Business

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Types of Business

par Anosha Shabbir

Business

Types of Business

E-commerce

Example

E-commerce applications continue to evolve and rapidly change.

The lack of feel or touch of items when shopping online is an annoyance

Customers can easily select products from different providers without moving around physically.

E-Commerce increases competition between businesses and ultimately provides significant consumer discounts.

Electronically, on the Web, business transactions

Non-profit

Big Brothers and Big Sisters of America

Most types for toll spread, non - profit organization are banned from contributing to political campaigns and may only do a limited amount of demand

In order to be exempt under the tax law, a non - profit organization can only perform certain functions listed in those laws.

There may be more accepted characters for a non - profit company than for a person or persons informally trying to accomplish their non - profit motive.

Some non - profit are allowed to rivice common and private grants, making it easier to get work capital.

not making or conducting primarily to make money.

Manufacturing

Food, Beverage, and Tobacco.

Companies will generally lose some control and visibility when they outsource to LCCs, creating increased risks.

Nonetheless, there are still underlying difficulties in achieving consistently good production including poor communication arising from language barriers and time-zone variations, curriculum limitations, and limited technical support on-site.

This peaceful and versatile way of interaction helps companies to shift quickly and easily through the processes of planning, innovation, product development and production

The main advantage of keeping things indoors, of course, is versatility. Rather than having to contact businesses across the globe to change something, add something or contribute an idea one department simply has to meet the other

Mercheandising

Disadvantages

The increase in the number of customers also means a required payroll increase. With more people coming every day, more sales and more deliveries lead to more customer service problems, more hours and more agencies.

You have to be comfortable with the disadvantage of an initial investment in order to reap the rewards after the process. The cost to install the new devices and create new signage and to improve the overall appearance of your retail space inside and outside

Berluti.

School of Fashion - Seneca College.

Advanatges

Service Business

Examples

Education

Disadvantage: Difficult Valuation

The service business is more difficult to evaluate than the manufacturing or retail business. Some businesses have value-added inventory, equipment and other hard assets. With a computer and very little equipment, you can start a service business.

Definition

Advantages

Adaptable to Changing Wants and Needs

An important advantage of service companies is that they are able to adapt to the changing needs of their customers much quicker than product-based companies.

Forms of Business Ownership

Cooporation A company that is authorized by the state to act as a single entity and is recognized as such in law

Partnership An operation involving two or more people who share managements and money

Advantages: Two heads are better than one: More people in charge means more people who can share responsibilities Shared Ownership: Split taxes so one person doesn’t pay everything Legal Structure: Like a Sole Proprietorship it is easy to change your legal structure if your circumstances More Capital: Two or more owners means better outreach and is easier to expand

Disadvantages: You are dependent on Your Partner: You depend on your partners to keep your business up Each partner is liable for the other partners debt and tax Disagreements: If one of the partners disagree on something than friction and arguments can occur If a partner joins or leaves than you must value in all their assets which will be costly

Examples: Red Bull and GoPro Spotify and Uber

Secret partners who have involvement but isn’t publicly involved

Silent partners who only invest in the company

Multiple forms of partnership

Co-operative: A business that is owned by people who use the product

Examples: Housing Public Utilities

1 in 3 Americans are co-op members holding 350 million co-op memberships worldwide.

1 billion people are members of cooperatives worldwide.

29,000 cooperatives operate in every sector of the U.S. economy.

Advantages: More funding opportunities: Some businesses get government funded grants to start the business Less Tax: Co-operative businesses don't pay surplus taxes Perpetual Existence: Brings less disruption to business and more continuity

Disadvantages: Obtaining Capital: Will need investments to gain more cash flow Lack of precipitation: If some members don’t involve themself in meetings than the business will have a hard time operating

Franchise

Advantages: Offer small business ownership with large business network You don’t need business experience to work or run a franchise training is given Franchise often have a reputation leading to increase profit and easy management

Disadvantages: Buying a means you go into a formal agreement with the franchisor Buying a franchise means that you have to run the business based on how the franchisors ran it You have to share profit with the franchise

Examples: LucasFilms Dominos

Facts

There are over 3000 franchisors in America alone

Most entertainment franchises are owned by a larger company

Sole Proprietorship A sole proprietorship is a business where one individual is in charge of the entire business without shared ownership

Advantages: Have complete control: You make all the choices and have complete influence Keep all profits: Besides employee expenses, you keep all the income of your company Easy to change legal structure if your circumstances change You have privacy: Since the company won’t file any formation documents you don’t have to worry to worry about making reports for the federal or provincial governments like corporations

Disadvantages: Unlimited liability: Your personal assets can be taken due to adverse legal action Hard to raise capital: Owner of the company will have to raise money to build up the company themselves or get investments Hard to control: If your company grows it will be hard to manage as more employees come