What is the business service industry?
Every small business owner meets challenges in maintaining their day-to-day business functions, which they can’t address themselves. Maybe the company computer system is down? Perhaps the company needs to hire a new staff member? Essentially, no business owner can do everything themselves. The business service industry provides services that assist businesses in their day-to-day operations and needs. Many of the issues that business owners face are time-consuming or require an outside specialization. The business service industry can also provide professional, experienced consultation and advice.
What does the industry do?
The business service industry aims to address typical tasks or issues that business owners frequently encounter but likely can’t fix themselves. This industry also serves to advise business owners on choices best suitable for the success of their company. For this reason, the business service industry is broad and has a far reach. It is difficult to accurately pinpoint the impact this industry has on the economy, given the field’s broad nature. However, according to Ibis World, business service centers (which doesn’t encompass the entire industry but a portion), brings in $9 billion in revenue each year. The business service centers industry also employs roughly 84,000 people in about 25,000 businesses.
Business service franchises may provide:
- Drug Testing
- Event Planning
- Technological Assistance
For the most part, small businesses benefit the most from business service franchises and make up the largest clientele for the industry. Small businesses often lack large resources; since they are only starting out, small business owners often can’t afford to hire large marketing or accounting teams. For this reason, small business owners prefer to outsource these tasks to business franchises.
The industry serves to advice business owners on choices best suitable for the success of their company
Business franchises are everywhere
The different sectors of the business industry cover a vast amount of services, as noted above. Several popular business franchises include:
- The UPS Store
- H&R Block
- Office Evolution
- 1-800 Water Damage
Trends in the Industry
More recently, companies have begun to use third parties or freelancers to complete tasks. According to a study conducted by Intuit, more and more companies are beginning to manage employees that don’t even work in the office. Due to growth in technology over the past decade, it has become easy to hire and utilize third parties, whether they be freelancers or contract employees.
Over the past several years, the American workforce has experienced a shift in the environment. Workers in the country have grown tired of climbing the corporate ladder and no longer feel fulfilled by completing work for the benefit of their employers. Many of these workers choose to move into the business service industry, attracted to the idea of working as independent contractors.
Alongside small business owners, many large corporations are foreseeing outsourcing services in the near future. Even large companies are beginning to see the advantage of using third-party sources to complete services like accounting or staff hiring. These services can be extremely time-consuming to complete in-house. Looking to make better use of company time, corporations are looking to outsource.
Is the business service industry right for you?
The business service industry is a good opportunity for anyone to venture out of the traditional corporate environment. As more corporations and businesses begin to rely on third-party services, the business service industry will only continue to grow. Especially at the moment, exploring the business service industry can bring profitable results.
Business service franchises also present a great opportunity for individuals to take advantage of the expertise they may have in a certain field. Nevertheless, it’s not totally necessary to pursue a business franchise within the scope of your previous experience. Most often, franchisors provide all franchisees with training manuals and programs that help them get acquainted with the business and industry.
Many prospective franchisees find this industry attractive due to sustainable work hours. Often, business franchises enjoy the regular, Monday through Friday business hours. These hours enable franchisees to create a comfortable work-life balance.