ServicesThe service industry is the largest segment of the US economy and covers a wide range of businesses from home cleaning to investment banking. Both individual consumers and businesses buy services from service providers. The highest fees are charged by those who provide a rare or specialized knowledge or expertise. High fees are also charged by those providing services that involve dirty (unsanitary) or dangerous (hazardous) work. Examples of dirty or hazardous work include septic tank maintenance, insulation removal, bio-hazard disposal and heavy equipment operation.
Given the right degree of knowledge and expertise, entry into a service business is a fairly simple process: file a DBA (Doing Business As) business name registration with the county, opening a business checking account, and doing a little advertising. Success in the service industry depends on developing a large number of satisfied customers over time who will refer you to others in need of your services. Advertising and perhaps a website will get you some business but it's those satisfied customers who feel like they got good service at a reasonable price who will send you the referral business that is vital to being successful over time. As your business increases, you can hire and train more help, or raise your prices to balance out your supply of time with the demand for your service.
Keys to Success:Beyond establishing a strong, positive reputation, you may choose to compete on one of the following: price, speed, or quality. It is usually a huge mistake to try to deliver on all three of these variables. Check out the competition, talk to others who have used their services, find out what they are doing well and what they are doing poorly or not at all. The long-term success of any service depends on the owner's willingness to adapt his processes to new technologies, identify new opportunities to provide service or needs and to move quickly to meet those needs. Over time, successful service businesses will evolve so that their services stay relevant to market, build on existing skills, and find new markets for their skills and capabilities.
A few who do it well:
Farmersville Overhead Door Service - Farmersville, Texas. Installs and repairs overhead garage doors for both homes and businesses. Installs and repairs garage door openers as well.
Jason AC and Heat - Princeton, Texas. Repairs and installs heat pumps, air conditioners and whole house power supplies.
380 RV Storage - McKinney, Texas. Provides monthly storage of boats, RV's and automobiles.
Stailey's Salon and Barber Shop - McKinney, Texas. Thirty years in the business and still gong strong.
Dill Investments, LLC - McKinney, Texas. Leases commercial, office, and retail space in McKinney, Texas.
McKinney Real Estate - McKinney, Texas. Sue Baker is an experienced real estate broker specializing in helping potential apartment renters purchase a new home for a lower monthly payment.
Mike Thomas - Lawyer - Mike is an experienced real estate development lawyer serving the McKinney, Plano, Allen, Frisco and North Texas.
Farmersville Real Estate - Farmersville, Texas. Very knowledgeable real estate agent who also has strong experience as a custom home builder, land developer, and historic home and business remodeler.
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