The turn of a company It is the one you need to choose when you decide to undertake, but to choose the correct course you must take into account certain concepts because they will be determinants of your future working life.
Do you want to know how to make your choice regarding the turn you are looking for? keep reading…
Concepts for choosing a business line
- The turn of a company It should always be related to what you like, with what you know how to do because it will be an activity that you will do for many hours of the day.
Well, if you choose that turn just because you know that it will give you a good return on money but that you hate, with the passage of time you will regret having chosen it and you will abandon it.
That is to say that although economically it has been a good turnaround, if you do not like what you are doing, you will have no desire to continue with that work and you will think that it would have been better to dedicate yourself to another type of business.
In addition to choosing a twist that you like, Search within what corresponds to your skills, these skills could have been acquired or be innate to you, because if you like it, you have skill in it, the success of your business will have a good chance of success.
- Evaluate your competition. You have already chosen the turn according to what you like and have skills so continue studying your competition, for example you can evaluate it considering all the details either personally or taking advantage of the network. Study how it offers its services or sells its products, how it deals with its customers. Search and study all the information. In this way you will be able to know what type of competitors you will face and you will know your potential clients at the same time.
- Develop a UVP, a Unique Value Propotion, It is the differentiating value for which your customers will choose you and not your competition.
If you pay attention to these 4 concepts, you develop it correctly, the turn of a company that belongs to you, you like it, has the necessary skills, you have made a good evaluation of your competition and developed a UVP will mean that you will differentiate yourself from your competitors, customers will choose you because that is how thought of a good turn for your company and the chances of success will be important.
What is the turn of a company?
The turn of a company It is simply the activity that it carries out as a business and depending on the size and income it may have several as auxiliary and secondary.
Classification of companies by their line of business
The classification of companies by their line of business is related to the type of activity, for example:
- An industrial company has as its main activity the production from the transformation of raw materials or their extraction, for which at the same time they are classified as:
Extractive industrial company: It is the company that exploits natural resources such as oil, mining or logging companies.
Manufacturing industrial company transformers of raw materials into food or finished products and can also produce products for final consumption either of the durable or non-durable type such as electrical accessories, clothing etc.
Capital goods producing companies that respond to the demand for final consumer goods such as chemical products, light machinery, construction materials, etc.
- Commercial. They are the intermediaries that function between the product and the consumer, for example the wholesale distributors to the consumer; the retailers that sell retail to the final consumer, the commission agents that sell on consignment receiving a commission as profit, those of services that provide services to the community such as transportation, financial institutions, tourism, professionals, health, communication and public services
Example of a business turnaround
Therefore when speaking of turn of a company It has to do with the activity carried out by the company, that is, its productive activity from which it makes a profit. The activity can be very varied, since the classification of the company is derived from it.
For example, the business of a commercial company is the sale of a certain asset, no matter what product or product, since the sale of the business.
If it is a service company, the line of business is the offering of the intangible as a service regardless of its content, it will always be classified within this line of business.
In the case of an industrial company it has its turn from the production of merchandise by use or extraction of raw material. In this way, it generates its profits while generating manufactured products that will be part of inputs as another link in the production chain or will go directly to the final consumer.
For this reason, when transforming the raw material into semi-finished or elaborated goods directed to other industries or to the final consumer, they are manufacturers.
But they can also be with an agricultural farmer when they are in charge of exploiting livestock and agriculture, ending up being part of the food industry.
Another example of the company with an extractive turn in mining that makes investments in machinery and personnel to extract metallic and mineral resources from the earth, responding to the demand of the industry such as gold, copper or gold mining companies. coal among others.
Manufacturing companies are those that buy raw materials from the extractive company for the mass production of the final product to sell it to wholesalers or small businesses dedicated to sale.
They are the commercial companies that are dedicated to the sale of the final product from the raw material obtained by the industrial company.
Another type of companies with an extractive line are the fishing companies that extract food from the sea to be later processed by the food industry.
Therefore, from the turn of the different types of company, a production chain is formed between all of them until the final product reaches the final consumer when it comes to consumer goods because it comes from the transformation of raw materials.