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Top 10 business support services every entrepreneur should know.

Starting a business is a challenging and complex task requiring much effort, time, and resources. From developing a business plan to managing finances, various aspects of running a successful business can be overwhelming, especially for new entrepreneurs. However, different business support services are available to help entrepreneurs navigate the challenges of starting and growing a business. This article will explore the ten best business support services that can help you succeed, from legal and financial services to marketing and branding support. By utilizing these services, entrepreneurs can save time, reduce stress, and improve the chances of success for their business.

What are business support services?

Business support services refer to a range of services that are designed to help enterprises operate efficiently and effectively. These services can include administrative, financial, marketing, legal, and other support services that are essential for the smooth running of a business. Company support services can be provided by internal staff or external service providers, and they can be customized to meet the specific needs of a business. These services can help enterprises save time and money, improve productivity and efficiency, and stay competitive.

Content Creation

No matter the company’s size, high-quality content is now necessary for every marketing plan. It makes it easier for the company to connect with customers. It would be best to employ a content writer or team that can offer top-notch content business support services. A reputable content writer will fulfill the content development commitments and assist you in building client confidence. Content that has been expertly written will help your company grow manifold.

Auditing and Finance Business Services

It can be onerous to perform your audit and daily financial checks. For consulting and auditing, you must engage the services of a business support service. Along with adding a sense of professionalism, they may free you of burdensome tasks like bookkeeping, documentation, and invoicing. Your financial records’ reliability is strengthened as a result. Via these business support services, you can arrange for safety audits, workplace audits, and fire services audits. The administrative support staff will assist you with data input, event planning, board meeting planning, database updates, seminar marketing, email management, and report and presentation preparation. They can also help businesses to track their expenses, manage their cash flow, and prepare financial reports.

Human Resources

Another excellent company support service that requires the execution of many tasks is HR management. In-depth job analysis, organization, staffing, workforce optimization, performance evaluation, creation of incentive structures, and workforce maintenance are all part of it. Human resources management can help businesses to find and retain the best talent, ensure compliance with labor laws and regulations, and create a positive and productive workplace culture.

Graphic Designing 

Building your brand’s image is essential to your company’s success, which is why you need designing business support services. Creating flyers, cards, posters, ID cards, catalogs, signboards, and other print products can help get the word about your business out. A cohesive brand image also enables you to create a better standing in the market and instantly allows consumers to recognize your company name and logo. These services can help businesses to promote their products and services, reach new customers, and build brand awareness.

Content Promotion 

A successful firm depends on identifying appropriate marketing tactics. A business’s development requires various strategies, including your website, social media posts, email marketing, podcasts, chatbot implementation, etc. It takes professionalism to execute content marketing, which is a difficult task. You must seek assistance from knowledgeable personnel that can assist at a reasonable cost. 

Customer Service 

A developing company must give its customers a sense of security and exclusivity. Your clients will determine the success of your firm. Yet, contracting out this function will allow you to serve the clientele more effectively. 

Website Development Business Support Services

Your website must be appealing, straightforward, and functional so customers can quickly locate what they’re searching for. It involves developing a valuable experience to turn users into followers and clients into ambassadors.

In conclusion, business support services are critical for the success of many businesses. These services can help enterprises to operate more efficiently and effectively, reduce costs, and stay competitive. Companies can either provide these services in-house or outsource them to external service providers, depending on their needs and budget.

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• Knowledge base
• Service Management

What are business support services

What are business support services.

Business support services play a crucial role in supporting an organization’s core processes .   They facilitate the production or delivery of services to the organization’s customers while also supporting other internal functions. In essence, they enable the smooth functioning of the entire organization.

Typically business support services are:

• Financial Management and Accounting: Handling financial transactions, budgeting, and financial reporting.
• Administration and management of human resources
• IT services  Providing technology solutions, software development, and system maintenance.
• Facility management services  - Overseeing physical infrastructure, maintenance, and safety.
• Office management services: Efficiently managing office operations and resources.
• Governance, Process and Enterprise Management Support Services
• Legal Support Services

Business support services are essential for enterprises, especially during the critical phases of starting up and scaling. In this article, we’ll explore the top ten business support services that can contribute to your success. These services span legal, financial, marketing, and branding domains.

List of most common business support services

Business support services refer to a range of services that are designed to help enterprises operate efficiently and effectively. These services can include administrative, financial, marketing, legal, and other support services that are essential for the smooth running of a business. Company support services can be provided by internal staff or external service providers, and they can be customized to meet the specific needs of a business. These services can help enterprises save time and money, improve productivity and efficiency, and stay competitive.

