Great Services Create Billion Dollar Companies
In the previous page, I showed you that successful and rich people became so rich by providing great products to their customers. A business can also become very profitable by providing great SERVICES. In today's economy, you don't always need a physical product to bring in the money. A service economy has allowed businesses that provide services to thrive just as well as a business that provides physical goods.
Some successful entrepreneurs that became rich providing great services include:
Some successful entrepreneurs that became rich providing great services include:
- Mark Zuckerberg the founder of Facebook with a net worth of more than $40 Billion. Facebook provides the service of connecting people all over the world.
- Travis Kalanick, the founder of UBER. UBER provides the service of connecting people who have cars with those who need transport.
- Larry Page and Sergey Brin, the founders of Google. Google does not mass produce a physical product but they provide the world with a service called search engine.
- Jeff Bezos the founder of Amazon. While it is true you can buy almost anything from Amazon, Amazon actually does not manufacture the stuff. They provide the service of connecting consumers to products by creating a huge online store.
- Jack Ma became one of the richest man in China by founding Alibaba. Alibaba is a website that allow manufacturers to connect with retailers or shop owners. This service is invaluable for those business who are trying to source products from manufacturers.
The Benefits Of Providing A Service
If you manufacture something, you always need to deal with raw materials and inventory. The good thing about providing services is that you don't need to worry too much about the production side. Sure, you will still have the problems related to providing services. At least you have less to worry about.
The second good thing about providing services is the cost and overhead will be lower.
Since you do not need to worry about getting raw materials, your costs of running the business will be much lower. Your profit margin will also be higher and you can charge your customers lower fees. Lower and more affordable fees allow you to reach more customers.
The second good thing about providing services is the cost and overhead will be lower.
Since you do not need to worry about getting raw materials, your costs of running the business will be much lower. Your profit margin will also be higher and you can charge your customers lower fees. Lower and more affordable fees allow you to reach more customers.
Think Of A Service And Make It Great
Start to think of a service that you can offer people.
Once you got the idea, make sure that the service is the best that you can give your customers. A bad service will send your customer running off to other competitors. Strive to improve your services every 6 months. Is there a way you can serve your potential customers better?
Previous Lesson : Great Products Bring In The Money
Next Lesson : Why You Need To Start A Business If You Want To Be Rich
Once you got the idea, make sure that the service is the best that you can give your customers. A bad service will send your customer running off to other competitors. Strive to improve your services every 6 months. Is there a way you can serve your potential customers better?
Previous Lesson : Great Products Bring In The Money
Next Lesson : Why You Need To Start A Business If You Want To Be Rich