Types of Businesses

A service business provides a professional service, or labour composed of an expert team that works together to complete a task.

Advantages

Cost efficiency

Customer relationship

Disadvantages

Labour Costs

Competition

Relies on human resources

Manual Labour

Adaptability to trends in the market & customer demand

Examples!

Extra Information

provides services to customers to make their lives easier

86%, good customer service turns one-time clients into long term brand champions

An ecommerce business is the trading/selling of products (goods and services) online

Advantages

Efficient buying process

convenient

increased sales

large target audience

price comparasions

Disadvantages

Many competitors

technical difficulties

security risks online

cost of shipping

online scam

Examples!

Extra Information

estimated that 95% of the future purchases will be made online by 2040

this industry is growing by 23% year after year

e-commerce is expected to earn 5.42 trillion USD in sales each year

A non-profit organization is an organized group of people working together knowingly, without gaining income

Advantages

Disadvantages

overworked, heavy labour employees

time and money to begin

no profit

protected from any liabilites

can exist forever

employee benefits

Examples!

Extra Information

main goal is to serve the community (charitable or social problem)

most non profit don't have to pay taxes to ensure they don't have to pay income tax on revenue

A merchandising business is a company that buys products and resells to the public, which could be online or in person. Merchandising businesses focus more on goods rather than services.

Disadvantages

high demand on certain products

expenses

space limitations

competition

Subtopic

Advantages

Attracts customers

higher sales

increase customer satisfaction + loyalty

Examples!

Extra Information

the process of promoting/highlighting goods

visuals matter a lot in merchandising

features of this business: packaging, branding and labeling

A manufacturing business takes raw, fresh resources/materials and turns them into a product (good) you can sell.

Advantages

higher profit

innovation

creating jobs

Disadvantages

Need a lot of money to begin

keeping up with trends

must have skilled workers

Examples!

Extra Information

Subtopic

manufacturing business are the oldest type of business

manufacturing business help boost the GDP drastically