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 you need to hire a new staff member? Imagine there’s an issue with shipping goods or charging for services? Essentially, no business owner can do everything themselves.
Business Services: a broad and vast industry
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.
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. These can include accounting, mailing or shipping, event management, marketing, and staffing. Several popular business franchises are:
- The UPS Store
- H&R Block
- Office Evolution
- 1-800 Water Damage
All of the franchises above can or have assisted businesses in their day-to-day work and maintenance. These franchises also allow small businesses to outsource many tasks that they don’t have time to complete. This can include shipping or drug testing new employees. Many small businesses simply don’t have the resources to complete these tasks but turn to a third party business service franchise.
Trends in the Industry: Rise of the third party system
More and more, companies are beginning 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.
More companies are beginning to manage employees that don't work in the office
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.