Types of Business You Can Own

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Many individuals are interested in starting their own businesses, not only because of the supposed financial advantages, but also because it allows them to work for themselves and do something they enjoy. If you are one of those people, you may be interested in learning what types of business are available to you. By knowing these structures, you can start putting your ideas into practice and coming up with a good business plan. To begin with, a business entity is a corporate or commercial institution that is created and administered according to commercial law; the goal, usually, is selling products or services, or managing other business activities.

The more important types of business entities that exist are corporations, partnerships, limited liability companies, cooperatives and sole traders. Keep in mind that these are business entities, and not business types, which is what we’re going to present in what follows. The information provided here is general, but you can find a lot more information online on specialized websites, or by consulting professionals of this domain. Thus, the types of business you may be interested in are:

  • Green businesses – There has been a major upsurge in green businesses in recent years, especially since awareness about the effects of global warming and pollution has been raised. By starting your own green business you are also helping and supporting the environment, and there are numerous fields and domains you can activate in. Besides the large variety of choice, you will also be learning about Eco-friendly business practices.
  • Nonprofit organizations – While the market may not be lacking in this type of business, good competition is always needed to lead to improvements; moreover, any moral concerns have no place here, because what your business does is utilize profit in order to improve certain services. This is done in the detriment of paying dividends to investors, and you can even get government help to get started. Do some research and find out how you can qualify for funding or loans from your government.
  • Online businesses – This can be a great avenue for you to sell certain products or offer your services, depending on your skills and professional training. There is an increasing interest in online businesses, and many important companies are now going online as well in order to keep their customers and bring in new ones. There are also many benefits such as reduced start-up costs and the possibility for much better publicity through social media and other online environments.
  • Home-owned businessesIt doesn’t matter what domain you want to activate in, there are many now-famous and successful companies that started as home businesses and managed to expand. This is a great option because you may not have the start-up money to invest in an office space or headquarters, nor to hire many employees. As an incentive, know that companies like Apple, Ford, Hewlett-Packard or Amazon.com started in their owners’ homes or garages.
  • Franchise businessesThey can be very profitable because they already have a recipe for success, but owning one is not that easy. In most cases, you will probably have to invest quite a serious sum of money yourself, and deal with other organizational aspects. However, once you find out what those are, you already have a company behind you that is interested in making your franchise work and be successful.
  • Young entrepreneurshipIn certain parts of the world, the government or other institutions or organizations try to support young entrepreneurs by providing them with information, help and advice about how to start their own business, and, in certain situations, even with some funding to help them get on their feet. Do some research and find out whether there are any such programs in your country.
  • Self-employed contractingIf you know a trade, or if you can provide certain services, you can register yourself as an authorized contractor and choose your own projects. This, of course, poses some challenges because you have to find your own customers and deal with your own publicity, but if you have confidence in your skills the outcome can only be positive.
  • Women-owned businessesThis may sound strange for some people, but it is important to mention that in certain parts of the world, even though women have the same rights as men, they can be discriminated against in the world of business. That is why governments or organizations try to provide them with help and advice and support them in their endeavors. If this is the case for your country, try to find out how your government can help you.

These are just some of the types of business that you can consider for the near future, not only because they are easier to establish than others, but also because in some cases you can receive informational or financial aid. However, keep in mind that establishing a new business always requires a lot of patience, hard work and dedication, so don’t expect to see progress or profit right away.

October 2021