CEM REPORT | It is no longer news that small and medium enterprises (SMEs) have become a sustainable means for many to provide for themselves and others during Covid and post-Covid period. Many SMEs have grown into full fledged organizations creating jobs for others.
With social media especially WhatsApp, taking centre stage for many SMEs, new sellers are emerging with variety of products competing for the same audience and patronage raising the bar for older sellers.
This isn’t easier as other challenges associated with the business keeps taking different forms. The state of the world’s economy — inflation and energy prices, doesn’t make it any better. This has eventually forced many SMEs to shut down or diversify.
One area many young people haven’t really considered is service-based business. With high concentration on product selling this sector is left vacant.
Let’s break it down:
A service business is a company that provides services to its customers rather than selling products. These services can be anything from cleaning, personal services to repairs, the list is endless. The beautiful part of these type of business is minimal overhead cost.
The first half of the year is gone and many are still struggling with their small business while they can add a service business to it. An hair vendor can add a service business of styling at the convenience of the customer, a clothing seller can also offer to add or create designs to suit customers.
The point is you can still run your small business while still providing service.
However, service-based businesses have better success rate than product-based businesses. This can be attributed to its focus on solving problems. Meanwhile it is also come at a lower overhead cost and start-up cost, these contribute to its fast growth potential.
Why you’re considering which service-based business to start, CEM has compiled a list that will help guide your decision.
- Personal Chef
If you’re a good cook, this could be one of the best business ideas to start. You might not have noticed that time is also against many as they are jammed up with several activities just to make ends meet. You as a personal chef get to cook for people while having fun and the flip side is you get to try out new recipes.
- Mobile/Personal Car Wash Business
While many may consider this demeaning, on the other hand it is quite a lucrative unique service business. Most people don’t offer this business creating the opportunity for whoever ventures into it to have a high growth potential.
Unlike the regular car wash service, a mobile /personal car wash, washes at the convenience of the customer’s home. This means water may be provided which cuts down cost.
Some pet owners want a break from their pet, others are busy, while some want to travel and are in need of someone to take their pets either for a walk or just away till they return or are ready to have them back.
Whichever the case maybe, if you love spending time with animals, this could be the perfect business for you.
- Resume Writing
This maybe surprising but it will interest you to know that many people are seeking for an outstanding resume to get their dream job, and fortunately for you they cannot put it together themselves.
This business is also recession-proof because no matter what the economy look like people will always need resumes. Although is seen as a job for writers, if you can put together a resume then this business idea is for you.
Starting your own photography business is a great way to turn your passion for photography into a profitable venture. While you may worry about equipment it will interest you that many young people pose as mobile photographers.
With a quick guide and the right mobile tools, you can create beautiful pictures and organize photo shoots and get paid. This days many are not interested in physical pictures but one they can share with friends online.
- Digital Marketing
This won’t come as surprise to many, however it’s still a viable service business.
Digital marketing involves providing search engine optimization to online advertising, email marketing, and social media marketing services with a target to grow online businesses.
- Content Marketing
Being a content marketer, you’ll help businesses create and distribute content that’s valuable to their customers. This can be in the form of blog posts, ebooks, infographics, or even videos.
- T-shirt Printing
This business can be very profitable especially with print on demand website. You get to customize and design clients clothes.
- Graphic Design
A graphic design business can be started with a very small capital. All you’ll need to start is a computer, graphic design software, and a printer. This business can be very profitable if you have the right skill.
- Social Media Management
You can monetize your social media skills by helping large and small businesses connect with their customers. Managing a company’s social media accounts, entails you creating post that will influence the brand positively and improve customer relations.
- Virtual Assistant and Customer Service
More businesses are looking to outsource their customer service and virtual assistant to save time and money. All you’ll be doing will be attending to customer needs online or via phone call. This is a relatively easy business to get into as long as you have good communication skills. It also involves little start-up costs.
- Cleaning Services
This is another job many young people do not want to get involved in but it will interest you to know that cleaning services are in high demand.
Starting a cleaning service is a great way to become your own boss and make a good income. You could offer cleaning services for both residential and commercial buildings.
- Errand Runner
As an errand runner, you’ll run errands for busy clients who don’t have the time to do them themselves. Some things you might do are grocery shopping, picking up dry cleaning, going to the market amongst others.
- Private Nursing
As a private nurse, you’ll be responsible for providing care to patients in their homes. This can be a great business to start if you’re patient enough and enjoy taking care of people.
- Personal Stylist
As a personal stylist you’ll help people look their best. You’ll help your clients choose the right clothes for their body type, style, and budget.
Taking advantage of social media to start-up your service-based business will be a good place to start, however, you must note that service business grow through recommendations so the better your service delivery the more the chances of you getting recommended.
While this is not an exhaustive list of service-based businesses, we hope to boarden your mind on other forms on businesses other than product-based business.
Please leave a comment on other business you may be into or tips that may help others.