If you have under, say, 1000 rows, you could simply have
CREATE TABLE Master_info (
business_type VARCHAR(...),
...
)
(plus necessary indexes; adding an INT PK is desirable, but not required)
But if you have lots more rows, "normalizing" as your describe is the "right" way to do it.
CREATE TABLE Master_info (
id INT UNSIGNED AUTO_INCREMENT NOT NULL,
business_id TINYINT ...,
...
PRIMARY KEY (id)
)
CREATE TABLE Business_types (
business_id TINYINT UNSIGNED AUTO_INCREMENT NOT NULL,
business_type VARCHAR(...)...,
possibly other info
PRIMARY KEY(business_id),
UNIQUE(business_type)
);
etc.
If you are using InnoDB, then you could add the various FOREIGN KEY CONSTRAINTS. These prevent certain types of screw ups, at a small cost in doing the runtime checking. Plus it documents the obvious (ie, that business_id is used for JOIN).