Home Service Glossary

Search through our list of the most popular home service business glossary terms below. Look like an industry pro quick.

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Business Licenses

Business licenses are legal permits issued by government agencies that give businesses the right to operate within a specific geographical location. These licenses are important for ensuring that a business is operating legally and in compliance with local regulations.

Business Plan

A business plan is a written document that outlines the goals and objectives of a business, as well as the strategies for achieving those goals. It provides important information to potential investors, lenders, customers, and other stakeholders about the company, its products or services, and its market strategy.

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Customer Service Representative (CSR)

A customer service representative (CSR) is a professional who responds to inquiries and complaints from customers or members of the public. They typically work in call centers, using phones and computers to provide information, answer questions, handle complaints, and resolve issues.

C-Corporation

A C-corp is a type of business entity that is formed under the Subchapter C of the U.S. Internal Revenue Code (IRC). Unlike LLCs, which are usually taxed as partnerships, a C-corp offers particular tax advantages and can be taxed either as a regular corporation or a pass-through entity.

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Franchise

A franchise is a business model that involves the licensing of a company's products and services to another entity. The franchisor, or the company that owns the brand and intellectual property rights, grants access to their trademarks and other aspects of their business model for a fee in exchange for an agreement from the franchisee to operate under their guidelines.

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Google Analytics

Google Analytics is a web analytics platform developed by Google. It provides businesses with invaluable insights into their website activity and visitor behavior, helping them to better understand how their customers interact with their online presence. With this information, businesses can get a clear understanding of which strategies are working and which need tweaking for optimal performance and success.

General Liability Insurance

General liability insurance is a type of business insurance that provides coverage for any third-party bodily injury and property damage claims. It protects businesses and their owners from financial losses due to the costs associated with defending themselves against these types of claims, as well as potential settlements or judgments resulting from them.

Google My Business

Google My Business is a free tool that helps businesses manage their online presence across Google, including on Search and Maps. With Google My Business, businesses can easily post updates about their products and services, respond to customer reviews, and stay up-to-date with insights from Google's analytics tools.

Grants

Business grants are a valuable source of funding for businesses looking to expand or start up a new venture. A business grant is a sum of money that is given out by the government or other organizations as an incentive for businesses to pursue certain goals. Grants are typically awarded based on criteria such as the type of business, its size, and the expected economic impact it will have.

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Inbound Marketing

Inbound marketing is a form of marketing that uses strategies and tactics to attract customers, convert them into leads, and nurture them into becoming loyal customers. It works by creating content that draws people in and using search engine optimization (SEO) techniques to ensure that your content is visible in the search engine results pages (SERPs).

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Limited Liability Corporation

A Limited Liability Corporation, often abbreviated as LLC, is a type of business entity that combines the flexibility and simplicity of a partnership with the limited liability protection of a corporation.

Local SEO

Local SEO is an effective way to promote and market a home service business online specifically for local customers.It helps businesses reach their target audience more effectively by optimizing web pages for geographic-specific search queries. This includes optimizing the website with relevant keywords and content related to the area, building local citations, and creating listings in local directories.

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Payment Processors

A payment processor is a company that acts as an intermediary between merchants and customers for the processing of electronic payments. Payment processors are responsible for verifying and accepting electronic payments, such as debit or credit card transactions, on behalf of the merchant. They also manage the secure transfer of funds from the customer's bank account to the merchant's bank account.Payment processors are usually subject to strict regulations due to the sensitive nature of financial information being handled.

Property Insurance

Property insurance is a type of insurance policy that protects buildings, possessions, and other assets from damage or loss due to unexpected events such as fire, storm, flood, theft, vandalism, and other unforeseen occurrences.

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S-Corporation

An S-corp is a type of business entity that is formed under the Subchapter S of the U.S. Internal Revenue Code (IRC). Unlike LLCs, which are typically taxed as partnerships, an S-corp offers special tax benefits and can be taxed either as a regular corporation or a pass-through entity.

Sales Tax

Sales tax is a type of tax that is imposed on goods and services purchased from entities that are registered to collect sales tax in a particular state. Sales tax is usually calculated as a percentage of the total cost of the purchase, and it is collected by the retailer or vendor who made the sale.

Social Media Marketing

Social media marketing is the process of utilizing social media platforms to promote a business or brand. It involves creating content that is engaging, relevant, and attractive to users, as well as developing strategies to reach out to potential customers and develop relationships with them.