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The Problem with the Service Industry

The service industry is booming! In America, it accounts for nearly 80% of all companies.

However, there is a trend that has been happening for years and years that is causing these same small, service-based companies to fail. For many professionals such as designers and doctors, they spent their college years mastering their trade. They have become specialists in many areas and can provide a great deal to society. We need these people in the world.

We also need strong small businesses to thrive and survive as the economies of the world go through their cycles. Many of these service professionals choose to open their own practice or firm at some point in their career. Yet, they lack the business acumen to achieve a strong business that will continue to thrive after the owner has retired. Instead, what they have done is create a job for the extent of their career!

When they retire, if they retire, the business will fade away as well because they have positioned it to focus on themselves. They did not create a separate identity or brand for the company that they run, they instead branded themselves to the point that clients want service directly from the owner, not the owner's employees.

How did that happen?!

I signed up for this?! A job for life?! You may be asking yourself that very question right now.

Or you may be thinking about venturing out and starting your own practice. If so, great! The first step in any thing you do is to understand what and why you are doing it. The idea of creating your own business appeals to many: you can set your own hours, be your own boss, take on clients you want, have more time with your family, do things your way, etc. However great that may sound to you, that is not always reality.

Many struggling small businesses, instead, are forced to take on any client in order to pay the bills. Others downsize their staff to try and reduce expenses. Some may do both as well as other strategies. Through all this turmoil, moral may go down and employees may leave for a more stable position. While these are normal business cycles, they tend to be quite extreme in a small business because the company has so few employees. If a company depends on a particular person to help with a set of projects, yet that person has to take a paycut due to the state of the company, that person is most likely not going to stay for much longer.

A major problem within the service industry is the simple fact that companies within a given segment of business have a weakly differentiated value proposition. A value proposition is what separates your company apart from your competitors. This is extremely important within the service industry. Many professionals rely on "providing the best service" yet so do their direct competitors. What is the outcome from this strategy?

Clients, when given the choice of two or more companies all offering the same services often look to the price. They need something to set each company apart. Once the client focuses on price, they are not satisfied. The price is too high for the amount of work completed, the time-line is not short enough, etc. Does this sound familiar? Read on to discover a new paradigm within the service industry...

There is Another Way

If you are now thinking that entrepreneurship may not be for you, it very well might not be.

The road is rough, challenges arise at any given moment, and the stress levels may be quite high in the first months of operating your new venture. Yet, if the rewards and ultimate success for sticking with it outweigh the negatives, then it may be for you. If you are still excited about becoming an entrepreneur or improving your existing business, this site is for you!

The perception of value is gained through psychology and an understanding of how and why people buy. Rational versus irrational. Learn how you react when buying and study others and how they react. Then, apply these findings to your business. The more you understand people, the better positioned you will be in your journey as a business owner.

If you take one thing away from this website, let it be this: Business is people. To understand business, you must understand people. To understand people, start with yourself.

abound it! Inc. was created to educate professionals and entrepreneurs the secrets about how to thrive in the service industry using unorthodoxed techniques. Our mission is to motivate, inspire, and educate people in the service industry on the subject of business. Our focus is on understanding people, how they work, think and act-and how that can help you in your journey to success.

Who This Site is For

This site and related products are meant to challenge you and invite you to shift your paradigm to a new way of doing business within the service industry. No matter what profession you are in, if you provide a service, you can provide that service and create more streams of income. YOU have the choice everyday to shape your environment, your outlook on life, relationships and business. Make the choice to begin your journey to a better quality of life!