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7 Ways to Turn Your Service Business Into a Money-Spinner

Posted by Sule Yesufu on December 24, 2012 at 4:45 AM

Businesses worldwide are usually established to serve people. Many businesses that are able to build their Unique Selling Propositions, USP, on quick service end up making more money than others. This is because these days, when people want service, they want it real fast. For this reason, every service business owner must bear in mind at all times that many people are lazy. If they have a choice to make between easy and hard, they will prefer easy all the time. If they have to choose between fast and slow, they will choose fast every single time. If you give them a choice between simple and complicated, they settle for simple all the time. Building a business around these human choice preferences spins money for that business. Time appears to be the most scarce commodity in this age and time. That is the singular reason why an overwhelming number of people are prepared to pay premium price for any service that saves them time. If you are able to build your service business around speed and ease of results, that business can be a money-spinner any day. Consider the following seven ways yourself if you too are keen to turn your service business into a money-spinner.


01. Make sure you are passionate about the business. Without the requisite passion for any business, it can not make money. It is even advisable for you to quit any business if you are not passionate about it. You must therefore ensure that your business is about something you are passionate about. If not, it can not make money since the zeal to render the service will be lacking


02. Link the business to your talent. Make sure your business is about something you have the talent for otherwise it can not make money. If the “know how” to render a service is lacking, that business can not render effectively the service it was set up for. If your business is unable to render adequately the service it claims to be in, it can not make money. A business makes more money if and only if it can render its service adequately and efficiently and at affordable prices.


03. Ensure it saves people time. To many people, time means money. Time-saving is what they are prepared to pay for most of the time. When your service business is such that saves people time, it makes more money.


04. Make sure it saves people money. Customers always want premium quality service at an affordable price. When your service business meets this condition, it makes more money as a consequence.


05. Ensure the business is unique. When the uniqueness of your service business serves as its major USP, it makes more money. This it does by standing out from the pack of its competitors. That enables it to get more patronage as well as market share and consequently, more money.


06. Allow it to be want-driven. You should build your business around what customers want and are prepared to pay for. That is what brings in the money.


07. Allow it to be need-driven. Customer needs whether perceived or expressed if allowed to drive the direction of any service business can help that business to make plenty of money. This is because every business exists solely to help customers solve problems. The more problems it can solve for customers therefore, the more patronage it gets and the more money the business makes.


The main purpose of any service business is to render a service people are willing to pay for and as a consequence make money for its owners. Anything done by the business owners which is capable of helping the business to make more money is always welcome. That is why the various ways discussed above are highly imperative for anyone who wants to run their businesses more profitably. These seven ways are all applicable to any service business no matter how small and ordinary that business appears to be. When properly harnessed and utilized, they are capable of turning any service business into a money-spinner any day.



Categories: Business/Entrepreneurship, Finance/Management

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