There are many types of profitable business if you know about it in detail. Unfortunately, some entrepreneurs, especially new entrepreneurs, have a hard time understanding what types of businesses are profitable. Therefore, it is important to know in detail what types of businesses are to be able to start the right business.
Types of businesses are divided into several things, first based on activity, and second based on usability. Each type of business is divided into several types. For more details, it’s good to see what the details look like. Here is the related information.
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Types of Business Based on Their Activities
Types of Business (source: Freepik)
First, the types of businesses are divided into several sections according to the activities carried out. In this case, the type of business can be divided into agrarian, extractive, service, and industrial. It is not only important for business people but also important for a business investor to know the details of each type of business.
1. Agrarian Business
This business is a form of business that is engaged in agriculture, animal husbandry, plantations and fisheries. Some of the promising types of businesses in this category are chicken farming, oil palm plantations, and the like. However, it is necessary to know that in order to be successful in running a business, of course, adequate knowledge in this field is needed. For example, when choosing a chicken business, know what the right kind of feed is or how the cage needs to be provided.
2. Extractive Business
The extractive business includes mining business. In mining, the extraction process itself includes the assessment, processing and management of the final product. Examples of extractive mining products are oil, gas, copper, and tin. However, it should be noted that this type of business requires a large amount of capital and complex knowledge to run it. Therefore, only certain businessmen dare to start this type of business.
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3. Service Business
Currently in society there are many forms of business services offered. Starting from insurance services, beauty services, educational services, etc. Business people who run this kind of business, of course, must have technical skills related to these services. For example, a salon owner in the field of beauty services must master the related skills. From hair styling to make-up techniques suitable for customers. So that the business will run well and get satisfaction from customers.
4. Industrial Business
The latter is industrial business. One form of this business is the manufacturing industry such as the textile industry, the aircraft industry, the cigarette industry, and so on. In running an industrial business, of course, many things must be prepared properly. Starting from the technology used to the required resources. So that later the business goes well and as expected.
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Business by Type of Usefulness
Types of Business (source: Freepik)
Furthermore, the types of businesses are divided into several categories according to the type of business use. In terms of usability, businesses can be categorized in terms of form, in terms of place, in terms of time, and in terms of ownership.
Of course, each of these categories is slightly different from one another. Here is a full explanation to help provide further insight into this business.
1. Form Utility
The first is the type of business according to the use of its form. What is meant by the use of form is a business activity that processes raw materials into finished products that are profitable or useful for the community. Examples of this kind of business are the furniture business, the food business, to the apparel business. Generally, this type of business is not only run offline, but also many types of online businesses.
2. Place Utility
The next type of business is business according to the use of the place. This means that the business activities carried out focus on moving objects from one place to another. So that the object has a greater and better value of benefits. Examples of this kind of business are freight forwarding businesses, human transportation businesses, and so on. Which is quite specific, for example, the air transportation business or the airline business, to the business of shipping goods or expedition services.
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3. Time Utility
There are also types of business based on the use of time. This type of business focuses on storing goods so that later they can have value or benefits for their users. An example of this type of business is a warehousing business, etc. So it can be concluded that this business involves goods that will be stored for a certain time before being marketed to the public.
4. Possession Utility
The last is the type of business based on the use of ownership. The focus of this business is to create or produce a product or service. Examples of this kind of business form are trading businesses, shop businesses, etc. This type of business can be in the form of offline or online which is traded in various e-commerce.
That is information about the types of businesses that are profitable for entrepreneurs. Especially for entrepreneurs who are looking for a suitable business. By running the business mentioned above, there are many benefits that will be obtained in the future.
