Question: I am working as an EA for last 5 years. But now I want to start my own business, Service Oriented, Please let me know the possible options and guidelines.
Answer: For service oriented business, there can be many options. But which option you should select, depends upon your interest, the need, profitability, competition etc.
Service is the intangible experience that a customer gets in return of money spent. Service industry is a very huge industry. There are many types of services and there are many opportunities in the same.
How to Start a Service Oriented Business
- Service is all about experience. Service is something which you can not touch, smell or se. It is the experience that you get from the company or a person. From last few decades, service industry is taking hype and fame. Service industry is very lucrative and fruitful industry.
- Service industry has a huge potential. Service is a sophisticated field. There can be thousands of services. It depends on your interest, knowledge and resources that in which service you want to start your business in.
- Service is a vast term. Service includes banking, insurance, travelling, tourism, transportation, electricity, hotels, financial services, marketing consultancy, education, health care services, hair cutting, house made, computer maintenance etc. There are many more services.
Ideas and Steps for Starting a Service Oriented Business
- First of all, to start a business in some particular service industry, you need to have enough knowledge of that field. If you want to get in to health services, you need to have the inside knowledge of that field. You also need to have some interest in that field to start a business.
- Once you have decided the field of your business, start research ion that. You need to have deep research of the market and competition before entering in to the business.
- Once you start your business, you need to take care of many things. Service is different than the products. Service sector has different specialties. Service is intangible, so your customer satisfaction depends on the experience that you provide them. Service is perishable; you cannot save a day of service and provide double service on the next day. Service is simultaneous while purchase. Due to these specialties, service becomes difficult to market.
- So you need to take care that you provide great experience to your customers at the time of service delivery. Marketing will be also different for service oriented business. You have to develop a trust on your service.
- Once your blue print of service related business is ready, you need finance to start the business. You can put all your details and estimation on a project report and present it to a bank for a loan. Register your business under the respective government authority.
- Once your business takes off, you need to think of expanding the business. There are many ways of expanding a business. You can indulge some amount of money and have backward integration as well as forward integration.