Quick, let’s play a word association game! If I say “Friday” you might think “fish fry”. If I say “friends” you might say “funny”. If I say “franchise” I’ll bet anything your first thought is “fast food”, but that’s certainly not the only industry that supports franchising. The types of quick culinary businesses that are most likely populating your mind are what we call a business-to-consumer type, meaning the moneymaking transactions of that business mainly occur between the brand itself and individual consumers. Of course, there has to be some sort of b-to-b interaction involved (that’s business-to-business) but the main event is marketing to and serving customers directly.
Did you know that there are ENTIRE companies that only operate on a b-b basis? If you aren’t exactly a people person, these might be the perfect choice for you! Ok, ok. Jokes aside, these brands really are a great option that usually aren’t first to mind when people are just starting out on their franchise journey. Encompassing many different industries, there are business-to-business franchises to suit anyone. Here are some of the best benefits to owning and operating one of these behind-the-scenes opportunities.
Recession-Resistance
If there ever was a financially safe position to find yourself in during a recession, the supply chain might just be it. If the everyday frustrations of covid-19 have taught the layman anything, it’s that the mysterious “supply chain” is absolutely imperative to the operations of every business-to-consumer brand. There are no guarantees in life, but I’d definitely want to be necessary to the success of a much larger whole when dealing with uncertainty. Business-to-business transactions truly make the world go ‘round. For those who like numeric proof, consider the fact that b-b commerce accounted for $9 trillion dollars spent in the U.S. in 2017 according to Forrester Research. Plus, if you are providing goods, you are most likely working with bulk quantities which means wider profit margins.
Provide Discreet Support
What I mentioned earlier about being a “people person” was not entirely jest, there are doubtlessly personality types and preferences associated with them that may leave someone not wanting to cater directly to individual consumers. I actually incorporate a sort of psychological analysis technology when learning more about you in the initial stages of your franchise journey, so I might be able to help you suss out whether or not you’d do well in a role that works behind the scenes to provide goods and services that aid other businesses in your community. This could mean commercial cleaning or maintenance, staffing/consulting, or transporting/providing commercial goods. There is a place for everyone to support their community, and their lifestyle, through entrepreneurship.
Convenience and E-Commerce
Many business to business transactions are carried out online, and in today’s digital age the convenience of online record-keeping and the efficient globalization offered by web-based business practices cannot be overstated. If your comfort zone is in front of a computer screen, even working from home, there are plenty of franchise options out there for you that occupy the b-b market. Engaging in new tech can also put one in a great position as an industry leader. To quote the same study as before, in 2023 E-commerce is slated to account for up to 17% of all business-to-business sales.
If you’re one of those people who has never considered anything but individual consumer-facing brands, I hope this helped you expand your realm of possibility! If anything I’ve mentioned here sounds interesting to you, I’d love nothing more than to help you achieve your dreams of business ownership. Give me a call!