Is A Services Business Considered Fastlane ?

[BlackLynx]

Between vegan soup and selling widgets ... I chose to start a 'services' business.

In which we are solving a very specific problem by rendering a very specific service.

The service is so specialized you cannot hope to automate it down the line - the only thing I can hope for is to add productized services or a software to the array of offerings.
No matter what the exact service is I'm selling - can you scale this type of business in the future? Are there examples of wildly successful service businesses?

I guess I'm looking for some reinforcement - because reading MJ's book made me reconsider some choices I made along the line.

 

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[Kak]

Service businesses can absolutely be scalable and fastlane.

KPMG, Price Waterhouse, Administaff, Insperity, Baker Botts. The founder of each of those is probably a billionaire.

Being less specific: banks, insurance companies, compliance firms, investment firms, staffing firms, I could go on and on.

Automation isn’t the only way to scale, delegating is also an option.

Think about even a simple mechanic’s shop… More mechanics make the business bigger than just the owner.

 

[Kid]

Yes, it can be.

Basically its all about untying yourself from business while keeping the quality or services.

 

[Guest-5ty5s4]

A family I know well recently sold their industrial contracting business for north of $60 million.

It was sweaty, hard work, with over 1,000 employees in a blue collar industry in not-so-popular LCOL area.

Yes. That's fast lane.

(their kids are into acting and golf now, one of the brothers/owners is now a bank president, etc.)

edit 2: this might be one of the hardest businesses to build (the contractor one), and it took many decades and more than 2 generations of family, but it worked for them.

 

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[Noo]

You should run the CENTS by yourself. At least try... and then we can review it. You need to be able see what's fastlane or not by yourself.

Be well

 

[Kak]

Here’s an example for you. My mom has been successful with her small business as an interior designer. She would take on big and lucrative jobs, but there’s some magic to what she does that can’t be easily taught. Still, the business could have become bigger than her, I encouraged her over the years to build it up, she just didn’t want to. She has always kept it to one or two big jobs a year.

Either way, she has done well and stayed very free time wise. Here’s a super simple and rudimentary framework she could have roughly used to grow:

Step One- She could have hired someone that had good taste, that could make some of the more basic decisions and deal directly with the customer.

Step Two- Upgrade the person from step one and hire a new person that does the more basic stuff.

Step Three- Take on more customers because you can handle them. Reserve yourself for only top level decisions.

Beyond… Keep going with it. Continue to minimize the time applied to repetitive tasks at the top.

Eventually, even though they are other designers, they carry the prestige of the flagship designer for the firm.

 

[Andy Black]

Between vegan soup and selling widgets ... I chose to start a 'services' business.

In which we are solving a very specific problem by rendering a very specific service.

The service is so specialized you cannot hope to automate it down the line - the only thing I can hope for is to add productized services or a software to the array of offerings.
No matter what the exact service is I'm selling - can you scale this type of business in the future? Are there examples of wildly successful service businesses?

I guess I'm looking for some reinforcement - because reading MJ's book made me reconsider some choices I made along the line.

1. My friend, you are already IN the Fastlane.
2. GOLD! - From Flat-Broke to Financial Freedom: How to Get Started When You Have No Money
3. www.TropicalMBA.com/services

 

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[P789]

GOLD! - IDEA - MINDSET - Is This Idea/Business/Blah Blah Fastlane? (Uh, no, it isn't.)

Is this Fastlane? Folks, the worst thing you can do after joining the forum is asking the question, “Is this Fastlane?” If you have been linked to this post, there’s a reason why. From this point forward, I will officially ignore any post that contains any variation of “is this Fastlane?”...

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