Types of Business

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Types of Business
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Manufacturing

• Businesses that produces a product from materials
  and provides this product to retailers who then
  sell it to the customers.

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Retail

• Businesses that buy goods and resell them to
  customers to satisfy consumer needs and wants

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Service

• Businesses that satisfy the needs and wants of
  consumers by providing a service.

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So you see an opportunity....

• How should I make the most of this opportunity?
  Should I
• Start a new business
• Purchase an existing business
• Buy a franchise

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Start a New Business

• Establishing a new business from scratch means
  that your business is at the birth stage.
  Nothing is established. Other companies may be
  similar in nature but your company has never
  existed before. This can present many advantages
  and disadvantages. Brainstorm
• Advantages
• Disadvantages

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Purchase an Existing Business

• Take over a business that is for sale.
• In this case the business is established with an
  existing location(s), product or service, and
  customer base.
• Advantages
• Disadvantages

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Buy a Franchise

• one business, the franchiser, licenses the rights
  to its name, operating procedure, designs, and
  business expertise to another business, the
  franchisee.
• The franchisee buys a license to operate a
  ready-made business.
• The franchiser and franchisee are independent
  businesses affiliated for this agreement only.
• Advantages
• Disadvantages