There are two kinds of businesses one is product based and another service based and both have different requirements. Here we tell you about how to make your service based business a profitable venture.
1. Go for complete branding
If you are offering any kind of services then unlike product based business, where there is something to show, in service business all you have to create a brand. This will help customer to associate your brand with top notch services. Creating a brand means you should stick to delivering top notch services to your customers.
2. Pricing your service matter
Just like a product based business, your service based business should have a very sound pricing system. This will help you to keep your business profitable. As the input cost is rising so is the service cost and hence charging on hourly basis for the services that you offer is a great way to keep your business competitive.
3. Use social media platform
Using a social media platform like Facebook, linkedin or twitter by creating a special group to offer queries to customer’s requirements is a great way to keep the cost down. Likewise using other platform like group forum, special community can also help you to reach to your customer fast and solve their queries.
4. Use of automated tools
Use of automated tool does not mean you should go for the expensive branded proprietary tools rather you can use the free open source tools to manage your business. You can use open source tools for accounting, antivirus for security, OS for desktop or laptop, MS lync for trouble shooting etc.
5. Collaborate with other business
Partnering with other similar service based business in your vertical is nice way to stay profitable. Becoming a partner or a reseller of a bigger brand can help you bring a good amount of revenue in the business. So if you are into web development business you can tie up with designer, domain and web hosting company, developer, programmer etc.