TYPES OF BUSINESS OPPORTUNITIES

 There are many possibilities for one who wants to start a business. These include;

1. Retail or wholesale type of business

Retail businesses sell goods directly to the consumers usually in small quantities.

Wholesalers buy goods often in large quantities from manufacturers or importers and then sell them to retailers and other distributors.

2. Franchise or independent type of business

Many established companies offer franchises which are basically copies of their companies. If one buys a franchise, he/she is buying the right to sell the parent company’s goods/services in a specific area. Besides paying a franchise fee, he/she will also have to pay royalties perhaps additional fees to the franchisor.

An independent business on the other hand is the one that one creates and nurtures on his/her own. Starting an independent business gives one the control and freedom that one will not get from a franchise operation.

3. Product or service type of business

If one is a trained professional such as a dentist, accountant, teacher, e.t.c, his/her business is going to revolve around the professional services he/she can deliver.

However, they are also professionals who have the opportunity to offer related products if they choose to do so. For instance if one is a photographer, he/she may decide to sell cameras, picture frames and photo paper, a teacher can decide to write textbooks for sale, operate a stationery store, e.t.c.

4. Store front or non-store front type of business

If one has decided to start a business selling products, he or she needs a store front of some kind whether bricks or mortar such as a retail store or virtual such as an e-commerce site. Others can have their products distributed by other businesses selling through markets and fairs or by using the available e-commerce avenues.

Some services however, can be offered over the phone and internet. These businesses depend on virtual store fronts (business websites) to attract clients.

This means that while such businesses may require an office, an actual store front is unnecessary.

5. Industry type of business.

An industry is a collection of firms producing related goods or services. It is important that an entrepreneur choose an industry that he is not only interested in but have some expertise or experience in order to avoid making costly mistakes.