Value In the Service Industry

The service business is the fastest-growing sector of our economy. Since more than half of the typical household budget is spent on service, entrepreneurs correctly perceive that taping into the service sector presents business opportunities.

However, owning and operating a service business is not the same as operating other types of business not surprisingly, service businesses are well represented among the hottest entrepreneurial opportunities of the 1990s such as:

• Catering
• Computer and office machine repair
• Educational services and products
• Career counselling
• Financial planning
• Home healthcare
• Marketing, promotion and public relations
• Senior fitness and recreation.

Try to make your service more tangible. The more tangible you can make your business, the more your customers will remember you. For example;

• An automobile garage might give customers complimentary key chains with the garages names, address and phone number
• An accountant might give clients a booklet of helpful tax tips
• A consultant might submit a professionally prepared report at the conclusion of the assignment
• A hotel might provide a soap, matchbooks or maps that display the hotels name and logo
• A tour guide might give tourists a commemorative picture album and much more.

In all these above examples, the concept is the same-customers receive something tangible to remind them of the service or enhance their perception of the service’s value.