Everyone is attracted to the idea of going the self-employment route for slightly different reasons, but some of the main reasons include:
- Do What You Want to Do. It’s frustrating when you long to work as a writer or designer but can’t get an “in” to the industry or don’t find your full-time job fulfilling.
- Take Charge of Your Own Work Life. Many people choose to be self-employed so that they can maintain control over their work. They can work without bosses, meetings, issues with coworkers, and so on. This is the attitude that whether you sink or swim, it’s better to do so on your own.
- Flexibility. Taking charge of your work life also allows you flexibility. Most people who are self-employed work at home and set their own schedules. Parents can work around their children’s schedules, avoiding the cost and hassle of day care and spending more precious time with their kids.
- No More Commuting. It’s downright depressing to add up all of the time you spend commuting each week, month or year. When you work at home, your commute is the minute it takes to walk across your house or apartment.
- Earning Potential. In most fields, you can earn more by going solo. Instead of working for a set salary no matter how much you earn for your company, and constantly having to prove yourself to your superiors to earn more of the value you produce, your service business allows you to keep all that you earn. It allows you to set your own prices, raise or lower them accordingly, and if you play your cards right, earn much more than you would at your job.
Service Business Working Styles
Starting your own service business doesn’t necessarily require you to quit your day job. Many people continue working for their employer but offer services on the side to supplement their income. One good strategy for getting started is to keep your regular job but start earning through your business, and only quit your job when your business becomes your main income.
Supplementing your income or replacing lost income through your own business is one way to hedge against economic volatility and risk. If
something happens and you’re laid off from your job, you still have your business to provide income until you get another.
You may also start multiple service businesses rather than just one. You could offer a variety of services or similar services to different markets in order to generate multiple streams of income. Some service providers set up businesses that can then run with little input from them, thus earning a residual income.
So your choices are to:
- Start a service business and generate all of your income from it.
- Start multiple services businesses and generate all of your income from them.
- Work full or part-time while supplementing your income through your service business.
- Work full or part-time while supplementing your income through multiple services businesses.
What Are Service Businesses?
A service business is, just as the name says, a business that serves regular customers or businesses. Examples of service businesses include:
- Personal Services: Personal assistant, professional organizer, driver, cleaner, massage therapist, personal chef, mechanic, writer, hair stylist, pet groomer or pet sitter, private investigator, car wash or detailing, personal shopper, moving service, power washing.
- Business Services: Consulting, coaching, IT services, professional training, admin services, business travel management, specialized staffing, accounting, computer repair, videographer, re-seller, business driver service, translator, office relocation services, catering, office cleaning.
- Marketing and Sales: SEO services, social media services, sales or lead generation, public relations, copy-writing, editing and proofreading, direct mail campaign management, coupon services, sales training.
- Home Services: Handyman/woman services, home entertainment installation, home electronics or appliance repair, house sitting, interior design, delivery services such as grocery delivery, house cleaning.
- Family Services: Party planning, home tutoring, childcare, fitness, after school activities, family transportation, baby-proofing, nanny.
- Event Services: Photography, event promoter, tour promotion for bands or other performing artists, videographer, DJ, wedding planning, event planning.
