The service industry is truly a “grass-roots” oriented approach to small business ownership. Most of the businesses in this category have three things in common: They are owner operated, they can be started with a minimal investment, and they require a certain amount of physical labor. They are not glamorous, and many are downright dirty. Still, they are in demand, and they can make a lot of money for their owners.
Because homeowners either don’t have the required equipment, or they simply don’t want to clean their house, wash their windows, clean their gutters, cut the grass, stain the deck, pressure-wash the driveway, and the list goes on. Most people will gladly pay to have a professional take care of these chores and are willing to pay good money for it.
As a relatively affluent baby-boomer generation settles into retirement, the residential service industry is looking very promising.
If you have the proper tools and techniques to perform these tasks quickly, efficiently, and professionally, you can make a very good living, even as a single owner/operator.
Of course, the real money is made when you decide to leverage your time and hire employees. Fortunately, you can easily test the waters by doing the work yourself, and then hiring people as your business grows – thus eliminating much of the risk.
This is going to push you up the pyramid, so to speak. Until you get to this level, you are only going to be able to do a certain amount of work in a certain time-frame. Your earnings are limited because you have to take care of the work as well as run the business. There are only so many hours in a day.
In a way, you’re working like an employee. And I am going to assume that you don’t want that.
In order to make it to the next level, you have to devise a system that someone else (your employee) can follow. If all goes well, you will manage things while the physical work is done by someone else. The difference between what you pay your employees and what the customer pays you (after expenses) is your profit. A good system will be scalable and you may even go up another notch in the pyramid eventually.
That’s where the real money starts rolling in.
But, for now, you are a one-man operation. And some people love doing just that. They have no intention of expanding. They are doing what they love and that’s enough.
Are you looking for a business that can start generating a profit right away with a minimal investment? Do you prefer the hands-on approach to business ownership? Don’t mind getting your hands dirty? Then start your very own high-profit service business today!