Business or service , which is best option in current economic condition reference to Gulf?

Types of Business Operations

1. Service Business

This type of business operation provides services, instead of product, to its customers. It includes, but not limited, to the following:

Professionals such Lawyers, Doctors, Accountant, Engineer, etc.

2. Merchandising Business

This type of business operation sells products to its customers. However, they don’t make the products they sell; instead, they buy or purchase it from other business. It includes, but not limited, to the following:

General merchandise such as grocery store and retail business, Toy stores, Electronic stores And Apparel stores

3. Manufacturing Business

This type of business operation converts basic inputs, such as materials, labor and overhead, into finished products which are sold to customers. It includes, but not limited, to the following:

Computer and electronic manufacturer, Car, trucks and vans manufacturer, Shoe and clothes manufacturer

Types of Business Organizations

Once you’ve identified the nature and type of operation the business runs, the next thing you need to know is what type of organization the business was formed.

Manufacturing, merchandising and service businesses are commonly organized and formed as either of the following:

1. Proprietorship

 It’s a type of business organization that is owned by a single individual. The individual or person who owns this type of business is referred to as Proprietor.

Small businesses like repair shops, laundries, restaurants, and professional services are organized as proprietorship.

2. Partnership

As a business grows bigger, it needs more financial, people and managerial resources. Two or more individuals may join together and form a business called partnership. The group of individuals who own the partnership business is referred to as Partners.

There are many small and medium-size businesses such as repair shops, laundries, and professional firms that are organized as partnership.

 3. Corporation

It’s a type of business organization that is owned by shareholders and it is structured as a separate legal entity under the operation of law. The ownership of a corporation is divided into shares of stock. A corporation issues the stock to individuals or other businesses, who then become owners or stockholders, of the corporation.

The benefit of the corporation is that the risk and liability is not shouldered by the owners called as stockholders. And the management or decision making is shared by the board of directors. Also, it is easier to increase resources of the business by means of issuing stock. Large size businesses usually form a corporation because of its complexity and high need of resources.

Thanks for the invite.

I was thinking that "service" is also a business type, isn't it? Whereas, your business is mainly providing services (smiled).

Being an employee is the safest for any individual but being the owner of any business is the best option to achieve all personal plans in a short time depending on your business profit.

According to my experiene it is better supply, no tension, not required huge number of manpower and no need more stock of supply items, as per PO get the materials and supply then get your money plus profit, enjoy the life.