While many franchisees plan for economic downturns,...
During your Canadian franchise search, you have probably come across B2B, or business-to-business, franchising. This concept is exactly what it sounds like: your business is primarily selling goods or services to another business as opposed to individual customers.
Although a B2B franchise may sound intimidating at first, if you have a flair for marketing or management, this may be just the right type of franchise for you. Here are three things you need to know before diving into the business-to-business franchise world.
Find something you believe in
Although truly believing in the value of the product or service you are offering is a must for any successful franchise, it is absolutely crucial in the B2B industry. You do not need to be an expert in the target industry at first, but you do need to strongly feel what you have to offer is valuable. You must be able to network with business owners and build lasting relationships with your target demographic, and this will require confidence, which is something you will not have if you’re not completely on board with what is being offered.
You will also need to fully understand the strategy for business generation so you can identify where you may run into some obstacles and how you can work around those potential roadblocks and focus your energy on the right clients.
Evaluate the demand
Demand for business services will exist as long as there are businesses. However, you need to consider your target and your geographical location to ensure you are running with a concept that has the best chances of success in your area.
For example, if you are considering a franchise that involves shredding sensitive business documents, setting up shop in an area without a good volume of bigger businesses is not ideal. Smaller businesses, generally speaking, do not need document-destroying services because their volume is low enough that they can handle the task themselves. Make sure you are in an area where your business has the best chance of being a successful one by doing your homework.
Know operational hours
This one may sound odd, but it is a particular concern with B2B businesses. You want to be open and available when your clients are open. Many businesses are still 9-to-5, Monday through Friday, but there are some industries with odd hours. Be ready to adjust your hours as necessary to accommodate the needs of your clients.
A B2B franchise in Canada could be just what you have been looking for, but be ready to put in the extra research required when vetting these types of franchises. When it comes to such a big commitment, you cannot afford to leave any stone unturned.