Business services refer to a variety of tasks and activities that support a business, without delivering any physical goods. The service industry is responsible for a significant percentage of the economy in many countries, and includes industries like IT, cleaning, hospitality and travel services, etc.
The services offered by business services companies help businesses in areas that they might not have the expertise or resources to handle themselves, or might be too costly for them to undertake in-house. These include consulting, support, training, translation, repairs, and other business-to-business (B2B) services. There are also several consumer-facing business services, such as legal or repair services, insurance and travel services, among others.
While business services companies can be small or large, the majority are privately owned by individuals or by partnerships. The largest are multinational corporations that provide a range of business services to their clients worldwide. The global business services sector generates more revenue than the world’s manufacturing and agriculture sectors combined, and has grown significantly in recent years, thanks to the COVID-19 pandemic and advances in technology and outsourcing.
However, the nature of the work in business services can be stressful and demanding. If you don’t handle stress well, this might not be the best career choice for you, says Spinelli, who advises assessing your abilities and interests before choosing a career path. In addition, many jobs in the sector can be project-based, and might not offer a secure job security.