A service is when you help someone to achieve something in exchange for a feed. To create value via services, you must be able to provide some forms of benefit to your prospect.
If you want to be a successful business that provides service, your business must have employees capable of a skill or ability other people require but can’t, won’t, or don’t want to use themselves. You must also deliver your service consistently with high quality. To sustain your business, you need to keep attracting and retaining paying customers.
You can earn a lot from services, especially if the skills required of you to provide them are rare and difficult to develop. The upside is that you will have less competitions.
If you are selling a service, make sure you charge enough to compensate for the time you’ll be investing on a daily basis in providing the service to your customers.