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Types of Businesses

Types of Businesses. Fashion Industry Segments. Primary Market: includes the business that grow and produce the raw materials that become fashion apparel Secondary Market: includes businesses that transform the raw materials into fashion in the merchandise production phase

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Types of Businesses

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  1. Types of Businesses

  2. Fashion Industry Segments • Primary Market: includes the business that grow and produce the raw materials that become fashion apparel • Secondary Market: includes businesses that transform the raw materials into fashion in the merchandise production phase • Tertiary Market: includes retail businesses

  3. Primary Market • Textiles: largest segment of the primary market • Produces fibers, fabrics, leather, fur, plastic, metal, paper, and any other substance involved in production

  4. Secondary Markets • Manufacturers • Wholesalers • Contractors • Product Development Teams

  5. Tertiary Market • Retailers • Off-price, specialty stores, department stores, discount stores, variety stores, outlet stores, non-store retailers

  6. Support Industries • Advertising Agencies, Accounting and Financial services, computer support industries, website design houses

  7. Types of Fashion Business Organizations • Sole Proprietorship: one owner • Minimum license, complete owner liability • Owner owns all assets • Taxed as personal income • Most common form of business in small business

  8. Types of Fashion Business Organizations • Partnerships • Based upon an agreement between two parties on how organization will be run, profits/loss split • Each partner is taxed separately • Each partner liable for debts • Ends at the death of one partner • Corporation

  9. Types of Fashion Business Organizations • Corporation • Formed with a charter which is a legal document • Stocks and shareholders • Taxed as a separate entity • Limited liability for the owners • Corporation exists as a separate entity

  10. Fashion Risks • Types of risk: • Economic risk • Human risk • Natural risk • Pure risk

  11. Other Risks • Types of risk: • Speculative risk • Controllable risk • Uncontrollable risk • Insurable risk • Uninsurable risk

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