• Payroll processing services
• Tax services
• Legal services
• Bookkeeping services
• Maintenance services
• Software development services
• Training services
• Event production services
• Consulting services
• Marketing services
• Waste management services
• Health and wellness services
• Financial services
• Insurance services
• Security services
• Transport services
• Delivery services
• Property services
• Printing services
• Personal care services
• Maintenance, calibration, repair services
• Tech support services
• Translation services
• Parking services
• Public relations services

How support services are provided

• Support services are provided by the company itself
• Support services are purchased from suppliers

How to manage support services

To manage support services you need to keep information about them. It also depends on whether you provide them yourself (internal services) or whether you buy them from providers. In both cases, however, for an internal customer, the actual provider, i.e. the one who guarantees the required service level (SLA), is an organizational unit or a specific responsible person within the organization. Not a specific employee, as a customer of an internal service will communicate directly with an external supplier.  

• Keeping an overview, a catalog of services with the definition of their level (SLA)
• Managing requests from users
• Reporting incidents and problems around services
• Managing relationships with service providers
• Continuous service improvement and change management
• What is a service
• What are support processes
• What is SLA
• Purchased IT services
• What are IT services
• Fundamentals of asset & facility management
• What is HRM

How to make a business plan

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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How To Write a Business Plan

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Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .

Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.

Table of contents

• Write your executive summary
• Do your market research homework
• Set your business goals and objectives
• Plan your business strategy
• Describe your product or service
• Crunch the numbers
• Finalize your business plan

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Step 1: Write your executive summary

Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.

An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.

You’ll cover other things too, but answer these basic questions in your executive summary:

• Idea: What’s your business concept? What problem does your business solve? What are your business goals?
• Product: What’s your product/service and how is it different?
• Market: Who’s your audience? How will you reach customers?
• Finance: How much will your idea cost? And if you’re seeking funding, how much money do you need? How much do you expect to earn? If you’ve already started, where is your revenue at now?

Step 2: Do your market research homework

The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.

This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.

Step 3: Set your business goals and objectives

Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?

Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.

Step 4: Plan your business strategy

Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.

Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.

Step 5: Describe your product or service

In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.

Step 6: Crunch the numbers

Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .

These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.

You may want to work with a financial professional to ensure your financial projections are realistic and accurate.

Step 7: Finalize your business plan

Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.

You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.

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The takeaway

Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.

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The Products and Services Section in a Business Plan

How to Write the Business Plan Products and Services Section

• The Products and Services Section
• What to Include
• Tips on Writing the Section

The products and services section of your business plan is more than just a list of what your business is going to provide. This section of your business plan should include details about how you'll price products and services, how you'll fulfill orders, and other details that investors need to hear before you can get funding .

Additionally, it should outline the unique selling points of your offerings and explain how they stand out from competitors. Providing information on awards received, potential suppliers, and manufacturing processes can also strengthen this section and build investor confidence. Learn more with the guide below.

Key Takeaways

• Business plans include details about the products and services you'll offer, including exactly how you plan to market, sell, and deliver on customer orders.
• The best business plans are clear and concise.
• The products and services section of your plan should show why your product or service is needed.
• The products and services section should also convey the expertise and experience you have to succeed.

Why You Need a Products and Services Section in a Business Plan

The business plan products and services section is the centerpiece of your plan. While other sections of your business plan are important, the products and services section is the essence of your business and the point around which every other part of the business plan is built .

What to Include in a Products and Services Section

The products and services section of your business plan outlines your product or service, why it's needed by your market, and how it will compete with other businesses selling the same or similar products and services.

Your products and services section should include a description of the products or services you are offering or plan to offer (including future products or services). You should explain how your products and services will be priced and a comparison of the products or services your competitors offer in relation to yours.

You should also include the sales literature you plan to use. Detail your marketing materials, and clarify the role your website will play in your sales efforts.

The products and services section will include a paragraph or so on how orders from your customers will be processed or fulfilled, as well as any needs you have to create or deliver your products, such as partnerships, up-to-date computer equipment, or manufacturing processes. If your process depends on intellectual property or legal issues, such as trademarks , then those need to be addressed.

Tips on Writing the Products and Services Section

This section of your business plan should excite those you're hoping will fund your business or work with you. To that end, here are a few tips to create a products and services section that appeals to the reader.

Indicate Why Your Product or Service Is Needed

Especially if you're venturing into a new concept or invention, or a place where there is no current market, you need to explain the need for your product or service.

Highlight the Features of Your Product or Service

A crucial part of business success is the ability to set yourself apart from other businesses that sell the same or similar products and services. What features, such as price point or level of service, do you offer that are unique to you?

