of profit per each individual sale.

Do these businesses exist?  The standard return on the stock market is close to 5% to 8% over the last 40 years.  Profit margins on products sold in big department stores like, Walmart, for example may be close to that, if not even lower, on certain items that they use as loss leaders to attract customers into the store.  Is it presumptuous for businesses to shoot for 30% or even 40% profit margins?  Businesses in the high tech industries certainly desire to see these type of profit margins on new inventions and patented items.

What about local mom and pop businesses?  Are there specific avenues in which we can dream of a business that gives these types of returns for the small business owner?   Yes, and yes.  There are specific areas of business in which does give a 30% to 40% profit margin.  One such service business is carpet cleaning.  That’s right!  You probably have all seen multiple carpet cleaning trucks in your life that you have lost count.  You may even know more than a few different carpet cleaning companies yourself.  The best carpet cleaning companies that have a systematized process and great marketing can see returns in the 30% to 40% range.  See Veritas Carpet Cleaning Orlando.

What about other types of service businesses?  Concrete pouring and driveway repair is another such business with profit margins that can range in the high 40%.  Concrete professionals beautify your home and create driveways that are not only functional but also can add significant curb appeal to any home.  A single driveway concrete pouring job can mean an extra $10,000 for the concrete company.  How does that sound?!

What do you enjoy doing?  There are significant benefits to finding profitable service industries to work in, espeically one where you can learn the trade and then work for yourself by being your own boss.  These types of trades are not taught in school, but can be learned under the mentorship of a more experienced tradesman.  Spend 1 or 2 years to learn the entire system.  What are the highest profit margin services that are provided in the field?  What equipment will you need?  What would be the cheapest way to get started?  Do you live in a higher populated city where there is demand for this service?  Basically, is it busy where you currently work?  After you answer all these questions, you have a much better idea of how to start your own company and rake in the profits.

There are many questions to answer as you look into specific businesses you can start today that do not require a PhD.  Make sure you look at the profit margins.  It would not be profitable to spend your time going into a businesses where your profit margins are very minimal.  Research your industry.  Research your profit potential.  And then go full steam ahead in your pursuits.  Work hard and you will see your dividends in the long term.

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Four Things to Remember Before Starting a Service Business

Since time immemorial, the economies of most countries around the world have always been maturing. A lot of countries have been focusing in production businesses, or those businesses that create, innovate or produce a particular commodity and sell it to the consumers. However, one of the most dominant variety of businesses aside from production business is services businesses. This kind of industry sells services, instead of products, towards consumers in the holistic world of consumer-producer industry.

service business

In the current times, service businesses have been very much helpful not only in the individual people’s convenience, but also in the economies of certain countries as well. This is precisely the reason why service business is one of the avenues that have been ventured by a lot of people, because it is proven profitable and helpful to a lot of individuals.

However, when starting a service business, you must bear in mind the few things that should be done by any service business in order to succeed.

1. The Offer

One of the offerings that product business has but service businesses don’t is with design. For instance, product companies could always design something that the consumers might like in order for them to buy these products i.e. product design. In the case of service businesses, among other things, this particular kind of industry don’t necessarily have product design and other things that deals with aesthetics, since the business is focused on providing services. This is why what you have to bank on as a service business is on the kind of offer you give to the people. Is it cheap? Is it of quality? Is it something consumers can’t resist? This is the questions you will have to ask when trying to make an offer.

2. The Funds

In the case of product businesses, people can always get excellent products in exchange with a good deal of money. However, this is more complicated in the case of service businesses because what you are selling is a particular service rather than a tangible product. The secret is to charge a particular customer in the most logical way possible. Consider your reputation in the industry, work your way on the top and know how much you let you customers pay just for the service of your company.

3. Manage your employees

Since the service business is driven by the power of employees who are going to do the services, it is very important to always pay importance on these people because they are the ones who are going to get the business rolling. Let them attend particular trainings that will enhance their skills, pay them very well and on time and give them a natural incentive to continue their jobs because without them, your business will surely fail.

4. Manage your customers

Obviously, in the service businesses, the people who are going to let these companies work are not only limited to its employees but also on the customers as well. Customers may sometimes be involved in the processes of operations, and most of their inputs actually create a big impact to the services as a whole. However, you have to make sure that the company that you are going to start is managing its customers in order to do away from holistic and big alterations in the services your company has.


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Five Hottest Businesses to Venture On

There are a lot of industries that have sprung in the business world over the years because the demand and the need for these are very much apparent. Companies that focus on sectors such as transportation, production and technology innovation are just some of the emerging businesses that have been on market in the past few decades.

businesses to venture

However, apart from all of these industries, what are the most palatable in terms of investment and profit? Listed below are some of the businesses that you could venture on with the hopes of becoming successful at the end of the day. But success obviously is relative depending on many factors such as sales, customer satisfaction and things like that. Read on!

1. Data Services and the internet

This particular kind of business is very much apparent in the modern world; however, it is still one of the businesses that mostly make money. Technology has always been evolving every second and right now, the trend is focused on mobile technology, thus e-commerce is expected to increase. Since most of the people’s lives are connected to the internet, entrepreneurs have all the reasons to bank on the industry and generate income. Alongside with data analysis and metrics, clients and customers are almost always hunger for information. This is precisely the reason why this particular sector is projected to skyrocket in the near future.

2. Computer Hardware and Software Services

Almost everything in this world is controlled by computers. From the coffee you drink to the social media you enjoy, these facets of technology have been dependent on computer hardware as well as software. There is a high need for new software to be built and the growth is a very promising venture in business. Software is enjoyed and used by many thus, a company that focuses on the services with regards to computer software and the likes are highly profitable.

3. Accounting Services

Because banking and financial regulations have always been used by many, audit and accounting services is one of the most promising businesses to explore on. A lot of opportunities are waiting for this kind of business since all other businesses almost always need somebody to account and audit their finances and things like that.

4. Business Consulting

As the number of different demands have been arising continuously, more and more businesses are necessarily created or expanded. Consultants are very much in demand because these other businesses always needs help in creating unique business plans, effective marketing strategies and campaigns as well as budgets. Moreover, especially when the business operates in a complex federal government with complex business regulations, all companies that invest in that particular country will need assistance in regulating their businesses in the long run.

5. Home Health Care

Regardless if there is an increase in hiring health care services personnel in hospitals and other related industries, specialized health care at home is expected to even grow in a faster rate.

As an entrepreneur, you need to be very smart before choosing the kind of business to venture and expand on. There may be a lot of new demands that the market has as of today, but you have to do further research on where, when and how to start.

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