Who May Enjoy a Service-based Business?

Based on your quiz results, you may enjoy providing a service and getting paid for your expertise and support. 

Offering a professional service is a great option if you…

• Have time to work daily with customers, or on their tasks, as well as time to generate new business
• Think on your feet and are good at solving problems in real-time
• Have deep expertise in one specific topic area or skillset
• Enjoy working one-on-one with others
• Are an exceptional listener
• Are organized, on-time, and an excellent communicator

Professional Service Examples

Here a few different popular professional services:

• Coach
• Consultant
• Freelancer
• Virtual assistant
• Copywriter
• Graphic designer
• Website designer
• Facebook ad specialist
• SEO specialist
• Brand Identity specialist
• Social Media or Pinterest specialist

Pros

• It's low-cost to start a service-based business. You just need a way to communicate with your customers.
• You can work one-on-one with people. You can take the time to understand their needs and adjust your pricing and schedule accordingly. 
• You can get frequent feedback from your customers and make real-time adjustments to improve processes.

Cons

• A service-based business requires you to give your time to get paid. 
• It's difficult to grow beyond the number of customers you can help. But, you can hire people to help you or create a second income stream that doesn't take as much time.
• It's not as flexible as other online business models.  
• Risk is high because you need a continuous stream of new customers while you're working for your existing customers. 

Strategy for Getting Started

Service-based businesses offer a service to help clients solve a specific problem, in exchange for payment. 

I was a service provider for 7 years. I loved working one-on-one with people, but I got totally burned out from trading my time for money by providing only services. I realized early on that I needed another income stream that didn't take as much of my time, but I didn't have time to create it once my schedule was full... even with a team of 6 full-time and 6 part-time people helping me.

Many entrepreneurs find themselves in the same position. 

So, by starting making time to create another income stream in addition to services, you give yourself the gift or more income and a little breathing room before you get too busy. 

You can create multiple income streams that lead to the time freedom you're hoping for. I recommend having a digital product that runs on automations alongside your professional service.

Once it's automated, you have an income stream that doesn't take as much time as services, and a steady stream of customers that may opt into your services. Your digital product feeds the best customers into your service-based business.

I don't believe that there's only one way to start and grow any business, however. How you do that is totally up to you. There are many ways to create a successful online business.