Focus on Benefits

Unique features are important, but even more vital is how those features provide value to consumers. Translate your features (i.e., faster or cheaper) into benefits (i.e., get it now or save money). The goal is to highlight how your product or service will fix a problem or improve a client or customer's life.

Be Clear and Concise

Don't let your business plan get bogged down in too much description and information. Use bullets or numbered lists to quickly and easily highlight important information.

Show Off Expertise, Experience, and Accolades

You not only want to describe your products and services but also share why you're the best person to provide them. Include anything in your education or experience that makes you an expert in this business. If you have testimonials, awards, or endorsements, share those. Finally, if you've applied for a patent, copyright, or trademark, include that as well.

Be the Expert, But Use Layman's Terms

You should know your product, service, and industry well, but don't expect your potential funders and partners to have the same level of knowledge. Assume the reader doesn't know as much as you when you explain what you're offering.

Avoid acronyms and jargon when outlining your products and services.

Indicate What's Special About Your Products or Services

Will you be offering a special guarantee or refund policy? Do you have a quicker or more unique way of delivering your product or service? 

Speak to Your Customer

While you don't want to write an advertorial, you do want to be customer-oriented when you write your products and services section.

Examples of a Products and Services Section

The Small Business Administration offers business plan examples that you can draw from to help guide your writing. Here's an example of a products section for someone creating "Wooden Grain Toys."

Wooden Grain Toys will sell wooden toys made from solid hardwoods (maple, beech, birch, cherry, and oak) and steel rivets. The toys are handcrafted and designed for small children to easily use. Our line currently includes the following nine models:

• All-Purpose Pick-Up Truck w/movable doors and tailgate
• Dump Truck w/functioning dumping mechanism and box
• Biplane (two-seater) w/movable propeller
• Steam engine with coal tender - additional cars available separately: caboose, flat car w/logs, box car, tank car, coal car
• Flat-Bed Truck w/logs

Wooden Grain Toys will offer its products for the following prices:

• All-Purpose Pick-Up Truck w/movable doors and tailgate - $25
• Dump Truck w/functioning dumping mechanism and box - $30
• Biplane (two-seater) w/movable propeller - $20
• Additional train cars (single car) - $5
• Additional train cars (three cars) - $12
• City Bus - $12
• Tow Truck - $18
• Flat-Bed Truck w/logs - $35
• Sports Car - $20
• Sedan - $20

What is the products and services section in a business plan?

A products and services section of a business plan clarifies exactly what your business will produce , how much it'll sell for, and other details along those lines.

What are examples of products and services?

A product or service can be anything a business creates to turn a profit. Some businesses have both products and services. For example, a restaurant's services include cooking for and serving customers. The restaurant's products are the dishes and drinks it creates.

Small Business Administration. " Write your business plan ."

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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145 New Service Business Ideas for 2022

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If you’re thinking about starting a business, more specifically a service business, you’re part of a growing workforce demographic. Experts disagree on the exact size of today’s gig economy, but research from Intuit suggests that the population of independent, service-based business owners made up as much as 34% of the total U.S. workforce in 2017. That’s a huge volume of individuals looking for new, independent ways of earning an income.

Service business ideas: The top 15

Personal fitness trainer

Grocery shopping and delivery

Makeup artist

Doula and birth coaching services

Private school application consultant

Elder companion and care provider

Pet sitting

Handyman service

Mobile car wash and detailing

Virtual assistant

Graphic designer

IT systems consultant

Mobile notary public

Rental property management

Corporate event planner

Whether you’ve been pushed into business ownership by a lack of steady employment, or you’re on a proactive search for a more flexible and self-directed way of earning a living, this wide-ranging list of 145 unique ideas for service businesses is a great resource to get you started.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Personal services

In a world full of people who are busier than ever before, convenience has become an utmost priority to US consumers. As a result, there is no shortage of ways that individuals can start businesses providing services for others. Whether you’re a staunch academic, love working with animals or children, or have a knack for fixing things, the realm of personal service business ideas has an option for nearly everyone.

Best of all? Most of these personal service businesses require little to no formal training or certification, and they can be offered on-site in people’s homes to avoid the high overhead of maintaining an office or retail shop.

You may need to acquire some basic supplies, but otherwise, the only barrier to getting started is finding clients who are willing to pay for your work.

Personal health and wellness services

Many of us set goals to become a bit healthier in some way, whether through our mental health, agility, or simple physical wellness—but without some form of assistance, guidance, or accountability, many people struggle to reach those goals. If you’re an avid runner, love cooking, or have training in alternative healing, one of these health and wellness service business ideas may be a perfect fit for you:

Meditation instructor

Private yoga instructor

In-home masseuse

Acupuncturist

Chiropractor

Nutrition consultant

Meal delivery service

Personal chef

Personal concierge services

From buying groceries to doing laundry and keeping our spaces tidy, who among us has time to get all of our chores done without becoming overwhelmed in the process? If you’re not bothered by running errands and cleaning up, friends and neighbors may your ideal clientele for these personal concierge business ideas.

