Types of business are various, and for those who are interested to run a business, but do not know what business actually is, you may complete yourself about this matter to know what type you will be good at. There are at least three major division of business.
Merchandise
This kind of business will buy products at wholesale price, and you will sell it at the same price at retail price. People name it as “buy and sell” business. Here, you will get profit by selling the products in higher price, than when you purchase it. The products are sold, without changing its original form. Kinds of business that bring this form is distributors, grocery stores, or convenience stores.
Service
This kind of business will not show any physical form. They sell their skills, their advice, their expertise, and also other products. There are some jobs that bring this type of work, for instance repair shops, banks, accounting firms, law firms, hair salons, schools, and also banks. Being photographer of public relations are also selling service. This kind of business, in some type of job, does not require much money for starting up, since you mostly sell your skills.
Manufacture
This business is a bit different like the merchandising business. Here you but materials to use it for making new products, not only resell it. You will see that there is transformation for the product you first purchase. This business will combine labor, raw materials, and also factory overhead in their production process. The goods then will be sold to the customers. These are three types of business.
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