The 10 Types of Business You Need to Know - Daily Propakistani

Running your own business might sound fun and exciting, but it’s also challenging, risky, and time-consuming. It takes time to master your product or service and build loyal customer relationships, which means you’ll have to work extra hard to make sure that your company succeeds in the long run. With so many types of businesses out there, it can be difficult to know which one best fits your personality and interests, but there are 10 options that are among the most popular and lucrative in the U.S., with each offering its own unique rewards and challenges.


If you want a career that allows you to be your own boss, make your own hours, and take on the jobs that most interest you then freelancing is for you. If you're creative, competent and passionate about what you do, this could be the perfect gig for you. 

Regardless of the type of job or field that interests you, there are certain skills that are essential for all freelancers. Whether it's knowing how to effectively manage your time or master social media marketing skills, each freelancer needs these 10 general skill sets. This will help ensure success in this industry by keeping your marketable skills fresh and up-to-date with relevant trends.

Independent Consultant

An independent consultant often does not have their own business per se, but rather makes money from contracts. Most consultants are freelancers and get a steady stream of income each month. Some consultants take on more risk by operating their own private bussiness and offering professional services. When you are getting started as an independent consultant, the trick is managing your time and workload so that you can offer timely service without putting in too many hours for each contract. To help manage your time as an independent consultant, create a daily work schedule in which you allocate blocks of time for administrative tasks such as email, reports or planning and then choose two or three projects on which to focus each day.

Small Business Owner

I own a business and I often find myself explaining the types of businesses that I'm in charge of managing. It's not always as simple as just saying I am a doctor, or real estate agent. There are plenty of subcategories in which I work and sometimes more than one type at the same time. Today, we're going to go over some common types, so you know what businesses exist out there (hint: there are a lot!).


One way to be a business owner and make money is by becoming a franchisee for a large chain. To get started, you'll need some funding—a lot of it. Franchisees invest in their own retail stores and restaurants that become part of the larger franchise system, so they need an initial investment around $1 million or more. Once you buy into the franchise, your company usually makes you pay royalties that are usually 5% - 8% of gross sales each year. 

This type of business will run on a business day schedule as most franchises are open all seven days.

Multi-Level Marketing

Multi-level marketing, or MLM, is a private business. People don't work for the company itself but for themselves. The top people in the business get a percentage of their downline's sales. For example, when you sign up and join this type of bussiness day you'll get paid commission on all your referrals' orders.

Joint Venture

One popular way to start a business is by partnering with another established company that has a complementary product or service. This is called a joint venture and the two businesses share the investment costs, risks, and rewards. Usually, each will operate as an independent company once it's up and running, but they'll maintain close ties as they grow. Joint ventures are an important strategy in emerging markets where economies are still unstable. For example, if one country invests in crops while another invests in livestock, then each country can import what it needs from the other at a lower cost than importing them from other countries with low labor costs like Mexico or China.


Network marketing is the type of business that uses the business day and company at home style with their offerings. This type of business was often targeted by MLM (multi-level marketing) companies who, for example, provide information about jewelry or beauty products in order to build their client base. They offer commissions for sales made as well as a percentage from sales generated via referrals from people you bring into the network. Network marketing companies such as Herb life and Usana Health Sciences, Inc. maintain strong ethical policies in contrast to pyramid schemes.

 Network Marketing

Private businesses, or small businesses, are those that employ fewer than 20 employees. Private business owners manage their day-to-day operations, including business decisions and hiring. The key benefits of a private business are usually a lower cost per employee because you don't have a large staff on payroll. Plus, the amount you can earn from a private company is not capped - unlike what happens with public companies (e.g., Google), which often put limits on CEO salaries in order to avoid becoming taxed as a corporation.

Online Courses/Training Programs

One way to learn more about business is by taking an online course or training program. These classes are sometimes offered by the government, universities, and private companies. They can help teach you all sorts of things from how to create a business plan, manage finances, or promote your products. Courses vary in length so be sure you know what the requirements for each one are before enrolling in them. Plus, with today's technology you don't have to take any courses in person - a variety of services are available on the internet! Whether it's through an online course or training program these resources can provide great insights into creating a successful business that best suit your needs.


Starting a private business can be complicated, but knowing the type of business you want to start first is the first step. By narrowing down your thoughts and choosing which model you'd like for your new venture, you'll get one step closer to turning your ideas into reality. 

10 common types of businesses are sole proprietorship, partnership, franchise, co-op, corporation, limited liability company (LLC), non-profit organization (NPO), joint stock company (JSC), enterprise/limited liability company (ELC) and public benefit corporation (PBC). Asking yourself what are the 10 types here will help ensure that you have a more clear understanding before starting any other steps in creating your own business!

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