Master the Art of Business
A world-class business education in a single volume. Learn the universal principles behind every successful business, then use these ideas to make more money, get more done, and have more fun in your life and work.
What Is A 'Service'?
A Service is a form of value where you help and provide some type of benefit to someone, in exchange of a fee.
Services can be very lucrative but are hard to duplicate, because your time and energy are finite resources.
Josh Kaufman Explains 'Services'
A Service involves helping or assisting someone, in exchange for a fee. To create value via services, you must be able to provide some type of benefit to the user.
In order to create a successful service, your business must:
- Have employees capable of a skill or ability other people require but can’t, won’t, or don’t want to do themselves.
- Ensure that the service is provided with consistently high quality.
- Attract and retain paying customers.
A good example of a service business is a barbershop. A haircut is not a product: you can’t purchase one from a shelf. The service is the series of actions the stylist uses to transform your current hairstyle into the one you want.
In this sense, doctors, freelance designers, massage therapists, lawn care providers, and consultants are all service providers.
Services can be lucrative, particularly if the skills required to provide them are rare and difficult to develop, but the trade-off is that they’re difficult to duplicate.
Services typically depend on the service provider’s investment of time and energy, both of which are finite. A heart surgeon can only complete so many four-hour operations on any given day.
If you’re developing a service, be sure to charge enough to compensate for the time you’ll be investing on a daily basis in providing the service to your customers. Otherwise, you’ll discover that you’re working too hard for too little a reward.
Questions About 'Services'
- Does delivering value as a service make sense for your business idea?
- If so, what do you need to plan for to make it successful?
"Everyone can be great because everyone can serve."
Martin Luther King, Jr., human rights activist
Value Creation
https://personalmba.com/service/
Master the Art of Business
A world-class business education in a single volume. Learn the universal principles behind every successful business, then use these ideas to make more money, get more done, and have more fun in your life and work.
About Josh Kaufman
Josh Kaufman is an acclaimed business, learning, and skill acquisition expert. He is the author of two international bestsellers: The Personal MBA and The First 20 Hours. Josh's research and writing have helped millions of people worldwide learn the fundamentals of modern business.
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