COURSE TITLE:

MGT 6398:
MANAGING A SERVICE
ENTERPRISE

TOPIC TITLE:

FINALS:
SERVICES AND THEIR NATURE

WEEK NO.2
 FINALS: SERVICES AND THEIR NATURE

Module 2: How to Start a Service Business and

What You Need to Succeed
Objectives:
This module aims:
1. To discuss the steps on how to start a service
business
 FINALS: SERVICES AND THEIR NATURE

The Business
A firm is only as strong as the bonds it forms with its
customers. This is especially vital if you want to start a
successful service business.
First and foremost, you must prioritize the wants or
requirements of your target audience. Once you've nailed
this, you can begin defining the major components of your
company, such as the services you'll offer and your
company website.
 FINALS: SERVICES AND THEIR NATURE

How to start a service business

1. Refine your business idea

With so many service company ideas to select from, you'll want to
pick one that provides a service that people genuinely desire. This
needs you to perform your research and inquire around to
discover whether there is a market demand for your service
proposal. Survey family, friends, or community people who suit
the persona of your ideal customer, and utilize this information to
establish what your target audience wants.
FINALS: SERVICES AND THEIR NATURE
 FINALS: SERVICES AND THEIR NATURE

2. Make a service website.

When you start a business, you become the product. That, unlike a
shelf item, is not always easy for others to grasp. Rather, creating a
service website that describes what you offer while also
establishing your reputation is the greatest method to emphasize
the value of your expertise. It is critical to have an online presence
whether you are developing a health and wellness website or a
salon website.
FINALS: SERVICES AND THEIR NATURE
 FINALS: SERVICES AND THEIR NATURE

3. Make a business strategy.

Should I plan or should I not plan? That appears to be the wrong
question to ask. According to one academic research,
entrepreneurs who develop a strategy are more likely than those
who do not to reach "venture viability." This is because planning
allows you to concentrate on the most crucial components of
launching a business. It can turn your vision into a set of concrete
actions toward organization, innovation, and development. "It
pays to plan," says the bottom line.
FINALS: SERVICES AND THEIR NATURE
 FINALS: SERVICES AND THEIR NATURE

4. Organize your finances

The very low overhead costs of running a service business
are a major reason why individuals opt to establish one.
That being stated, you'll need to know just how much it
costs to establish a business and get it off the ground. As a
result, this information will help you decide if you want to
apply for a loan, locate an investor, or start with your own
money.
FINALS: SERVICES AND THEIR NATURE
 FINALS: SERVICES AND THEIR NATURE

Make a pricing list of all required products so you can keep

track of any unexpected costs along the route. This will
also assist you in determining how much to charge for
your services. Consider this: You want your company to be
able to run on a cash flow rather than rely on it to live.
Otherwise, those initial funds will run out before you start
making money.
 FINALS: SERVICES AND THEIR NATURE

References:

Cecilia Lazzaro Blasbalg. 2021. How to start a

service business
Small Business Tips
Wix.com, Inc