A service business is a type of company that provides support and performs activities for customers or companies. These activities can range from educating children at school to providing consulting advice on running ad campaigns. Service businesses can be run in teams, from a lavish office setup, or even solo from the comfort of an RV. All they need is an in-depth knowledge of the subject matter and a valuable skill.
The business services sector is one of the most important in most economies and includes a wide variety of industries that provide work for millions of people around the world. Unlike manufacturing, which produces physical goods, business services support and facilitate an economy’s growth by creating value intangible assets that do not produce a tangible product. Examples of business services include information technology, real estate and transportation.
Business services can also be outsourced and are usually provided by companies with a particular expertise or equipment that the client does not have. A business services provider can help a company save time and money by handling work that would otherwise be done in-house.
A construction crew that can build a new building for less than it would cost to purchase and operate the necessary equipment is a business service. Similarly, a translation service can help a business reach a wider audience by translating documents, conversations and presentations into other languages. Software services that enhance the features and security of a company’s technological devices also fall under this category.