Six Common Types of Businesses

Six Common Types of Businesses



the six common types of businesses the business that best suits your needs and experience will take time to research the more time you spend the wiser choice you will make as you will discover that very few will fit your personal criteria at first the idea of buying your first business is exciting although the choices can be overwhelming there are a few gems in the mountain of silt so to make your minding of for gold easier start sifting through your personal criteria for example if you don't like cold calling up for an established business with an established clientele if you're uncomfortable selling to friends and family don't enter into a multi-level situation if working 7 days a week is not for you avoid retail businesses come in all shapes and sizes with close to 70% being in the service sector following is an outline of the six main types of businesses that you may be researching one service to retail 3 franchising for manufacturing 5 distribution and 6 multi-level and network marketing service businesses the majority of new and entrepreneur started service business because it is the easiest way to generate income utilizing their many years of experience what is a service business quite simply one that performs a service and return for a fee which is usually calculated on an hourly or contractual fee basis service businesses include consulting accounting bookkeeping web design all the trades teaching and tourism's just to name a few clients will pay for your expertise and knowledge number two retail retail outlets not only compete with each other they also compete with large chain stores manufacturer outlets and multi-level internet and mail order sales however if you carefully target your market your chances of success will increase although internet sales are making small and in the retail shopping recent consumer research indicates that more than 60% of potential online shoppers abandon the site before buying websites must be easy to read and surfer friendly which many are not so although retail competition is increased from these two sectors big-box and the internet service is still the winning factor that will entice consumers into your store because in most cases you can't compete with pricing some factors to consider that are unique to retail stores are one location two employees three inventory control for the hours 5 marketing 6 consumer spending cycles and 7 overhead and profit margins and 8 pricing 3 franchising it seems that everyone is franchising everything these days from coffee shops to tanning salons those were the solid reputations who have perfected their business strategies over the years we'll be asking a fair price for a franchise traditionally established franchise business failures are significantly rarer than independent business failures because they have designed effective sales marketing and administrative systems this is what you pay for along with the company's good name investing in a relatively new franchise company is as risky as starting your own business as is buying one that is riding a current popular trend your market research will indicate whether the trend is and is predicted to be short-lived or long-term definitely consult your accountant before making a decision well established and profitable franchises are expensive and there are many reasons for this one they have spent the time and money on in-depth marketing research and their products and their services are usually proven also they have perfected their marketing and advertising methods their locations of research for viability they have built their reputation are trusted by consumers and profit margins products and operating expenses have been established and refined number four manufacturing manufacturing is defined as anything produced from raw materials from candles to camp as a manufacturer you're responsible for the end product and is safety in the marketplace therefore you should be an expert in the industry during your market research check local North American and overseas markets producing similar products often locally manufactured goods cannot match the prices of internationally produced goods because of our higher salaries and living standards number five distribution distribution or wholesaling usually operates on small profit margins relying on volume to support a profitable business a distributor acts as a link between the manufacturer and retail outlets be knowledgeable about the products you were distributing most manufacturers offer support or training to their distributors the size and variety of lines you distribute will dictate the type and size of the premises you will need larger items may require a warehouse dock loading facilities shelving forklifts special equipment for moving materials and an efficient shipping and receiving system with dependable honest employees and number 6 multilevel and network marketing starting a multi-level or network marketing business perhaps part-time at first is one way to get your feet wet the startup cost can be low and the business operated from home it is a transient type of business approximately 0.6 percent of beginners make it to the top level another excellent income one well-known reputable direct sales company estimates that they have 30 percent of their people starting the business 40 percent operating it on part-time dabbling basis and 30 percent on their way out is certainly one way of discovering what type of sales and business person you are you need the type of personality they can sell and total confidence in the products be prepared to market those products at every opportunity you will need to find people to join your downline or team as you earn commission off their sales if you enjoyed this video then join my business mastery insider secrets club there you'll have access to all my business mastery systems over a thousand business strategy videos over a hundred hours of business 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