Advantages of the Service Sector

Below are the 5 Advantages of the Service Sector in India’s economy:

1. No Inventory:

In the service sector, there is no need to built-up a reserve of inventory that needs to be stored in a warehouse. Because the product that you are selling is your skills and expertise wherein you’ll only need to have the necessary equipment required to perform the required services, no warehouse full of inventory needed.

2. Easy to start up:

In comparison to other business industries, starting a business in the service sector is relatively easy. Because business in the service sector requires little more than a license, phone, and a person with the required skills and expertise to get up and going. This not only makes it quite easier but also very affordable to get started.

3. Flexible hours:

Working in the service sector provides flexibility in the working hours, which in turn allows you to get an opportunity to further increase your skill and education and to accomplish other important tasks at times you might not otherwise be able to.

4. Greater adaptability to changes:

The service sector companies are able to adapt to the changes in customer needs much easily and quickly in comparison to product-based companies.

5. Provides job even during economic crisis:

During an economic dip, when people are cutting down their expenditure and are only paying for basic necessities, the service sector helps to keep the job and bring in the revenue as service sector experts are always in demand.

The economic development of any country is directly dependent on the advancement and progress of the three sectors of the economy viz. primary sector, secondary sector, and tertiary sector. The primary sector of an economy makes direct use of natural resources that are involved in the production and extraction of raw materials from agriculture, fishing, forestry, mining, dairy, etc., and the secondary sector also known as the industrial sector is associated with the activities which involve the conversion of raw material into usable products.