Starting a Business in the Business Services Industry

This week we are looking at an industry very near and dear to MyCorporation – Business Services! This is a fairly broad industry, but essentially companies in it help other businesses. That could mean filing paperwork, providing tech support, processing data… the list goes on and on. Businesses helping businesses – what could be better? If you’re considering forming your own company in the business services industry, we’re here to help you out!

Where do you start?

Since business services is such a broad category, it’s kind of hard to answer this question. At the very least you need a ‘Doing Business As‘ name, and should consider filing for an Employer Identification Number. You’ll also need to have all your permits and licenses in order. Unfortunately the ones you need really depend on what other industries you fall into. A tech support company, for example, would need different permits and licenses than a remote office administrator service.

What’s so neat about this industry is that there’s no, huge domineering force that you have to compete with; no Wal-Mart of business services. But because there are so many smaller companies in this industry, you do have to work hard to set yourself apart. Perfect your pitch, figure out where this some wiggle room in your fees, and start talking to people. Word-of-mouth and recommendations go far in this industry. And, since reputation is important, it doesn’t hurt to have an LLC or Inc after your company’s name!

How healthy is the business services industry?

This industry’s health really depends on the state of small business in your area. Right now, the business services industry is doing fairly well – it is a $170 Billion dollar industry in the US, and most predict it will continue to grow. After all, as the economy springs back and people are able to secure funding to start their own businesses, the demand for these services will rise.

Does MyCorp have any insider tips?

MyCorporation is in the unique position of actually being a part of this industry! And, as we’ve weathered economic slumps, many people ask us how our company has been so successful. Really it comes down to how you treat your clients. Selling a service to another business is different than selling directly to a customer. Business clients expect a lot more support from service providers, and will quickly recognize when they’re given the run-around. Plus, business owners talk. As we said, reputation is everything in this industry, and one bad review can sink a local market. Make your customers and your clients your first priority, and train your staff on how to work with another business.

Ready to start a company in the Business Services industry? Have any other questions? Just leave a comment below, or give us a call at 1 (877) 692-6772!