Errand-runner

Dry-cleaning delivery and pick-up

Seamstress or tailor services

Window washing

Home cleaning service

Private car service

Beauty and lifestyle service business ideas

If you love all things beauty and personal style, your career options are no longer limited to traditional cosmetology school and hourly work in a salon. Consider whether these emerging lifestyle service business options—almost all of which you could provide in-home, or even virtually—might make a great gig for your interests.

In-home hair stylist

Personal wardrobe stylist

Online dating consultant / profile editor

Serving parents, babies, and small children

There is growing opportunity for service business ideas that meet the needs of new parents, particularly in major cities, where children are more likely to be born to older and more career-minded couples.

If you love the idea of working with small children and their parents, consider whether one of these unique service business ideas would be a good option for you.

Birth photographer

Overnight doula service

Lactation consultant

On-demand babysitter

Home baby proofing consultant

Nanny and au pair placement service

Private music teacher

Children’s party planner

Birthday party character appearances

Children’s entertainment services

Academic consulting services

As those babies and toddlers grow into young students, research has shown that their parents’ dollars are transitioning to an increased amount of spending on academic support services.

Consider yourself academically inclined? Perhaps your perfect idea for a service business is among these listed here:

Homeschool teacher

Academic tutoring

Online English tutor

SAT tutoring and preparation

GED test preparation

College application consultant

College essay editor

Cover letter and resume writer

Elder care services

Population shifts are trending toward dramatic growth in our nation’s number of older adults, so you can expect demand for elder care services to skyrocket in the coming years.

Could the growing need for home health aides, drivers, and other care providers direct your new career?

In-home physical therapist

Private nursing service

Animal care services

If you’ve always had a love of animals, consider channeling that passion into a full-time business in one of these popular specialties.

Pet Sitting

Dog walking

Mobile veterinary services

Mobile pet grooming

Home maintenance and repair services

Although you may be inclined to look to new, trendy, or virtual service business ideas for your next opportunity, don’t forget about traditional home maintenance and repair services, which are consistent needs among U.S. populations.

Are you naturally talented at fixing things? Do you enjoy collecting tools and home maintenance equipment? One of these ideas for service businesses may be your perfect choice.

Pool servicing and maintenance

Locksmith services

Home entertainment installation

Home-inspection services

Interior painting service

Wallpaper installation service

Power washing service

Carpet installation service

Air conditioning installation and maintenance

Plumbing service

Appliance repair

Porcelain repair

Home maintenance equipment rental

Automobile maintenance and repair

For much of America, owning a car is considered a necessary convenience for getting around from day to day. Even so, vehicle ownership can quickly become inconvenient when a need arises for cleaning, maintenance, or repair.

With just a bit of skills training, you can choose one of these lucrative, new service business ideas to help your fellow drivers get back on the road.

Mobile car wash and car detailing

Mobile car mechanic

Vehicle inspection service

Windshield repair service

Business services

As more and more Americans become independent business owners, it should come as no surprise that demand for business-to-business services is also growing. Generally, modern businesses have taken a leaner approach to growth, relying on outside consultants or contractors to provide services and expertise to avoid the high overhead of having many employees.

Instead of working directly for another business as an employee, your future career could fall within one of these B2B service business ideas.

B2B administrative services

Though the range of “business services” can span almost every industry and niche, let’s start with some of the most traditional, purely administrative services that you can provide to fellow business clients. These services can be conducted in person at a client’s office or retail location, but in many cases they can also be offered remotely from anywhere with a reliable internet connection.

Executive headhunting

Language translation

Project manager

Certified professional accountant

Payroll processing service

Financial auditor

Business plan consultant

Office support services

Data analysis

Messenger service

Online course consultant

Freelance researcher

Online business coach

Customer service phone operator

Live chat customer support service

Sales and marketing

For any business to succeed, it needs two basic things: a product or service to sell, and customers willing to pay for it. The good news for small business owners is that the internet has made connecting with and attracting those customers a more accessible process than ever before.

The good news for you , however? The world of online marketing—and content marketing in particular—requires a huge amount of human capital to be done effectively. Could providing one of these marketing services be the right opportunity for you?

