Business services are a subset of economic services that provide value without the production of a tangible good. Providing support for internal and external customers, business services may encompass a wide range of functions. Examples of business services include translation services, training programs, onsite defensive computing training, consulting services and telecommunications.
As the name suggests, these types of businesses are primarily sold to other businesses rather than consumers. These companies are also known as service-based businesses or knowledge-based economies, as they provide intangible products that help other companies and their employees perform better. The industry is a key driver of the global economy, encompassing everything from personal labor to financial services.
Businesses that offer business-to-business (B2B) services include accounting firms, consulting firms, digital marketing agencies, insurance agencies and more. These types of companies provide services that help other companies improve their efficiency, profitability and overall competitiveness.
Often, companies choose to consolidate their business-to-business services into a shared services model, which can reduce overhead and improve performance. This type of model is common for human resources and finance business services, but can also be seen in areas such as information technology and supply chain management.
As the world becomes more interconnected, the demand for business-to-business services is increasing. As a result, there are many opportunities for entrepreneurs looking to start their own business in this area. As long as you have a solid plan and can attract the right audience, it should be possible to succeed in this space.