A service based business is a business which offers ‘services’ rather than ‘products’ to clients.
You’re essentially utilizing your skills or the skills of others to help entrepreneurs, businesses and companies achieve tasks in their business they don’t have the time or the in house skill set to do.
- Web development
- Graphic design
- Social Media Manager
- Facebook Ads Specialist
- VA Services
- Music Teacher
- Language Teacher
- Podcast Producer
- Booking Agent
- Technical Support
- Voice Over Talent
- Coach (some cross over with Info Marketing also)
In fact in Day 7 I go through 48 different online service based business ideas you can get started on today!
So now we know what it is, how do we know if it’s for you?
Very much like building an ecommerce business or a info marketing business, the beautiful thing about these business models are that they give you the option to;
- Create something from your passions if that’s what turns you on.
- Work from anywhere in the world (my entire brand motto)
- Sell to a global marketplace
- Get started with relatively low up front investment. You might need a few quid to get your website setup, get some graphics done, etc, but you don’t need to layout lots of $$$.
- Depending on your goals you can diversify across multiple models and have several streams of income
However there is some downside!
Firstly it’s bloody hard graft.
There’s a lot of competition and so you’re going to need to work super hard to stand out or come up with an idea so unique no one else can touch you.
It can be lonely. Working on your own in front of a computer all day can really get you down so you need to ensure you have a strong network around you, either family or friends or a solid community online all on the same journey.
What Kind of Service Based Business Entrepreneur are You?
There are a multitude of service based businesses you can start as you can see from Day 7, but to make it simpler I’ve grouped them into 4 main groups;
- Starting a Digital Marketing Agency
- Starting a SAAS Business (software as a service)
Freelancing is probably the most flexible of them all and you could literally get started in the next hour. In fact freelancing is one of the fastest ways to get your lifestyle business off the ground.
Typically you will have a specific skill – writing, graphic design, customer service, social media etc.
You’ll then pitch yourself to businesses who are looking for that specific service. You might work for them on a one off project or more long term, but generally you choose when to work and agree measurable & deadlines etc with each client individually.
In Day 9 we’ll go into great detail on how to start your freelance journey, but some of the best places to get started are;
If you have a lot of experience in a particular niche or huge empathy and your goal in life is to help people reach their true potential, then coaching might be for you.
Building a business as a coach is very similar to building an information marketing business, as essentially you’re selling the experience and information in your head, but you’re doing so in a one to one or one to many setting.
In fact there’s massive cross over with Info Marketing & Service Based Businesses hence why in both 30 Day Series they follow a similar path.
In Day 10 I’ll walk you step by step through how to grow your coaching business, but here are some of the heavy weights in the coaching world;
Starting an Agency
Perhaps your skill sets are more wide ranging or you can see a need in the market that as a natural entrepreneur you’d like to fill.
Starting an agency means you’re thinking a little bigger than just doing the odd web development job for companies as and when they come up.
You want to offer a range of services to cater to businesses needs and employ people with the relevant skillsets to help you meet those needs.
In Day 11, we’ll go through what you’ll need to do to start and grow your agency, but for now here are some great examples of agency models;
Starting a SAAS Business
Not for the faint hearted, perhaps you’re a skilled developer or have a more technical brain than the rest of us, starting a software as a service business can be very lucrative.
It can also be a huge time & money suck (as I discovered when attempting to go down this route a few years back).
It’s amazing how fast money can disappear beneath pages of code!
In Day 12 we look at the nitty gritty of starting your own SAAS business but for now here’s some great examples of SAAS based businesses online today;
The Service Based Business Path
So before we look at your business goals let’s have a quick overview of the path to building a successful Service Based Business;
- Know Your Niche. This model is far more dependent on your skillsets than other models. You can’t advertise yourself as a writer if you can’t write or a graphic designer if you can’t design. You need to start by knowing where your skillset is or what you’d like to develop and grow from there.
- Choose How You’ll Advertise Your Services. Will you sign up to freelance job sites, build your own website / social media presence. How will you showcase your skills to attract clients and customers. (We go into this in great detail throughout this guide)
- Build Your Assets. What skills do you have? What can you offer now? How can you hone and develop those skills? How can you add more skills to your repertoire?
- Grow Your Audience. What content will you deliver? How will you stand out from the crowd? How can you add massive value?
- Consolidate & Grow. Who do you need to hire to help you scale your business? What needs to be systemised and made more efficient to maximize profits? Where can you begin to diversify and increase your streams of income?
A lot right? Fantastic! That’s why I’ve created this guide, to take you through each of those phases step by step. With that being said, let’s get started!