Getting Started In B2B

The opportunities are expanding in this lucrative sector...

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When looking for business or franchise opportunities, be sure to not overlook the business-to business, or B2B market. This sector provides a wide range of products and services to other businesses rather than individual customers and, while it comes with some unique challenges, it can also open the door to an increased income potential and, in many cases, consistent revenue streams. As the number of small businesses and corporates that choose to buy in external services rather than having them in-house increases, the B2B market will continue to expand – from recruitment and essential software products through to business coaching and accounting – the opportunities abound. The key is finding the right fit for your skill set and aspirations.

The B2B customer

The purchasing habits of a business buying a product or investing in a service differ dramatically from an individual consumer, for a number of reasons, and this will affect the way your business is run. Firstly, the selling process will more often than not involve more than one person, and this can add layers of complexity as various decision makers need to reach consensus. This will typically make the sales cycle longer than the business to-consumer context – given the fact that the price point is higher, buyers are not too influenced by impulse or status purchase motivations and will want to be more informed on the products in the market and make a technical comparison. While they are interested in functionality in needs, at the end of the day businesses are focused on making a profit, so the bottom line is of critical importance.