Starting a new business requires dedication and effort, along with the prospect of investing tons of money. However, many companies appear to have required a lot of investment, but a closer look reveals that an absolute minimum was needed.
Retailers and other businesses need to make a profit, which means they are always looking for ways to save time without sacrificing the quality of service or product. The three types of business listed below provide them with this opportunity: · Digital Marketing Agency · Retail Product Supplier · Recruitment Agency. These services can be started at a low cost depending on the type you choose. Regardless of demand in your targeted market, these jobs should bring in some revenue from day one as long as it’s done right!
You will need a few basic skills to start: (1) WordPress knowledge, (2) basic photo editing, (3) suitable telephone manner, and (4) motivation to earn money.
It’s recommended you start your new business venture with a WordPress website. It’s easy to use, has enough customization plugins and themes, configurable to be highly secure and comparatively cheaper in the long run.
Also, all new businesses should use email marketing to gain a foothold in the market. It is without dispute that email marketing is a highly effective tool, and using targeted email lists, new businesses can supercharge customer acquisition.
ONE – Digital Marketing Agency
A digital marketing business can be highly profitable due to the massive demand for the services in the B2B market. The agencies that acquire the most customers are the most visible, especially on search engines, i.e., Google.
For new businesses, it is virtually impossible to rank high on Google instantly legitimately. A few ‘schools of thought’ guarantee rank #1 on Google for new websites, but professionals tell you this is not true.
Therefore, new businesses have to employ a different tactic to gain visibility to acquire customers. Such as email marketing which is the best tactic to gain customers fast and well within budget.
Step [1] Business Website – Before investing in a targeted email list, have a business website and email address ready. If you want to use WordPress, first invest in a hosting server. I would recommend Hostgator as you’ll find very cheap shared server deals with one-click WordPress install built-in. Also, Hostgator provides free SSL for your site compared to other shared hosts who charge an arm and a leg for it.
Once you have your WordPress theme up and working, add your services. The most popular services are website development, copywriting, print graphics, and logos. Customers like to see exact prices to help budget; if you don’t want to show actual prices, state the minimum and place a plus sign next. Make your website easy to navigate and add plenty of content to your pages to make it appear busy without being confusing.
Step [2] Find Freelancers – Go to Upwork and register as a client to gain access to your admin panel. Try not to be intimidated by the thousands of freelancers offering digital marketing services. It can be overwhelming to see such contrast between freelancers making it very difficult to choose the right individual for the job.
Before you even get a job, start talking to freelancers about the services they offer and the cost. You’re initially looking for freelancers with little or no experience on Upwork and eager to build a portfolio. Some would do jobs for minimal cost in exchange for an excellent review and a chance to prove their skills.
Take advantage of this as you want to make a living just as they do. The rule of thumb is to make 50% from the job and the freelancer to make the other 50%; with this in mind, price your products accordingly on your website.
Step [3] Find Clients – Purchase targeted business lists that give you four points of sales channels, (1) personal visit, (2) direct mail, (3) telesales, and (4) email marketing. You will eventually make use of all four of these sales channels. Start with email marketing as an initial step to engage your customers. Make sure you are transparent with your incentives, USP, and spending from credible sources, i.e., business email with checkable business websites.
If you are receiving low response rates, check the content you are sending and see if it is of legitimate interest to the recipient. Remove any errors (if any) and send a reminder.
Next, you need to follow up with a phone call. Call those that have positively replied to start a business relationship. Find out their exact needs without pushing any of your products onto them.
For a more concise look into telesales, read this post >>
Try to close the sale on the phone or make an appointment to visit them when possible. Your objective is to build long-term business relationships. A one-hit deal is just not good enough by your standards, and you should be looking for continuous follow-up sales catering for their every digital marketing need.
TWO – Retail Product Supplier
Ask any high street retailer, and they’ll tell you that they don’t have enough time to source new products. They are far too busy managing their existing business to spend time searching, comparing, and evaluating new products.
This is where your product supplier agency comes to the rescue to save time and money for overwhelmed, busy retailers. As a ‘middleman,’ you will have the best interest of both supplier and retailer in your marketing plan.
Step [1] Create the company – Create your own limited company and get VAT registered as a starting point. Working in a B2B environment, it’s always best to be VAT written; it’s not difficult and may only take a few weeks to receive your VAT number.
Step [2] Create a website – It doesn’t have to be an exceptionally elaborate website as it will be used as just a point of reference. It can even be a one-page layout with all your contact information and about what you intend to do.
Step [3] Contact suppliers – Purchase a business supplier list that will give you enough contact information about the supplier to start your email campaign of receiving quotes. Your objective here is to let the suppliers know that you potentially have clients interested in purchasing, and you want a selection of their minimum order quantity. Always try your best to reduce costs and negotiate hard if you can.
Step [4] Contact retails – Purchase targeted email lists of businesses that would have an interest in the type of products you have sourced. For example, if it’s building materials and tools, purchase a list of builders and developers.
Create your email template highlighting their products, prices, and availability. You now need to send those emails, assuming you have worked out the prices and given yourself at least 10% of the margin. Use attached brochures, price lists, and even follow-up telesales calls to start the relationship. Your objective here is to receive enough interest (quantity) to meet the minimum order quantity quoted by the suppliers.
