The Book on Small Business Ideas: Level up your mindset, launch high-cash-flow money machines, and finally quit your job this year without the financial risk. by Justin Gesso

Author:Justin Gesso [Gesso, Justin]
Language: eng
Format: epub, azw3, mobi
Published: 2017-11-13T23:00:00+00:00

Service businesses

Unlike product-based businesses, service businesses apply human skill and expertise to solve problems for other people or companies. The big downside most people see to service-based businesses is limited scalability. Most people assume they must be involved in the delivery of services and therefore will be limited by the time they spend delivering those services. Because of this, they see limits to the money their business can generate. But, this is a poor assumption. People also assume they will not generate intellectual property and will therefore be “stuck in the business” forever, with no real golden egg at the end. That’s also false.

If you’re just starting your first business and are looking to earn cash quickly, I cannot recommend starting a service-based business enough. Making money in this model is fairly easy and very lucrative. Doing so means you simply find the nexus of your skills and others’ need for help.

Here is a rundown of the initial advantages to starting a service business:

● Startup costs will be minimal

● Time-to-start will be minimal

● You can sell both to your network and locally before you expand

● You can hire interns and assistants as you grow

● You can make real money now

● Your hustle makes the difference; you can play against bigger companies

● Customers have ongoing, recurring needs, creating long-term base income

● You will learn about a market in depth, allowing you to develop a great product and intellectual property later

That last bullet is important. One of the best parts of starting a service business is you get to be “in the weeds” with your customers. You learn their problems and their challenges. You can tweak and update your service on the fly. You can start to generate big concepts that later turn into larger businesses—perhaps even a product. Service businesses serve as incubators for golden eggs.

And I’d also like to elaborate on the ability to stand out and deal with competition. With a service business, you can compete with the big boys. Individuals and small businesses most always win on the services side. While undercutting on product with optimized global logistics might be easy, you can’t copy an individual or local delivery. Through hard work, hustle, and an obsession with being the best, you can beat the large companies.

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