Creating a company that works in business to business sales may seem very different from a traditional retail market, but there are also many similarities. Regardless of what you’re selling, you’ll have your own startup costs. You may need a paint filling machine if you’re selling to home improvement stores, or you may need real estate if you’re renting server space to tech companies. Think about these other parallels between the two styles of sales.
Creating a Product
Intellectual property and physical products are both possibilities to sell in a B2B format. You may be selling a software program meant for product inventory, or you may be selling the packaging materials to protect a final product. You will be creating something of value that another party desires.
Marketing to an Audience
While selling to other businesses will not be in mainstream media sources like television ads or indiscriminate social media blasts, there are related ways to get your name out in a marketing format. Instead, you may be publishing ads in an industry magazine or sponsoring related conferences. In any case, it is still just as important to be recognized by your target audience.
Keeping Strict Accounting
Just as vital as it is in retail sales, owning a B2B company requires a careful and intentional eye on the books. You will want to work closely with an accountant to make sure you’re keeping up with the tax codes in addition to staying on top of your accounts payable and receivable.
Business to business sales is a different market than business to consumer ones and are a new opportunity to divest your resources if you’re looking to grow your own company. With so many equivalents between the two styles, it may be worth a closer look to see if you could break into a related industry.