If you are looking for a job or are thinking of starting a business, you should be familiar with different types of business in the first place. Today, the world of economics has provided a wide variety of job opportunities that sometimes make it “somewhat difficult to choose the best and most suitable option for business.” So, before making any choice, you need to ask yourself:
- What is the purpose of my business?
- Where is the location of my business?
- What tangible and intangible assets do I have to invest in my business?
- Who will help me in this way?
- Do I need a business partner?
- Manufacturing a product or providing a service, which one is my interest?
- Am I going to buy or sell anything?
- And So on.
In addition to the above, there are other items to consider when choosing your business. For example, starting a family or sole proprietorship or forming a cooperative business each has its own challenges. Furthermore, the extent of responsibility you think you can bear also plays an important role in selecting your business structure. Thus, having knowledge about the types of business and the unique characteristics of each helps you enter your favourite field of work with an open eye.
When it comes to business types, most of the time, business types are considered in terms of ownership. considering ownership, The most common types of business include the following:
- Sole proprietorship
- Partnership
- Limited liability partnership
- Limited liability company (LLC)
- series LLC
- Corporations
However, this division is not what we discuss in the current article. The business types you meet here include:
- Home Business
- Internet businesses
- IT-related business
- Family business
- Rural businesses
Home Business
Definition:
Any type of economic activity in the personal residence that is set up using home facilities and equipment is a home business.
The Importance of Home Business:
Today, home business is an essential part of the economic activities in developed countries. Home business causes great diversity and change in the economy of each country. This type of business has provided a lot of opportunities and innovation in providing products or services. Also, for young people, home-based businesses are a good starting point, as it is simple and easy to set up compared to other types of business. You could start your own home-based business with very little start-up cost.
Learn more: Working from Home with a Baby, Tips for Moms and Dads
Home Business History:
Home businesses have a long history. Many handicrafts have long been produced in people’s residences. In general, home business is not a new phenomenon. However, changes and developments in socio-economic activities today has caused it to receive more attention. This type of business is expanding and developing day by day.
Today, most home business owners believe that working from home improves their quality of life. They can spend more time raising children and taking care of household chores. They also pay less for transportation. In general, work and life are increasingly integrated today.
Lear more: History of Telecommuting
Home Business Benefits:
1- More freedom and independence of action;
2- Flexible working hours;
3- Creating more balance between work and life;
4- Low start-up cost;
5- Low risk;
6- Chance of working part-time;
7- It is easier to raise children;
8- Having more opportunities and time;
9- Proportion to the physical characteristics of people with disabilities;
10. More chance of success;
11- Proportion to different strata;
12. Feel more comfortable;
13. No need for a license.
Learn more: Benefits of Remote Work, Disadvantages, Challenges and Efficiency
Home-Based Jobs Considerations:
To start a home-based business, you need to consider the following:
1. Research your business idea.
2. Get information about your product or service.
3. Determine your place of work.
4. Involve other family members.
5. Choose the right name for your business.
6- Provide suitable mills and equipment for your business.
7. Provide appropriate coverage for your business.
8. Assign a mailbox to your business.
9- Be honest with your friends and neighbours.
10. Open a bank account for your business.
12. Make more connections with others.
13. Do not be afraid of having a home-based business, but be proud of it.
Home Business Ideas
- Working as a freelancer
- Growing ornamental plants
- Breeding ornamental birds
- Ornamental fish
- Handicrafts
- Homemade foods and sweets
- Decorative boxes
- Silkscreen printing
- painting and sketching
- Tailoring
Internet Business
Despite home-based enterprises, this type of business is not so old. It was invented with the arrival of computers, the Internet, mobile phones, and other mass communication media. Internet business is one of the fastest-growing businesses in terms of numbers, profits, and quantity. Many home-based enterprises are now considered Internet businesses and vice versa.
E-Businesses Vs. E-Commerce
Many people confuse e-business with e-commerce. However, these two concepts are somewhat different. E-Business refers to a set of activities related to business, including marketing, finance, sales, customer relations, after-sales service, cooperation with investors, etc., which is conducted through the Internet. While E-Commerce only covers issues related to buying and selling online. In other words, E-Commerce is a subset of E-Business.
Different Types of Internet Businesses
Online businesses are very diverse. But in general, we can categorize them to ten main groups:
1- Creating online communities;
2- Purchase, sale, and auction of various goods;
3- Internet advertising;
4- Providing specialized services to others;
5- Creating an empire of information, news, and education;
6- Preparing and presenting different software;
7- Multimedia
8- Joining intermediary networks;
9- Email related services;
10- Joint investment.
