Top 10 Service Business Ideas for 2024

Different Types of Service Businesses

Depending on your skills, qualifications, and personal interests, you can employ one of the many service-based business ideas. The most popular service business ideas require low investment. Still, like start-ups, you can take a Business Loan to launch your services. Some popular types of business services include the following:

• Beauty-based service businesses, including salons, barbers, makeup services, personal stylists, etc.

• Food-based service businesses, including personal chefs, catering services, meal delivery services, etc.

• Lifestyle-based service businesses, including cleaning, pet sitting, personal concierge, etc.

• Finance-based service businesses, including insurance brokerage, loan brokerage, holding company, credit repair, tax preparation, debt collection, etc.

• Home maintenance-based service businesses, including property management, roofing, maintenance, security system installation, window cleaning, etc.

• Health and fitness-based service businesses, including fitness centres, personal trainers, dieticians, yoga instructors, etc.

• Family-based service businesses, including daycare, senior care, pet grooming, etc.

• Business services, including entertainment, human resources, website designing, transportation, etc.

List of Service Business Ideas in 2023

Some common service business examples you can consider opening in 2023 include the following:

1. Personal Fitness Trainer

If you are passionate about making people healthy and fit and have a background in healthcare, you can begin your journey as a personal fitness trainer. Since people have become more health-conscious after the Covid-19 pandemic, you will have ample business in the industry. Stand out by picking a particular target audience, looking for weight loss, weight gain, muscle building, hypertension, high blood sugar, pregnancy, etc.

2. Mobile Pet Grooming

These days, pet owners appreciate the convenience of pet grooming service at their doorstep, saving them the time and effort of visiting the grooming parlour at regular intervals. With proper training, some grooming tools, and a van, start delivering mobile pet grooming services in your neighbourhood.

3. Yoga Instructor

If you are well-trained in Yoga, you can start your journey as a yoga instructor. With this service business, you can help people achieve their goals and customise their regimes according to their needs. Monitor their progress and performance, provide feedback, and adjust the instructions accordingly.

4. Makeup Artist

The Indian makeup industry is booming, and the demand for professional and skilled makeup artist is consistently increasing. Find your niche market and customise your services accordingly. Explore as much as you want and promote on social media to create awareness.

5. Personal Chef

If you are good at cooking and your culinary skills have gained much admiration among your friends and relatives, why not cook for someone to earn money? As a personal chef, you will regularly prepare meals for companies or families or on special occasions. It would be a better option than working in a restaurant, as the customers will personally appreciate your efforts and pay you more.

6. Baby Consultant

Nowadays, most couples have nuclear families, and most first-time parents get confused about their baby issues. As a baby consultant, you can help new parents handle their babies well and ensure their optimum growth and development. You can offer services for short or long-term duration.

7. Car Repairs

Car breakdowns are nightmares, and almost every individual in your locality will need a car repair at some time or the other. They would also need car wash and cleaning services at regular intervals. So, why not start a car repair service business? A good understanding of cars will make your business very profitable.

8. Dry Cleaning

Dry cleaning services are in great demand these days. Starting a dry cleaning service is an excellent way to make a good income while becoming your boss. You may offer dry cleaning services for both commercial and residential customers.

9. Real Estate Consultant

Becoming a real estate consultant requires negligible investment. You can set up your business in a small office if you have strong networking and communication skills. Your job would be to bring property buyers and sellers together and charge a fee.

10. Children's Entertainment Service

Parents are happy when their kids are joyful. You can start a children's entertainment service, hosting their birthday parties or taking them on trips. With some kids-friendly staff members, you can take your children's entertainment service business to high levels and become a favourite among kids.

How to Start a Service Business Using a Business Loan?

Reputable NBFCs like Hero FinCorp offer micro Business Loans that you can obtain to fund your service business. Even if you have enough funds to set up your business, taking a Business Loan has several advantages, including the following:

• Generous loan amount – up to Rs 40 lakh

• Competitive interest rates

• Flexible repayment tenures – up to 60 months

• Easy eligibility and documentation requirements

• No equity or profit sharing

• No collateral requirement

Once you bring the finance in order, set up your service-based business by deciding the business type you want to start, get the required permits and licenses, purchase equipment and hire staff if needed, market the business in your locality, and begin fulfilling the requests. Don't worry about the finances, as Business Loans, like start-up funding, can cover the costs.

Required Legal Documents for Service Businesses

If you are looking to set up a service-based business in India, you must possess the following legal documents:

• GST registration

• Registration on the Ministry of Company Affairs portal

• Digital signature certificate

• Shop and establishments license

• Director Identification Number (DIN)

• Certificate of Incorporation

• Commencement of business certificate

Conclusion

Are you planning to start a business but not an inventory-based trade? Set up a service-based business and put your skills to work. Depending on your interests, skills, and qualifications, you can provide a service that helps people and earns you money. Fund the initial costs with micro Business Loans from Hero FinCorp and begin your entrepreneurial journey without hassle.

Frequently Asked Questions (FAQs)

1. What is a service business meaning?

A service business is a type of business that provides services to its customers instead of products. It involves delivering intangible goods that do not require holding an inventory.

2. What are the three types of services?

The three types of services are business, social, and personal. Business services are meant for business and corporate clients, social services aim at society, and personal services help individual clients.

3. What comes under service business?

Any business that provides services to its customers instead of products comes under the service business category.

4. What are five examples of a service?

Personal fitness coaching, pet grooming, yoga training, car repairs, baby consultation, etc., are five examples of service business ideas. While handling such businesses, you deliver services rather than tangible products to your customers.