Looking to start your own business? Congratulations! You’re onto something big—entrepreneurs like yourself are fueling the economy. To help you get started, we’ll explain the seven most common types of business. If you’re starting your own business, you’ll want to create a business plan to help you better outline your goals before committing to one of the business types below.
What type of business should you start?
One of the first challenges new entrepreneurs face is deciding what type of business they should register. Although there are several different types of businesses, choosing one doesn’t need to be difficult. Here are the seven most commonly-used business types and some questions to help you pick which business type is right for your startup:
- Sole Proprietorship: The simplest type of business. Sole proprietorships are owned and operated by a single person and are very easy to set up.
- Partnership: A business owned