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Service Ideas to Build a Company

by MegaHold
7 replies
Hi there. In a nutshell, I'm looking to settle on a general service idea/niche (or apply a type of service to a niche) to build an actual company i.e. not just freelance.

So I'm looking to sell services and hopefully eventually build some kind of software/platform to "productise" the business as much as possible down the line, and then sell out when the time is right (maybe after a few years).

But I'm not sure about the service. I'd want to focus on generating revenue day in day out, so I wanted a service I could generally outsource, which took me to Elance. Web design etc. is good but it's one of the most saturated markets out there (businesses can get called on web guys practically every day).

There's some more esoteric services on Elance like data science, but I'm not sure there'd be a big cold calling universe for that?

Any ideas appreciated. My aim would be to generate perhaps £200-£250K in earnings ASAP and build a company around the service that can be sold for 7 figures. Nothing too crazy or innovative, just something that fulfills a need - lower risk, higher hustle. Thanks for any advice!
#build #company #ideas #service
  • Profile picture of the author rmacklyn
    Go for virtual assistant services. That is some kind of service every corporate would like to have. And moving forward if your service is good enough, there is definitely going to have a good boom of your business in a long run process.
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  • Profile picture of the author DABK
    Every service is saturated.

    The 'tirck' is to position yourself in a way that's different from the herds of web designers.

    I think your ideas on outsourcing are going to prevent you from building a company. It's great to have someone in a cheap country do all the work, but it's hard to control them from where you are.

    Others have found out that somethings you can outsource, others, not so much.

    What did you do as a freelancer? What made the most money per time/effort invested? What was easiest to sell? What was easiest to upsell?

    Originally Posted by MegaHold View Post

    Hi there. In a nutshell, I'm looking to settle on a general service idea/niche (or apply a type of service to a niche) to build an actual company i.e. not just freelance.

    So I'm looking to sell services and hopefully eventually build some kind of software/platform to "productise" the business as much as possible down the line, and then sell out when the time is right (maybe after a few years).

    But I'm not sure about the service. I'd want to focus on generating revenue day in day out, so I wanted a service I could generally outsource, which took me to Elance. Web design etc. is good but it's one of the most saturated markets out there (businesses can get called on web guys practically every day).

    There's some more esoteric services on Elance like data science, but I'm not sure there'd be a big cold calling universe for that?

    Any ideas appreciated. My aim would be to generate perhaps £200-£250K in earnings ASAP and build a company around the service that can be sold for 7 figures. Nothing too crazy or innovative, just something that fulfills a need - lower risk, higher hustle. Thanks for any advice!
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    • Profile picture of the author shadow92
      Saturation = Demand

      Simple supply and demand. Economics 101. An industry that's saturated is an industry where there's money.

      You need to take a step back and think about something you're going to be able to study, learn about, etc. It's cliche, I know..but I'm assuming this is your first real startup based on your OP.

      Being that you've never started, managed, or successfully built a business, you have a lot of learning to do. If your chosen service is not something you can eat, sleep, and breathe, you're screwed from the start.

      Start thinking about the demand. What's in demand? How can you offer a service to fulfill the demand in such a way that it separates you from the market. Business acquisition is all about positioning.

      I had a guy ask me a similar question a year ago. My suggestion to him was to phone up businesses or walk in as a "student" going for his degree in business administration. He told them his project was to survey business owners on the most frequent problems they face day to day. A week later he had a plethora of ideas. Of course this was a B2B business...

      Market research is so important when starting a business, I can't stress it enough. Ironically it's often one of the most overlooked steps in a startup.

      Take your time, do your research, profit, and prosper.
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  • Profile picture of the author internetmarketer1
    Everything is saturated in a sense, but it is all about how you position yourself in the eyes of your clients,

    I once sold SEO monthly to a guy who had been called on about SEO around 19 times. Yup. He has been called on his phone, sent emails, and even received snail mail. It's not only frustrating for them, but they get tons of calls in a single week, especially if their business is beginning to grow.

    I highly recommend that you try to sell something you find valuable, and something you feel comfortable talking about. Sometimes, people have struggles in terms of finding something, or a service, they can relate to. Do you know anything remotely related to web design?

    Find something you feel comfortable talking about, or you're willing to start talking about by researching about it.
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    Tired of Google?! Exhausted from all the rehashed trash?!
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    • Profile picture of the author savidge4
      I am curious.. are you / were you freelancing web design already? and you are looking to make it a business? I had a business and used freelance sites all the time to draw business. a cheap effective way to advertise actually. As I see it, the only separation from being a "freelancer" on a freelance site and a "Business owner" is the method used to advertise.

      I was hardly ever if anytime the lowest bid so the "People are so cheap" mentality really is an excuse.. you will find that in the non freelance world as well. Its understanding your value to the customer and being able to communicate that.

      The value you hold is in the Profile that you write and the endorsements and testimonials you receive. If you are currently or were a freelancer and go in and look at the comments left of your work.. and they are "Work was good and cheap" "fast and cheap" etc YOU put yourself there, not the clients! ( and when I say YOU.. it was YOU that placed the low bid for work. )
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      Success is an ACT not an idea
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      • Profile picture of the author ewenmack
        As others have said, a crowded market shows
        money is already changing hands...which is good.

        This is an opportunity where the main players
        can leave a lot of unhappy people.

        Find their pains and guarantee it won't happen.

        Another fertile ground is where there is fast growth.

        The other part which no one has mentioned is
        to know your strengths so you can do things that
        are easy for you and hard for others.

        If you can tie in your strength with a market gap,
        then you are putting the odds of success in your favor.

        Best,
        Doctor E. Vile
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  • Profile picture of the author MegaHold
    Thanks... an earlier response here noted virtual assistant services - perhaps something to look into. I like the idea of simply asking a bunch of people what their problems are; that makes total logical sense. Thanks guys - food for thought...
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