Business services are a broad class of intangible offerings that are primarily sold to organizations. This includes everything from IT support, software development and event planning to consulting and marketing services, insurance, communications, and more. Businesses of all sizes and industries rely on these services to meet their strategic goals, optimize operations, deliver value to customers, and maintain competitiveness.

One of the benefits of a service-based business is that it requires less startup capital than product-based businesses. This is because there’s no need to invest in materials or inventory, as business services don’t produce physical products. However, the main disadvantage of this type of business model is that it can be difficult to generate consistent revenue. This is because, unlike products, services don’t have a fixed price. Often, the cost of providing a business service is dependent on the needs and preferences of clients.

The qualifications you need to work in business services depend on the industry. For example, to work in a shipping, administrative support, or janitorial role, you typically need a high school diploma and strong work ethic. To become a software engineer or IT technician, you’ll need at least a bachelor’s degree. To succeed in a customer-centric or sales role, you’ll need excellent interpersonal skills and previous experience working with customers. For business analysts, you’ll need a strong technical background and experience creating analysis models. For managers, you’ll need strong leadership skills and experience overseeing team members.