Some of the best entrepreneurs are millennials and Gen Zs, simply because they approach the 9 to 5 lifestyle differently. Whereas older folks upheld corporate hours to a tee, young business leaders value lifestyle freedom as much as they embrace product quality and output; so much so that 53% of Gen-Tech and 40% of Gen Y are freelancers.
It’s also a considerable advantage how today’s business climate has far extended to ecommerce, wellness coaching, influencer content creation, and social media marketing—industries and employment gigs that wouldn’t have otherwise existed in much earlier years.
While there’s never a one-size-fits-all approach to entrepreneurship, it’s worth noting how service-based businesses are a brilliant way to start. Here are the top reasons young entrepreneurs will quickly fall in place with service-centric enterprises:
Any product-based business will require a hefty capital to begin and maintain, but service-based businesses like ads management or bookkeeping won’t be too monetarily draining.
When you want to start a career in furniture-making, for example, you’ll have to keep buying materials and paying for labor. However, if you run, say, social media services, you can accommodate as many clients as you want as long as your time and energy allow you to do so. You may need to spend for and take a few courses to master the demands of the industry, but they’re never as expensive as purchasing bulks of product supplies.
Highlights your talents
It’s easy to shy away from the idea of building a business yourself when you feel like you didn’t catch the business bug. Not too many people think about commodifying what they’re good at in the perspective of entrepreneurship, but talent-based commodities still very much belong under maintaining a business.
Are you a skilled writer? Are you a gifted design artist? Do people enjoy listening to you play music?
The law of supply and demand doesn’t only cover the request for physical products. Sharpen what you’re good at, learn to categorize price points according to your output’s value, and intentionally meet clients. When you’re exceptionally talented at one thing, the next thing you should work on is your capacity to please and keep the people who ask for your work.
Work in an industry you’re passionate about
When you’re a service-based entrepreneur, you can select the industry you belong in and the people you work with. Studies are quick to cite that talents who work in spaces they excel in the most thrive a lot easier.
The more you feel energized and encouraged to work, the faster your business grows. What’s more, no-code platforms like bubble.io make developing web apps faster, more affordable, and more feasible, too. Gone are the days when only coders and engineers could create business web apps. Because platforms like these optimize visual programming, you’re free to design your web app the way you want without relying on expensive experts to get the job done.
If you’re thinking of venturing into freelance work or building a stronger talent-centric enterprise, consider turning to no-code platforms to help make websites that click and stick with your audience; not only will you be improving the way you engage with clients, you add credibility and structure to the way you work, as well.
Explore other business ideas while you keep making income
As you expand your venture, you will notice that your contemporaries will do so, too. Many will branch out to other income streams such as group coaching programs, online course revenue, and ecommerce products. While some may not appeal to you, you will realize that service-based needs evolve, too. That being the case, it’s arguably faster to tap into new services when no physical product is needed to proceed. As a result, you can carry on with the services you’ve already been extending, all while commodifying new services minus a hefty capital.
How do I start?
No matter which direction you take, talent-centric businesses demand efficiency, results, and quality. So start by working on your brand. You may not be ordering products from a supplier, but what you commodify will be a business nonetheless.
On top of social media activity, come up with a web app your potential clients can check and book your services from.
Employ only the help you need to not compromise quality and talent budget. For example, if you manage an online fitness program, you may need only an assistant to help you with paperwork, reservations, and perhaps payment confirmations. Everything else should be manageable by you or outsourced elsewhere.
Be realistic with how great your work is but never undermine your worth. When you leap into a service-based business, you’re bound to have competitors. Know where you stand among your contemporaries and determine how valuable your offerings are. You’re most likely to succeed when the quality of what you do is clear, and your fees are reasonable.
Do you have a service-based business you’d like to discuss? Give us a call, and we’ll make it happen!