7 Easy Service Business Ideas for 2020

Service businesses are expected to post record
high levels of growth in the next several years, adding 9.3 million jobs by 2024. In goods-producing industries, job growth
is actually expected to decline, so the service industry is definitely the place to be. Running a service-based business has a lot
of advantages, such as not needing to buy inventory, lower overhead expenses, and the
ability to customize and scale services more easily. I'm Priyanka Prakash, senior staff writer
at Fundera.

Today, I'll cover seven awesome service business
ideas that you can start even if you're on a low budget or don't have a lot of time to
devote to your business idea. Service business idea number one is educational
services. The education sector is growing rapidly and
is expected to be worth over $2 trillion by 2026. This includes both educational services for
children and adults. Educational services can mean many different
things, but one big area of opportunity is different modes of learning such as virtual
learning, adaptive learning, and webinars.

If you can provide a service that eliminates
physical barriers to learning or that makes learning more inclusive to a wider set of
students from different backgrounds and income brackets, you have a great educational service
business idea on your hands. For example, take a look at udemy.com This
site is a giant in the virtual learning space and offers over 100,000 online courses and
has over 30 million students. Udemy offers courses on everything from software
certification to marketing to music. As this example shows, the main foundation
you need to provide educational services is a great website. You can partner with experts in almost any
field and provide an online platform for them to spread their knowledge. College and school consulting services are
also great ways to get into the education sector on a small budget. Service business idea number two is transportation
and logistics. Transportation and logistics are the backbone
of the national economy. The logistics industry is currently valued
at more than $1.6 trillion and makes up 8% of US GDP. Many local and state governments are also
building up transportation infrastructure and integrating tech advancements into transportation.

Transportation is an industry that will undergo
massive changes in the next several years. With the rise of services like Uber and Lyft,
and the development of driverless cars, these changes are actually making it easier to get
into the transportation sector without the costly proposition of selling or leasing actual
vehicles. For example, CityMapper is an app that uses
publicly available transit data to make it easier to get around cities. The app gives real-time status information
for buses and trains, and integrates with ride sharing services like Uber. To start a transportation service business
at a low cost, build on your city or town’s existing infrastructure and simply make it
easier for people to get to where they want to go. Service business idea number three is financial
services. U.S. financial markets are among the largest
and most liquid in the world. Together, finance and insurance represent
7.4% of US GDP, and the finance sector is very broad, encompassing banking, lending,
credit cards, investing and many other areas. Stripe is a great example of a finance-related
service business idea. Originally, Stripe started as a service to
help small ecommerce sellers process credit card payments.

Now, Stripe services tech giants like Expedia
and Zillow by providing online payment flows, subscription billing platforms, and credit
card processing services. If you're tech savvy, you could potentially
make a lot of money by building software for finance providers and big companies. Financial consulting in the areas of tax,
accounting, and operations can also be very lucrative. Service business idea number four: leisure
and hospitality services.

Leisure and hospitality is another great service
business idea for new entrepreneurs to get involved in. Since the end of the recession in 2009, American
consumers have consistently spent more money on tourism and travel, collectively spending
$185 billion in 2017. Now, something like running a bed and breakfast
or hotel can be very costly, but there are alternative ways to get involved in the hospitality
industry without breaking the bank. As an example, consider the company Roadtrippers. This startup has raised millions of dollars
in venture capital, and they focus on just one service: helping people plan a fabulous
road trip. They'll help you map your route, discover
interesting stopping points off the beaten path, and provide trip guides for different
parts of the world. In order to break into this service business
idea, consider how you can help customers get the most out of their upcoming trip or
vacation. Service business idea number five is home
health care services. By 2030, there will be over 70 million Americans
over the age of 65. Not to mention, with everyone living longer
now, home health care services probably won't see a decrease in demand anytime soon.

Service Based Business

If you're already a licensed nurse, therapist,
or social worker, you can leverage your degree and background into a home health business. However, even if you're not licensed in those
types of fields, you can still start a home health care business without a big investment
of time or money. For example, the state of New York requires
just 75 hours of training to become a licensed home health aide, and the New York Department
of Health covers the cost of training as long as they have approved the training agency. And guess what? Home health care services also made it onto
our list of the best home-based business ideas. Check out our home business ideas video for
more information.[a] Service business idea number six: personal
services. The personal services industry is a catch-all
industry that includes several great service business ideas, such as pet grooming, dating
services, handyman services, and event planning services.

All of these services have become part of
the on demand gig economy, and particularly when the economy does well, people have more
disposable income to spend on miscellaneous services. The gig economy includes 60 million workers
and by 2027, a majority of U.S. workers will be freelance or contract workers. The best way to make your mark in the personal
services industry is to advertise your services locally. You can also post your services and rates
on local Facebook groups, neighborhood newsletters, and email lists and on websites like Upwork
and Handy. Certain types of services even have niche

For example, Rover.com is designed just for
booking pet sitting and dog walking services in over 50 cities across the country. Most personal service businesses don't require
a large outlay of capital to be successful, but make sure you spend enough on marketing
to spread awareness of your business and capitalize on good customer reviews to grow your company. Service business idea number seven: food delivery

Restaurant delivery has grown 20% over the
last five years, and online food delivery is expected to make up 40% of total restaurant
sales by 2020. You've probably used or at least heard of
the biggest players in food delivery, such as Seamless and Grubhub, but you can make
good money with a relatively small area of coverage. For example, Jennie's Kitchen is a New York
City-based food delivery business that services Manhattan, Brooklyn, Queens, and Long Island
City. They focus on helping busy parents provide
healthy family meals. They change their menus weekly, and people
are willing to pay prices similar to restaurant prices for fresh organic ingredients and a
rotating menu. Keep in mind that if you're launching a food
prep and delivery business, you'll likely need to get food handling permits from your
city or county. For a quicker alternative, you can team up
with local restaurants to deliver their food orders.

And those are seven service business ideas
that you can start without investing too much time or money upfront. For more small business inspiration and advice,
check out fundera.com/blog, and subscribe to our YouTube channel for more videos. Thanks for watching. [a]Matt, can you add the call out for this
video when you upload to YouTube?.

As found on YouTube

Leave a Reply