How is business?

Sitting at a coffee shop with a friend I was asked some business advice. He has recently left his previous company and considers “doing his own thing” in the people services sector. In my interpretation this means he would like to offer a service (value proposition) and get paid for it (profit). In the process he will need to identify and understand the needs “out there” in the target market, develop the service in order to address the need effectively, and put the processes in place to sell and deliver.