Customer service, finance, Personal Development, Small Business

4 Types of Businesses to Start

Entrepreneurs come in all types and sizes, just like the businesses they run. If you are deciding whether or not you want to start a business, start with the type of business you want to start.

There are about 4 types of new businesses:

Innovative– These are the entrepreneurial businesses that create new products, expand features of current products, and continuously adapt and change with lots of growth. These are the types of businesses you see on Shark Tank. These are usually patent holders. These entrepreneurs are engineers, idealists, and people who figure out solutions to problems.

Lifestyle– These entrepreneurs pursue a particular lifestyle, like personal trainers, tour guides, golf professionals, creative artists, and event planners. They may have spent their lives perfecting a particular skill or working in one industry. These professionals are now able to turn their knowledge and skill sets into services that others are willing to pay.

Salary substitutes– The entrepreneurs are running businesses that are found in communities, such as dry cleaners, restaurants, insurance agents house cleaners, dog walkers, and operating franchises. These businesses are typically considered low innovation and slow growth, but provide a salary to support families.

Online entrepreneurs– Online entrepreneurs operate businesses mostly through online platforms. This is the newest classification with people starting a wide range of businesses but only using online and social media channels. The businesses can include online coaching, writing, bloggers, online retail sales, and social media influencers.

Where do you fit in? Not every category is perfect so you may fit into more than one.
Can you see how easy it is to pick a type of business and go for it?

People who start businesses are not always rocket scientists. They can be. But being super duper smart is not a prerequisite to start a business. You will need to be willing to learn lots of stuff about business along the way though. Of course, I am here at Smart and Sassy Business to help improve your business knowledge so that you stay in business for as long as YOU want.

 

Let me know what you want to learn about in future blog posts: marketing and driving sales, finance topics (managing your money), accounting and bookkeeping, how to negotiate deals, or whatever. And if you liked this post, please share with others. Thanks!

 

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