Launching a b2b small business can be one of the most lucrative and exciting opportunities in entrepreneurship, but also one of the most challenging as well. As a successful b2b business is about proving to other businesses how you can help them make more money, building trust is perhaps the most important first step. And if you’ve been considering how you can develop a b2b solution others will gravitate towards, then we’ve provided a few helpful tips on how to get started. Check them out below:
Define Your Market Need
Although it can sometimes be an easier route to find customers by going the b2b route, that’s also not without its caveats. After all, a successful b2b business is not only going to be a product or service that will help others make money but do so in a cost efficient and accessible way, which partly falls into market need. And as noted by Business Insider, with 42 percent of businesses failing due to no market need, it’d be wise to start defining what that need is for your business as well.
Create a skeleton of what exactly your business is offering, including the rationale of why others will buy it. While you might think this is a simple answer, it’s important to also run through the roadblocks and limitations you’re going to face in your pitch. For example, if I’m amazing at providing the service of producing short videos for business Instagram accounts, then my biggest hurdle would be justifying to small businesses a $500-$1,000 price tag per video. Remember, the basic goal in establishing market fit is not only being the thing they need, but that they’ve always wanted but couldn’t have; or, in other words, show them how you can help them make money.
Have The Proper Tools To Be Productive
Another important factor in establishing a b2b business is having the proper tools in place to succeed. Not only will this help with making all your processes run smoothly, but you’ll additionally know with certainty that you’re capturing the maximum amount of revenue possible. This is crucial because as noted by Entrepreneur, companies lose 20 to 30 percent of revenue due to poor process planning. Which, if you’re looking to avoid being in the same boat, then one of the first steps you should take is establishing all the needs you’ll have ahead of time.
Jot down all the needs you’ll have for your business, no matter how big or small. It’s important to gain a scope on every facet, from payroll to keeping track of supplies. As you continue to decipher the details, be mindful that the name of the game is efficiency. For example, in looking at how to pay other vendors, having a cost-efficient strategy is vital, which is why echecks can be such a great option. Even if you’re not able to get every detail perfectly to a T, the more you’re able to hash through and set in place, the better, giving yourself more room to achieve a better ROI.
Establish A Budget
Once you’ve got a good grasp on what your business is and how it will run, it’s time to start diving into the nitty-gritty of how much this thing will cost. Although it’s not always the most fun to run through, it’s also a necessity, especially in staying grounded to what your plan for success looks like. However, first, that starts with itemizing all the components of your company.
Beginning with the list of processes we created above, start going through every detail that might cost money. This includes even your salary, which as noted by Fit Small Business, approximately 30.7 percent of small business owners don’t pay themselves, so it’s not uncommon if you need to work another job while getting this company off the ground. Furthermore, it’s also smart to keep a slight safety net in your budget for a rainy day, especially if you’re dealing with a product-based company. As running a business is largely a numbers game, this is the first step to ensuring you’re putting forth the right approach to building and growing your firm.
Create A Marketing Plan
Finally, with a solid plan in place, getting yourself out there and establishing a marketing plan is crucial to attracting customers. Even though b2b marketing is often focusing on thought leadership or content marketing, there’s a wide range of strategies you can implement. As noted by Protocol 80, 55 percent of b2b buyers say they search for a product or service on social media, which shows how important building a pipeline through multiple channels can be.
In looking at the marketing channels you should create, first look at how you plan for your brand to come off. The goal here is to establish consistency over every medium from your blog to your social channels, which both involve creating content regularly as well as developing a voice others can resonate with. In mapping out content, try to envision a pipeline of how someone will go from social media post to your blog to signing up for a consultation. As marketing is a practice that requires a little bit of trial and error to get right, put the proper processes in place to ensure you’re constantly improving, and in turn, building a community of happy customers.
What are you most excited about in launching a b2b business solution? Comment with your insights below!