Ready to start a business? Today, several B2B business ideas are emerging and launching one largely depends on the personality and skill set of the entrepreneur.
The investment to set up a new business is never low. This is especially true if you are looking to start a B2B business. B2B companies are completely different from consumer sales. Generally, they don’t get as much buzz as B2C consumer startups. However, they have many unique advantages making them a lucrative domain to enter into. If you have a product that can add value to other businesses, they will pay for it.
B2B or business-to-business is a business model that pays attention to selling products and services to other businesses. In other words, they serve as a supportive company to help businesses succeed in their internal efforts.
Advantages of B2B over B2C
The difference between the business model for B2B and B2C companies is easy to understand. However, let us take a close look at the benefits of operating a business-to-business company:
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Bigger Deals: It is easier to close a single deal valuing $1 million compared to a million $1 deals. Generally, B2B orders have higher average order values and B2B buyers are quicker to buy.
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Low Marketing Budgets: Consumer purchases are mostly impulsive and depend on a brand’s image. On the other hand, B2B orders are calculated and considered. As a result, B2B businesses rely on the human sales component. The activity of marketing may be non-existent for some B2B business ideas.
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Long Buyer Lifecycle: The chances of a repeat order are higher in the B2B ecosystem. B2B buyers will purchase from you for a longer period as they sign you as a supplier to fulfil their demands quickly.
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Price Variation: The price of a B2C product is not hidden. It is mentioned and, therefore, the scope for price negotiation is lesser. In the case of a B2B company, the prices are hidden until the customer places an inquiry. There is scope for negotiation depending on the agreement made with the buyer.
Low Investment B2B Business Ideas
Thinking of a good business idea is one of the toughest challenges. If you wish to succeed with the perfect business idea, it should ideally focus on three things:
- You should like doing it
- You should be good at it
- It must have a demand
Here are 13 interesting B2B business ideas that are easy to launch, have high demand, and can generate increased profits:
1. Online Bookkeeping
Most businesses have gone online today and so has bookkeeping. This makes it a lucrative opportunity for accountants and bookkeepers. These professionals can enjoy more personal freedom by stepping out of the office environment. Moreover, they can work at a time that suits them.
Business owners can set up and manage client accounts using simple accounting software and appointment setting tools. Proper accounting helps in establishing an effective management information system (MIS) and helps you manage your finances better.
Investment: Low
Potential Market Size: Small
2. Business Broker
A business broker is responsible for helping buyers and sellers of private enterprises in the buying and selling process. To be a successful broker, a person must possess a good knowledge of existing business schemes.
They must also have a clear understanding of the common practices that exist in the industry and knowledge of the tax and legal implications of selling a business. Business brokers add value by allowing the business owners to continue to focus on running the company while the broker focuses on selling it.
Investment: Low
Potential Market Size: Huge
3. Language Translation
Many businesses require skilled translators to help them communicate with their global counterparts. While machine translation has advanced tremendously, the demand for individuals will remain.
As the first step, you can start looking for jobs using platforms like Upwork or Fiverr. Moving on, you can start to build your clientele. You can also reach out to bloggers and inquire if they need to get their blog translated for an overseas audience.
Investment: Low
Potential Market Size: Small
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4. Co-working Space
Young entrepreneurs are constantly looking for office spaces on rent. This makes office sharing a high in-demand industry. If you own a property that you can offer for rent, your investment for this project will be negligible. However, if you need to develop a space to offer, you need a substantial investment.
Coworking spaces offer a wealth of advantages for self-starters, including networking opportunities, daily structure, and increased productivity. Plus, they give you the flexibility to work when you want, where you want, and scale operations as you see fit.
Investment: Low/High
Potential Market Size: Huge
5. Business Consulting
Professionals who have worked in the business world for years have obtained incredible knowledge and expertise. You can transform all that know-how into a business opportunity.
An independent business consultant can earn a sizable income making it one of the profitable B2B business ideas. Organisations highly value business consultant’s feedback and planning which can help increase business and boost profits while eliminating problems and identifying opportunities to ensure future success.