Know More About Internet Business
Internet businesses end up with the sale of products or services on the internet. This type of business usually has excellent potential for growth and scalability. Online selling also allows the smallest enterprises to reach their global audience at a minimal cost. Today, more than 900 million people worldwide use the internet. 69% of the population had at least one online purchase in 90 days.
A website function is not limited to selling a product or service but includes different roles and functions.
If you have a unique product that does not exist in other parts of the world, you can introduce it on your site, inform others about its capabilities and sell it worldwide.
The beauty of the internet is that its audience is scattered around the world. This means you have potential customers in almost every part of the world. This type of market never closes. Your customers can access your business information 24 hours a day. You can also post your desired info about your activities and store it on the internet. More importantly, you can put a catalog of your products and services along with pictures and even videos on web pages. In this case, your potential customers can see them and even place an order at any time of the day or night.
Information Technology (IT)
Information technology is the use of computers and other technologies to work with information. Here, any technology, including any device or technique such as data mining, is considered.
Learn more: What Is Data Mining, and What Are Its Uses?
Information Technology Applications
(1) Information systems
(2) Working with a computer in person
(3) Science and research
(4) Control a process or device
(5) Education
(6) Computer-aided design
Information System Vs. Information Technology
An information system is a system for processing, storing, analyzing, and disseminating information to achieve a specific goal. Although using computers in information systems is inevitable today, the information system does not have to be a computer or include new technologies. A file storage cabinet is also an information system in its infancy. As you can see, information systems are a different field from information technology, although both deal with information.
Information and Communication Technology Businesses
Software or Services
- Computers and peripherals
- Software packs
- General software trade
- Retail Software Trading
- Design of integrated systems computers
- Computer processing, data preparation
- Data recovery services
- Computer service management
- Mortgage and computer rental
- Computer maintenance
- Computer related services
Telecommunication Services
- Telephone and telegraph services
- Radio and television broadcasting
- Cable TV services and other types
Hardware
- Computers and peripherals
- General trade in computers and peripherals
- Retail sale of computers and peripherals
- Office and computing machines
- Magnetic and optical recorders
- Electronic lamps
- Passive electronic components
- Electricity measuring instruments
Telecommunication Equipment
- Home audio and video equipment
- Telephone and telegraph equipment
- Radio, television and telecommunication equipment
Rural business
Rural business is the innovative use of rural resources and facilities. Due to the small size of the rural population, this type of business is small in scale and often involves between 10 and 20 people. The rural business has a special efficiency due to the predominance of agricultural and workshop activities.
Due to the changes of the current era and the entry into the information society, rural businesses have also changed in their kind. Now, all kinds of service, manufacturing, industrial and information technology business can be seen in this kind of business.
Rural business ideas
- Production of organic products
- Construction
- Cleaning services company for farms and livestock
- Launching a beauty salon
- Supply of fresh eggs
- Supply of dairy products
- Planting red pepper or growing mushrooms
- Planting tea
- Production of bonsai shrubs
- Vegetable farm
- Setting up a camp
- Ostrich breeding or fish farming
- Provide broadband Internet
- Selling local clothes
- sport Club
- Eco-lodge
- Production and distribution of medicinal plants
Family Business
A family business is a type of business whose owners are related to each other. This type of business can be seen in many countries, especially Italy.
Some people think that a family business is the equivalent of a small or perhaps medium-sized company that operates in a limited way and faces problems such as “Who is the boss?” Although the businesses started by parents have some of these characteristics, one should not overlook the power of large corporations and family-run business giants around the world.
A study by the University of Montreal Polytechnic on more than $ 1 billion in family businesses found that although these family businesses did not generate much income during the boom, they performed very well during the recession and crisis. That’s why starting a family business is a good idea if you have a good relationship with your family members.
Some people confuse a home business with a family business. Home business, although it may involve all family members, is at home. In contrast, the family business is outside the house but with the participation of family members.
Ideas for Starting a Family Business
In general, all mentioned businesses, including rural, internet, and IT business, can be managed in a family manner. However, some of the most popular family businesses are as follow:
- Family restaurant
- Family farm
- Homemade catering
- Baking bread
- Supermarket and family store
- Weaving carpets
- Growing mushrooms
- Growing green algae
- Making fancy boxes
- Producing fertilizers in the right place
- Growing medical leeches
- Fish farming
- Silkworm breeding