Website designer

Marketing copywriter

Content writer

Editing and proofreading service

E-book ghostwriter

Facebook ads strategist

Instagram marketing strategist

Social media manager

Content marketing strategist

SEO strategist

Email marketing manager

Affiliate sales and marketing consultant

Brand photographer

Marketing video producer

Podcast producer

Presentation and proposal designer

Public relations consultant

Brand ambassador

Technology maintenance and repair services

As businesses across every industry rely more and more heavily on technology for their daily operations, the need for knowledgeable service providers has grown steadily. Within larger corporations, these roles are often filled by in-house employees. Small businesses, however, very often cannot afford to maintain full-time IT managers, meaning they must rely on third-party services to address technology needs.

If you have previous training or a natural affinity for computer programming and information technology, your service business idea might be on this list.

Computer repair service

Printer and copy machine maintenance

Software installation service

Mobile IT support service

App developer

Online network installation and maintenance

Online security consultant

Data management consultant

B2B legal services

From notarizing documents to reviewing contracts and investigating wrongdoing, a wide array of opportunities exist to create a service business in the law enforcement sector—even without a law degree. Here are a few examples worth considering.

Legal process server

Paralegal services

Private investigator

Contract drafting and review service

Travel and tourism service business ideas

Have you recently traveled to a resort destination, only to discover that you never want to leave—or do you simply want to share with visitors the unique charms of your own hometown?

Though major airlines and hotel chains dominate much of the $370 billion U.S. travel market , opportunities abound for the creation of unique cultural and adventurous experiences by small business service providers. Here are just a few of the many ways you can turn your passion for travel into a new opportunity.

Local tour guide

Adventure tours

Travel agent

Corporate retreat coordinator

Cruise booking agent

Travel concierge services

Ski or snowboarding instructor

SCUBA diving instructor

Beach equipment rentals

Event service business ideas

From family celebrations to corporate conferences and everything in between, hosting an event almost always requires many hands on deck. And with business-to-business events alone representing a multi-billion-dollar industry, it should come as no surprise that so many opportunities exist for new service businesses in this sector.

Do you thrive on the adrenaline and social interaction of live events? If so, you could find your calling in one of these ideas for service businesses.

Fundraising event coordinator

Trade show producer

Wedding planner

Conference marketing manager

Event photographer

Event videographer

Audio visual technician

Lighting designer

Live video producer

Bartending services

Event catering services

Custom baking

Photo booth rental service

Reunion coordinator

Valet parking service

Event furniture and equipment rental

You might assume that we’ve covered every option for a service business in 2022 with this list of 145 ideas. In reality though, this list only scratches the surface of possibilities. If you’re eager to start your own business, thinking about your individual passions, strengths, and skills is the first step to what could be a satisfying new career.

LLC Formation

Frequently asked questions

1. what is a service business.

A service business is one that provides an intangible product, performed by a team or an individual. Examples would be accounting, plumbing, landscaping, and banking.

2. How do you start a service business?

The basic first step to start a service business is to find a gap in services that exist in your area and create a business that fills the gap. Beyond that, it will depend entirely on the industry you choose. A good place to start is by writing a business plan. During that process, you will start to focus on many of the elements of starting a business, like your target audience and marketing strategy. You'll also need to think about how to fund your business idea .

3. How do you calculate the break-even point for service businesses?

Simply put, your break-even point is found by dividing your fixed costs by your selling price per unit minus the variable cost per unit. For a service business, you first need to figure out what your "unit" is. For example, accountants may charge by the hour, so one hour would be one unit. You could also charge by treatment, course (if you're a tutor or educator), or individual service (for example, a landscaper would charge different prices for just a lawn cut vs. cut and plant trim). Once you figure out your unit, the formula is pretty standard.

4. Do service businesses charge sales tax?

It is ultimately up to each individual state to decide which businesses are subject to sales tax. Be sure to check with your state and city agencies when establishing your service business to ensure that you're complying with the law.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

• Customer service and contact center

9 steps to create a customer service plan

Crafting a customer service plan is a key step to improving customer satisfaction and building loyalty for an organization..

• Sandra Mathis, Microsoft

At the foundation of any successful business is a well-crafted and defined customer service plan that establishes policies and guides about how to handle customer interactions .

Customer service can be a core competitive differentiator in the marketplace and is often the great equalizer for small and medium-sized organizations to compete against their larger counterparts. Its purpose is to establish, maintain and enhance the relationship between a business and its customers.

Benefits of having a customer service plan include the following:

• positive brand reputation;
• improved customer loyalty and retention ;
• results in increased customer profits; and
• improved internal communications.

Follow these nine steps to create an effective customer service plan.

1. Create a customer service strategy

The customer service strategy should include the development of a vision and policy. The vision should identify the type of customer service the organization will use, while the core policies direct how the customer service department operates. Get input from several teams and departments to include various perspectives during development. Multiple perspectives also aid with aligning and embedding the vision and policy across the organization, including expectations and execution.

