Business services are the non-financial industries that help companies operate and produce. They include any industry that supports the infrastructure or productivity of a company, such as food services (like a catering service), IT (like an IT consultancy) and finance (like a consulting firm). They also include those that provide logistics like travel services for employees or waste handling, and those that support the distribution of products and supplies, such as an online business-to-business marketplace.
Unlike a product, a business service is intangible and cannot be physically stored for future use. Instead, they are provided at the time they are needed, either onsite or remotely, and often involve a detailed consultation with customers to define SLAs, identify deliverables and metrics, clarify service level expectations and potentially sign NDAs. Business services are also typically sold on a utility model with a recurring fee that includes operations, maintenance and management.
Many people find themselves working in business services for several reasons. They may have been laid off from a previous job, or they might be looking for a flexible schedule or the ability to be their own boss. Others might choose to start a business in this sector because it is one of the fastest paths to generating revenue and can be efficiently managed to reduce overhead costs and boost profitability. Some examples of profitable business services are: