Are you looking to start or buy a service business targeted at Small and Medium Enterprises (SMEs). If you live in an area that has lots of SMEs then providing services to these businesses may be a good option. The business you select depends on several factors including your skills, talent pool available in your area, capital required to start or buy the business and most importantly the competitive landscape and demand for the service in the area. Here are a few service businesses to evaluate.
Business Travel Management
Help manage all travel requirements for businesses. Travel management services provided to SMEs can include advising clients with travel safety and security, booking tickets at the optimum prices based on travel requirements, tracking and reporting expenses, managing frequent-flier miles and other related tasks.
Accounting and Bookkeeping Services
Business owners have very little time and knowledge to work on bookkeeping and accounting tasks. Bookkeeping service is a critical service to business owners. Accounting and Bookkeeping Services typically include Payroll Services, Data entry, Tax planning, Financial Statement Preparation, Audit and Review Financial Statements, Filing tax returns, Filling state and federal sales taxes, Succession Planning and Income Tax Appeals .
Business Plan Consulting
SMEs usually work on a business plan at several points in their growth cycle and not just in the startup stage. Business plans are used to track the progress of a company, to provide a roadmap for the future and to raise financing. It is a critical document if customer plans to sell the business. Business plan includes several components. For example, a typical business plan should include Strategic overview of the business, Marketing and sales plan, Human Resources plan, Operating model, Financial plan and an appendix to all data (facts and figures) to back up all claims made in the plan.
Corporate Event Planning
Corporate Event Planning refers to organizing Conferences and Conventions, Meetings, Fairs, Product launches, Rallies, Shows and Corporate picnics to list a few events. An event planner has to complete several tasks including conducting research, finding a venue, arranging the food and entertainment, decorating the venue, sending invitations to all employees (attendees), supervising the venue to make sure everything goes as per plan and finally evaluating the event for lessons learnt. SME’s prefer to outsource Corporate Event Planning because they lack the time, knowledge and passion to organize an event effectively.
Copywriting, Editing and Proofreading Service
Copywriting services refers to assisting an SME with writing for websites, newsletters, presentations, proposals and company profiles to list a few. Copywriting services includes business writing which in turn includes assisting a business with business documents like business plan, tender documents, proposals and general business correspondence.
Proofreading service is required after a document is produced for quality control. This step must be completed before releasing a document to its consumers. Proofreading service includes checking the document for grammar, punctuation, spellings and general “typos”. Additionally, the service also includes checking for consistency of terminology, fonts, references, page numbering, table of contents, glossaries and so on.
Public-Relations (PR) Agency
PR Agencies are the opposite of advertising agencies. They promote businesses by placing stories on websites, new papers, magazines and TV programs. This is the opposite of advertising agencies who place content on paid media. PR Agencies work by developing contacts with reporters and other media outfits. The most common service provided by PR agencies is helping clients develop press releases and going public with the press release. Other services provided include conducting market research for a firm’s messaging, social media promotion and responding to negative opinion online.
Mailing service businesses provide SMEs services such as parcel shipping, accepting mail, mail merge service, mass mailings and direct mail marketing brochures. Mailing service can be a home based business.