2. Setting the customer service goals

Goals should be reasonable and identified early. Best practices for setting goals include the following:

• Define specific goals by taking the SMART (Specific, Measurable, Achievable, Relevant and Time-Bound) approach, with each goal focused on a single area of the customer's experience.
• Ensure that goals are achievable but still challenging, and identify when they tie back to business objectives.
• Develop a plan, method and frequency to measure goals.

3. Create a customer journey and service design map

Create a customer journey and service design map to clarify the steps to assist the customer. The customer journey should come from a customer-facing perspective and include customer activities, touchpoints and pain points. The service design map should consist of steps from an organizational perspective, such as aligning customer touchpoints, communication channels and interactions between systems and pain points.

This article is part of

Ultimate guide to customer service for businesses

• Which also includes:
• 10 customer service best practices to follow
• 13 customer retention strategies that work
• 5 examples of bad customer service and how to avoid them

Download this entire guide for FREE now!

4. Analyze customer interactions

Use the customer journey and service design maps to assess where to improve the experience . This step includes analyzing customer interactions and answering these questions:

• When in the customer journey do they reach out for assistance? Why do they reach out?
• How often do customers contact the organization? What channels do they use ?
• What were the pros and cons of the customer's experience? This is a good place to use any gathered customer satisfaction .

5. Create an action plan

Taking action on issues should benefit the customer and the service team alike. Creating an action plan begins with setting strategic objectives and then identifying any outstanding issues. Then, develop a detailed plan that defines the actionable steps, due date and who owns the project. The action plan should also identify what constitutes success and how often to measure analytics. Before any work begins, it's essential to get alignment from any other teams involved.

6. Determine KPIs

With goals in place, determine the appropriate metrics or key performance indicators (KPIs) to track. The KPIs provide a look into how well the customer service team is doing. Teams should select and follow a few customer service KPIs from primary and secondary sources.

Primary sources

• Customer satisfaction score, which measures the overall customer satisfaction with a product or service; and
• Net promoter score, which provides insight into customer loyalty and the likelihood of a customer recommending the business to someone else.

At the foundation of any successful business is a well-crafted and defined customer service plan.

Secondary sources and contact center metrics

• Response and hold time;
• First contact resolution;
• Average resolution time;
• Number of issues to be tracked and the nature of issues;
• Active and resolved issues; and
• Customer retention rate.

7. Assess and build a customer service team

Beyond traditional customer service skills , organizations must identify additional skills their teams need, such as product-related training. This process includes the following steps:

• Evaluate what skills are required to successfully do the job -- in the current and future state vs. skills assessment of the customer service team.
• Identify training and development opportunities based on the gaps between current and future conditions.
• Empower the customer service team to assist customers beyond traditional service parameters and without using canned responses.

8. Establish how and when customer service teams work cross-functionally

Striving for an expanded team can break down operational silos and improve communications and clarity. A customer service toolkit is often used to lay out the approach and clarify operations, including when handoffs happen between groups.

9. Innovate

As the product or service evolves, so should the customer service team. The team should innovate based on the changing needs of the customer to meet customer expectations. This process begins by asking questions such as the following:

• What is and what is not working in the service delivery?
• What is impeding or helping customer loyalty?
• Are customer expectations being met at a basic level? How does this compare to that of any competitors?

Customer service teams are at the center of the customer experience and often make or break the perception of an organization and its service or product. As such, creating a robust customer service plan is paramount for long-term success.

The future of customer service: 12 trends to watch

How to improve customer satisfaction during supply, labor crisis

10 examples of AI in customer service

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Business Support Services

Startup Costs: $2,000 - $10,000 Part Time: Can be operated part-time. Franchises Available? Yes Online Operation? No

Every business needs those unsung heroes or heroines behind the scenes, the ones who do the word processing, filing and bookkeeping. But most SOHOs don't have the funds--or sometimes even the space--to accommodate assistants. If you've got the secretarial right stuff, you can be a small-business person's knight or knightess by providing business support services. You'll take on all those office tasks--word processing, filing, bookkeeping and even desktop publishing. The advantages to this business are that you can work at home, you get an insider's view of lots of different businesses, you're always doing something different, and your clients are appreciative of your services. Plus, with more and more small businesses out there, this field is poised for growth. And it's recession-sturdy--companies that might no longer be able to afford in-house staff will still need help, and that's you. You'll need top-notch secretarial skills, including impeccable spelling, grammar and punctuation. Many businesspeople skim over these tasks--part of your job will be to translate C- English into polished prose. You should also have good communication skills for dealing with a variety of different people, and the ability to decide which projects need immediate attention and which can be set aside for later.