Investment: Low
Potential Market Size: Huge
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6. Online Store
Starting an online eCommerce store is still as popular as it was a decade ago. There are several free tools to help you with the development and completion. Moreover, there are software and social media platforms to build the market.
The initial phase of registering and legalising your online business may be hurdle some, but starting an eCommerce business in India, especially right now, is a great idea, considering that the market for it is blooming.
Investment: Low
Potential Market Size: Huge
7. Selling Electronic OEM Gadgets
A lot of top-selling items on eBay or Amazon are from China. This business idea requires you to firstly identify a high demand product.
Next, you need to purchase/import the initial inventory. Once you have obtained the inventory, you begin to sell it on an eCommerce platform. You can also create a brand and individually advertise your products online. OEM products also tend to be relatively cheaper than their branded versions – which makes it a preferred choice for many customers due to lower price tag and you get an opportunity to “make it your own” in the local market.
Investment: High
Potential Market Size: Huge
8. Affiliate Marketing
If yo
u can review products, affiliate marketing is the right business idea for you. Affiliate marketers promote the products and services of other brands. They use an affiliate product link and on every purchase made through their efforts, they earn a commission.
One of the most powerful programs for affiliate marketing currently is Amazon. This way you can build up a site that eventually generates a decent income. Affiliate marketing can be a very effective, low-risk investment to help expand your marketing efforts beyond a small business’ traditional bandwidth.
Investment: Low
Potential Market Size: Huge
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- 7 innovative education business ideas you should launch in 2020
9. Social Media Management
Social media has emerged as a popular industry for marketing in recent years. Many business owners need a successful social media marketing strategy. But, they are not capable of doing it well. If you enjoy spending time on social media, this is the right avenue for you.
You need to write crisp messages in 280 characters or lesser. You can start by developing a client base of companies that wish to manage their brand’s social media platforms. The best advantage it offers is that performance results are almost always immediate, which allows companies to gauge the effectiveness of their campaigns.
Investment: Medium
Potential Market Size: Huge
10. Professional Organizing
Businesses are expanding but the space they have is becoming smaller. This demands organizing skills to sort through the clutter.
It takes a lot of time and effort to reorganize a room, office, or house. As a result, professional organizing is a service people are ready to pay for. Professional organizers work with both individuals and companies to help them create and maintain organizational systems so they can become more efficient and productive.
Investment: Low
Potential Market Size: Medium
11. SEO Expert
With increased dependence on the web, search engine optimization is an essential strategy to sustain. An SEO expert can make a dying business flourish with the right techniques and tactics.
SEO professionals are vital and can earn as much as reputed software developers. An SEO expert is able to strategically prepare on developing realistic KPIs that align with company objectives. They can also help deal with technical limitations, expedite onboarding and assist with any execution.
Investment: Low
Potential Market Size: Huge
12. Business Incubator
Many new companies require assistance with their initial stages of operations. Their goal is to help create and grow young businesses by providing them with the necessary support, financial and technical services. A business incubator also helps with employee training, office space, and more.
To be a business incubator, you don’t always need to start big. You can start locally with small startups and gradually expand to bigger organizations.
Investment: High
Potential Market Size: Huge
13. Security Services
Security has always been of the utmost concern for most individuals. Anything can happen at any time. With the expansion in the number of web users, there is a substantial increase in the number of cyber-attacks.
Offline security services fulfil the demands of protecting a home, office space, or personal belongings. Online security services cater to protection against doxxing, identity theft, or private information safety. Nowadays, almost every industry in the world, today is forming its presence online. However, this information is always at risk, from the potential attacks from the webspace. To ward off these possible attacks, the implementation of a high-security system is important.
Investment: Low
Potential Market Size: Huge
Conclusion
Depending on the nature of the business – online or offline and the money you have to invest, we are sure that you will be able to find a suitable idea in the list provided above.
For any business to succeed, it is not the idea alone. You need to work hard. You must have dedication and persistence to keep up with the various challenges. If you continue to overcome all hurdles, your name will soon be seen in the list of successful entrepreneurs for B2B business ideas.
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