Business services

Business services are those that help companies but don’t directly result in a tangible product. Companies, especially large firms, rely on these services for everything from costing and marketing to accounting and shipping. These industries make up a major portion of the commercial world and provide a vast range of services that products can’t. For example, business travel services and events, financial and insurance services and catering and food services are all examples of a service business.

As a business owner, you may want to start a business in this sector because it offers many opportunities that other types of businesses cannot. However, you must understand that running a business in this field is not like operating any other type of business. While a product business has some similarities to a service business, there are important differences in the way they operate.

In addition, a service business must offer unique value to attract and retain customers. This can be difficult because service businesses are based on intangible assets. Moreover, customers are less likely to feel the worth of a service if it isn’t delivered well. For example, a customer who dithers at a fast-food counter will slow the service of everyone behind him.

Despite these difficulties, a service business can be extremely profitable. It is also an excellent choice for entrepreneurs looking to expand their horizons. However, if you are new to the industry, it is best to choose a niche in this sector and focus on it. This will help you to develop a strong brand name and improve your chances of success.

As the economy continues to evolve, business services are increasingly being used in combination with physical products. This phenomenon is known as ‘servitisation’ and is driving European economic growth. Despite the importance of this sector, it remains relatively under-researched. To address this gap, the European Commission has set up a High Level Group on Business Services (web archive)EN*** and two flagship communications: An Integrated Industrial Policy for the Globalisation EraEN*** and A Single Market Act for Business ServicesEN***.

The following tables present information relating to employment and unemployment in the professional and business services supersector. The data includes gross job gains and losses, net job creation and turnover, and union membership and representation. The information on this page is provided by the National Institute for Statistics and is updated quarterly. For more information about the methodology and assumptions that underlie these estimates, please see the footnotes below.