Your customers will be small and home basedbusinesses of every type you can imagine. Place ads in your local Yellow Pages and newspapers. Network at your chamber of commerce. Introduce yourself and leave brochures at banks, insurance agencies, accounting firms, attorneys specializing in business--anybody who will have small-business customers they can refer to you. Give talks at local professional and civic organizations and get your business written up in local publications.

Needed Equipment

You'll need a computer system with a laser printer, a fax machine, a copier and a sharp selection of software packages, including word processing, desktop publishing and accounting. You'll also want storage space for each client's letterhead and envelopes, plus blank and draft paper, extra printer and fax cartridges, and files for copies of clients' ongoing work.

Business Support Services Ideas

Book indexing service.

Are you a master organizer? Try book indexing.

Help people when they're locked out and need assistance.

Freight Broker

Match shippers and transportation services as a freight broker.

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• Marketing Mix Strategy
• Five Forces
• Business Lists
• Competitors
• Business Concepts
• Marketing and Strategy

Support Services

This article covers meaning, importance & example of Support Services from marketing perspective.

What is Support Services?

Support Services are the activities and processes required for successful execution and completion of a revenue generating core program or process efficiently and within the expected time frame and cost. The support services are managed mostly by a separate department like admin, IT, payroll, customer service, after sales support etc. It is extremely important for any organization to have good support services to succeed in their business. Support services are important for the immediate relief of the internal as well as external customers and clients. 

Importance of Support Services

Support services are very important for running an efficient business. The core processes cannot run on their own without support. There are many processes also known as auxiliary processes which are important for making sure that the revenue generation does not stop. One the most important aspect of any business is the workforce. The workforce work on the core processes. The workforce in itself has lots of requirements in terms of wages, insurance, support and other things so there is a HR and payroll departments. Similarly IT, admin, security all these departments make sure that the core processes work as smoothly as possible.

In terms of customer service, the support departments are very critical. The business should offer support on multiple channels to improve their association with the stakeholders. It is must for a business to be ubiquitous in today’s changing environment. Also, the need of the hour is to listen and respond to all the queries in a timely manner.

The customer’s behavior very much depends on the after sales support services. Therefore, all the companies should focus on driving the customer satisfaction through various activities.

• Complementary Services
• Services Theatre Framework

Benefits of Support Services

1.The better the quality of the support services higher will be the business growth.

2.The increase in customer satisfaction would lead to repeat purchase and will infuse brand loyalty. This will improve the reputation of the company.

3.Understanding the customer mindset and expectations will help the business develop product as per the customer’s needs.

4.Good support services will help reduce the employee turnover with the profits being shared with the employees leading to higher satisfaction.

5.Support services can serves as an ample source of information that can be used for the evaluation of the product and services.

Example of Support Services

Let us say a company is into manufacturing and selling cars. So the process of making a car, assembling a car and selling a car are the core processes which generate revenue but there are multiple support services which play critical role. For manufacturing a car, extensive use of manpower and robotics is expected. Manpower needs proper management which would include HR, payroll and benefits services which would keep them motivated and secure in order to work on the main assembly line. Also to maintain robotics and all the IT systems a proper IT department is expected who would try to understand the issue and fix them within the right time so that it doesn't affect the core business.

Continuing with the same example, after the car is sold, the car owner might have some queries or issues with the car, the customer service support and the dealership network need to resolve them effectively. All these departments may not be part of the core process of car making but they support the process throughout and make it successful.

Hence, this concludes the definition of Support Services along with its overview.

This article has been researched & authored by the Business Concepts Team which comprises of MBA students, management professionals, and industry experts. It has been reviewed & published by the MBA Skool Team . The content on MBA Skool has been created for educational & academic purpose only.

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Sick of customer service bots and subscription headaches? There’s a plan for that

The Biden administration announced it is taking on what it calls the "doom loop" of customer service calls.

William Thomas Cain / Getty Images

When you have to call a customer service line, where's your patience on a scale of 1-10?

"Most people start at a nine or nine-and-a-half," says Amas Tenumah, who wrote a book called Waiting for Service . "But then you start this interaction and you're met with an automated system, right? Press one, press two..."

And then, after a few more menus and buttons, you manage to get past the automated system and to a human, only to be transferred to another operator where you need to repeat all your information. By this point, Tenumah says, your grace has worn thin.

"You are at a zero, and lots of people are in the negative," he said.

This week, the Biden administration announced it is taking on more of what it calls "everyday headaches and hassles that waste Americans' time and money." And it's doing that by having federal agencies make new business rules. Things like:

• The Federal Trade Commission is trying to require that it be easy to cancel a subscription.
• The Department of Transportation is set to require automatic cash refunds for canceled flights.

