Not every small business owner in New York sells a physical product. Many people are able to make a good living by selling a valuable service that they can provide. A small service business may offer things like written content, computer repairs, consulting or expert coaching. Unless a service requires expensive equipment, the business model usually has a low barrier to entry.
A team of people may start a service business together, or one person may offer their freelance services as a solo venture. Whatever way a service business is organized, it is important to have a business plan that includes an operational model, a detailed list of expenses, monthly earnings targets and clear goals for the future.
It is very important for a service business owner to know how long they spend performing a service so that they know what they should charge their clients. The billable hours that are spent working for clients will only account for part of the time that is spent on the business as an owner must also spend time marketing, doing taxes, creating invoices and communicating with potential clients. If the owner keeps track of how much time they spend on non-billable tasks, they can think of ways to streamline their business model and make their time more profitable.
Many people start selling services without a business model because they don’t realize that the freelance work they do is actually a home-based enterprise.
Business Attorney New York
An attorney may be able to help an independent service provider form a limited liability company and make sure that they are complying with business law. By creating a legal business structure, a business owner may be able to protect themselves from business liabilities.