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People Power: The Most Profitable Opportunities In The Service Industry

The Most Profitable Opportunities In The Service Industry

If one of your business strengths is HR, considering running a company that offers a service to the public is a fantastic choice.

After all, the service will be provided by your employees and managing them effectively will be one of the biggest challenges you will need to overcome to succeed. Something that you will be uniquely positioned to do as an HR professional.

To that end, check out our post below, which details some of the most profitable service-based business options for you to consider. 

Healthcare 

A business offering healthcare services can certainly be profitable, especially in the US, where the system is privatized. Something that means providers can set prices based on demand, and so maximize any return they make. 

Particularly viable areas in the current economy to focus on include rehabilitation and physical therapy. Eldercare is also a strong possibility, as well. With both residential facilities and agencies that offer support in peoples’ own homes being a smart choice at this current time. 

Of course, there are plenty of HR challenges in this type of work to be dealt with. From ensuring that employees have the correct qualifications and checks before they begin to dealing with malpractice complaints. Although, for HR specialists looking to make a difference in the world and a decent profit, setting up a healthcare business can still be an excellent choice. 

Insurance providers 

Another profitable option in the service industry to consider is running an insurance provider. Of course, here you have the opportunity to specialize in the types of insurance you offer.

With some folks working primary with homeowners, drivers, professionals, and even businesses. With the trick to being as profitable as possible being to pick a niche that you know you can both successfully fill and that you can find the most suitable staff for. 

However, sometimes, finding suitable insurance agencies for sale can be a bit problematic. Especially if you are new to the field, and don’t know where to even start looking.

Happily, you can find specialist brokers that can deal with all the finer details of transferring an insurance agency from one owner to another. Something that will free you up on selecting and supporting the best insurance assessors and advisors, which should ensure your company will be able to thrive. 

Travel 

Lastly, a potentially very profitable service business that you can run is one that deals with travel and vacations. Although Travel can be seen as a high-risk industry.

Often because there are so many factors outside of your control that affect how profitable you can be, such as the local economy and political situation. 

However, for those with excellent HR skills running a travel business can still be a sound option.

The reason being that by managing and supporting your representatives well, you will facilitate them to provide the best possible experience for your customers.

Something that should encourage the latter to come back to you time and time again, and so offer a consistent revenue stream to make your business profitable. 

© New To HR

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