How to properly create a service in Ubuntu?

I have a server with Ubuntu 22.04.2 LTS and I need to create a service that would be running on the server. I found this SO answer which details how to create and enable a service, however my service fails with Failed with result ‘exit-code’.

These are the steps that I performed to create the service:

sudo nano /lib/systemd/system/scrapyd.service

[Unit]
Description=Scrapyd service
After=network.target

[Service]
User=root
Group=root
WorkingDirectory=/home/projects
ExecStart=/usr/local/bin/scrapyd

[Install]
WantedBy=multi-user.target

/home/projects is the directory where are my projects which would use the scrapyd service. The ExecStart – I used the same path as in the “tutorial”. If I cd into /usr/local/bin/, there’s no scrapyd.

I ran systemctl enable scrapyd.service and the terminal outputted Created symlink /etc/systemd/system/multi-user.target.wants/scrapyd.service → /lib/systemd/system/scrapyd.service.
I ran systemctl start scrapyd.service (there was no output)
Finally, I ran systemctl status scrapyd.service and got this error:

× scrapyd.service - Scrapyd service
     Loaded: loaded (/lib/systemd/system/scrapyd.service; enabled; vendor preset: enabled)
     Active: failed (Result: exit-code) since Sun 2024-04-21 20:43:34 UTC; 41s ago
    Process: 792557 ExecStart=/usr/local/bin/scrapyd (code=exited, status=203/EXEC)
   Main PID: 792557 (code=exited, status=203/EXEC)
        CPU: 2ms

Apr 21 20:43:34 SERVER systemd[1]: Started Scrapyd service.
Apr 21 20:43:34 SERVER systemd[1]: scrapyd.service: Main process exited, code=exited, status=203/EXEC
Apr 21 20:43:34 SERVER systemd[1]: scrapyd.service: Failed with result 'exit-code'.

What is the proper way to set up a new service on Ubuntu?