There are actions to simplify health insurance paperwork, crack down on fake product reviews, streamline parent-teacher communications in schools. And, yes, circumvent those automated customer service calls that the White House labels "doom loops."

It's all part of a wider economic mission to eliminate modern business practices that the Biden administration believes exploit Americans.

You're reading the Consider This newsletter, which unpacks one major news story each day. Subscribe here to get it delivered to your inbox, and listen to more from the Consider This podcast .

It’s called the “Time Is Money” initiative

If this sounds familiar, it's because the Biden administration has been steadily touting its broader pro-consumer agenda for a couple of years now.

President Biden mentioned his ongoing crusade against hidden or surprise surcharges in his State of the Union address for a second straight year in March.

"I'm also getting rid of junk fees. Those hidden fees added at the end of your bills without your knowledge," he said, later adding: "I'm saving American families $20 billion a year with all of the junk fees I'm eliminating. And I'm not stopping there."

So how exactly would this all work? All Things Considered host Ari Shapiro put this very question to Neera Tanden, the director of the White House Domestic Policy Council.

"The Consumer Financial Protection Bureau is engaging in a rulemaking process, which will basically create rules of the road," Tanden said. "So a good example to me is, you know, when you're doing a subscription — a streaming service or a cell phone service — if it's one or two clicks to get the service, it should be one or two clicks to get rid of the service."

President Biden delivers remarks on protecting consumers from hidden junk fees while seated among CEOs of ticketing companies such as SeatGeek, TickPick, Dice and Live Nation.

Alex Wong / Getty Images

Tanden says the administration sees many examples of companies wasting people's time and energy with practices that are really just about keeping your money for longer.

"Essentially, they create such a friction on people that they just give up and keep paying the service instead of ending a service they don't want and then getting a service they do want," she said.

There is pushback — and a call for your ideas

The initiative has already drawn sharp criticism from some sectors.

The Chamber of Commerce released a statement this week saying the initiative could actually hurt consumers: "Businesses succeed by being responsive to customers and have a far better track record of customer service, streamlined paperwork, and prompt response times than the federal government. Imposing heavy-handed regulations that micromanage business practices and pricing is the wrong approach, inevitably raising costs for consumers."

Tanden isn't buying it.

"I would say that, fundamentally, we think that this should be a baseline consumer protection," she said. "If your business model relies on trapping people into services they no longer need, that's a reflection on how you're not competitive and you're not giving a good service. And companies should compete on services, not on hurdles."

The White House says some agencies have already begun making changes, and now it wants Americans to share their ideas for other things that can be tackled. It has set up a Time Is Money portal where people can submit their ideas.

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Harris Backs Ending Taxes on Tips, Adopting Idea Trump Likes

• Harris speaks in Nevada where service workers hold sway
• Proposal draws ire of Trump who says Harris stole his idea

Vice President Kamala Harris said she would seek to end taxes on tipped income for service industry workers — matching a proposal that her 2024 rival Republican Donald Trump has also made in a bid to court young people and working-class voters.

“When I am president, we will continue our fight for working families of America, including to raise the minimum wage and eliminate taxes on tips for service and hospitality workers,” Harris said at a rally Saturday in Las Vegas.

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Where Tim Walz Stands on the Issues

As governor of Minnesota, he has enacted policies to secure abortion protections, provide free meals for schoolchildren, allow recreational marijuana and set renewable energy goals.

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By Maggie Astor

• Aug. 6, 2024

Gov. Tim Walz of Minnesota, the newly announced running mate to Vice President Kamala Harris, has worked with his state’s Democratic-controlled Legislature to enact an ambitious agenda of liberal policies: free college tuition for low-income students, free meals for schoolchildren, legal recreational marijuana and protections for transgender people.

“You don’t win elections to bank political capital,” Mr. Walz wrote last year about his approach to governing. “You win elections to burn political capital and improve lives.”

Republicans have slammed these policies as big-government liberalism and accused Mr. Walz of taking a hard left turn since he represented a politically divided district in Congress years ago.

Here is an overview of where Mr. Walz stands on some key issues.

Mr. Walz signed a bill last year that guaranteed Minnesotans a “fundamental right to make autonomous decisions” about reproductive health care on issues such as abortion, contraception and fertility treatments.

Abortion was already protected by a Minnesota Supreme Court decision, but the new law guarded against a future court reversing that precedent as the U.S. Supreme Court did with Roe v. Wade, and Mr. Walz said this year that he was also open to an amendment to the state’s Constitution that would codify abortion rights.

Another bill he signed legally shields patients, and their medical providers, if they receive an abortion in Minnesota after traveling from a state where abortion is banned.

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