Step [5] Take payment – Let’s assume that your invoices are correct, your pricing structure is proper, and you have a business bank account. Also, you have a term & conditions regarding the payment in place, which you will hold yourself liable to safeguard the retailers. Once you receive payment, make sure the retailers know the estimated arrival time, given that you have given yourself enough time to deliver.
Step [6] Request dispatch – Assuming that you have kept the relationship alive with the supplier, you can now ask them to dispatch to all the locations on the retailers that have ordered. Remember that you will need to have a signed contract with the supplier not to approach your client directly, undercutting you.
Step [7] Repeat as required – Keep repeating this process, and any profit you make must be initially reinvested to your business and always keep up to date with the taxman. Ultimately, what you’re looking to do is to find a niche suitable for you and your business.
THREE – Recruitment Agency
The recruitment industry has recently gained momentum and will continue the growth tread post-pandemic. Now is an ideal time to start your recruitment agency business. Keeping in line with the initial startup costs being the bare minimum, let’s go through the steps you need to take to start.
Step [1] Professional website – Before you start tinkering with your new website, browse the web and find competitors and see how they have structured their websites. Are they a public recruitment company or niche? You also have to decide this before starting your website development. Also, you may have noticed they all have one thing in common: they all have a professional persona.
Step [2] Create contracts – Take time to create arrangements that you will eventually hold between you and recruiting businesses. Also, you will need agreements between you and any candidate you seek to place in employment. There are many free contract templates on the web, so search and see what you can find. A contract will also help you to create a proper pricing structure.
Step [3] Contact businesses – Choose your niche or group and purchase a targeted business data list. Email them, follow up sales calls and even arrange appointments to visit their premises. Your aim here is to find similar vacancies within different companies. For example, ‘shop floor assistant’ is required for six various retail outlets.
Step [4] Place ads – Once you have enough similar employment vacancy requirements start placing ads. Many free websites allow you to publish employment vacancy ads. Take advantage of this and do telephone interviews when respondents enquire to save money on visits.
Step [5] Arrange the interview – Contact the businesses to inform them of available candidates only after you are happy with the candidate from your telephone interview. Arrange the consultation and constantly seek feedback from both parties after the interview.
Step [6] Strengthen relationships – The heart of your recruitment agency is the relationships you hold with businesses and candidates. Always keep in touch so that you can cater to any pending needs they may have.
Conclusion
This article is a general outline of the startup of three lucrative businesses. As you delve more into the business, you’ll find far more depth to it. This can be expected from any company you start as every entrepreneur brings their understanding and drive.
If you are looking to start a business, you should not think it over too much, as this may head in the direction of procrastination. If you feel confident with little to lose and a lot to gain, then you should go for it.
Take the plunge and jump over every hurdle that comes your way. You will face problems, and some would argue that it’s better to meet them alone.
If you are looking to choose a business partner, then you must choose very carefully. Ask yourself why you need a partner? And why does the individual want to partner with me? Both may be looking for the same thing, a shoulder to hide behind when faced with hard work and problem-solving.
FAQ
Is Email Marketing Appropriate For B2B Marketing?
With the benefits and versatility of email marketing, it is doubtful that your business will find this mode of communication to customers inappropriate.
However, there are inappropriate ways to use email marketing, and many spammers have tarnished the method by doing so. An excellent email marketing etiquette, especially in the B2B environment, is required, and best practices need to be observed.
There are many professional solutions available for B2B email marketing, and they can be highly cost-effective. Using targeted email lists along with custom contact strategies can be highly effective in meeting business goals.
How Will Email Marketing Fit With The Rest Of My Startup Business?
Depending on the type of business you have, what must be first identified is what kind of communication needs your company has? If your business needs customer retention and customer acquisition, then email marketing is proper for you.
Also, many levels of integration to existing systems may help email marketing make a better fit for your business. The reality is that most full-service agencies can integrate fully within internal systems and remain cost-effective.
What Do I Want To Achieve For My Startup Business With Email Marketing?
A super great benefit of email marketing is that results are instantly measurable. The data will provide you with visual feedback that you can then use to fine-tune your company’s goals and objectives.
Most businesses use email marketing to achieve better customer retention and increase customer acquisition. Email marketing can also be used for research purposes such as surveys, polls, and questionnaires because it is cheaper and faster than any other marketing channel.
What Resources Do I Need To Start My B2B Email Marketing?
Firstly and most importantly, you need the ability to plan and manage an email marketing strategy. New businesses also need targeted business data lists to help get the ball rolling before any campaign.
Your email marketing campaign usually begins with market research and then your proposed development. Once you have sent your targeted emails, you then need to engage in results analysis. This analysis will help you to develop and fine-tune your campaign with better planning and design.
What Budget Do I Need To Start My B2B Business Using Email Marketing?
Email marketing is the most cost-effective solution that helps customer retention and customer acquisition. However, significant expenses can be incurred by developing custom-made solutions, and this has to be considered in calculating the return of investment.
Most new businesses only purchase targeted email lists and the cost for the platform from which email marketing will be done. The research will tell you that email marketing can be done even with a minimalist budget, eliminating non-essentials.
