A Twenty Something’s Guide to the Business World - They don’t teach corporate in college

Three Tips for Running A B2C Business Model

November 14, 2015 By Tom

As I’m sure you’re aware, running a B2C (business to consumer) business model is very different to running a B2B (business to business) business.

There are many things that you need to bear in mind to be successful, and as a young entrepreneur there is a certain image expected of a B2C business, as well as a certain level of innovation, that B2B businesses, or businesses run by older people might not have or be expected to have.

With that in mind, here is some fantastic advice for running a B2C business model, that will help you become the success that you deserve to be.

1 – Try To Project A Cooler Image

If you’re young, you need to embrace that. Even if you’re not, you should still try to. Remember that as a new, young business you are going for the young market. They are not burdened by the delusions of formality that so many older people are.

The way to win over this lucrative market is to be cool. The cultural attitudes of the young have changed almost immeasurably from a generation ago, and it is vital that you understand this. Depending on the business type, casual is good, hip is good, cool is good. The cooler the image, the more likely you are to tap into this great B2C market.

This differs from B2B where the coolness image doesn’t matter so much, as you may know, as many B2C businesses are definitely not cool or hip.

2 – PR Is Everything

No one knows the name of a B2B business. Try to think of any business that solely deals with another business, and unless you’re involved with the business that they deal with, you will struggle. This is because no one needs to know the name, because they are not interacting with them.

This is very different for B2C businesses however. Think of how many B2C businesses you know, from small businesses in your local town, all the way to massive corporations. Now think about your opinions on each one, from the smallest to the largest. You almost certainly have a lot of opinions on every one. Reasons why you would or would not use that business. This is all PR.

This shows why PR is so important in your B2C business. The impressions you make on your customers and potential customers will mean the difference between success and failure. Remember, unlike a B2B business, word is going to spread to all of your customers friends, and family. So make sure that your PR is top quality, and don’t neglect it.

3 – Marketing Is Very Different For B2C

When it comes to B2B, marketing is relatively simple. Find name and contact details of a business, contact that business, attempt to market your product.

For B2C it is very different. There are thousands of different ways to find potential customers. Internet advertisements are one of the best if you are trying to access a younger, more affluent market. But there are thousands of other ways to market yourself, so make sure you choose the best one for you and your business.

Great ways to diversify your business

October 10, 2015 By Tom

So you have a great business but you feel you have hit a brick wall. This is an all too common problem in today’s modern business world. Once thriving companies, often find themselves running into road blocks because they are simply not diverse enough to stay competitive. There are many examples of this type of diversification but one example is the Payplus payroll bureau that has branched out into providing payroll services for UK schools and academies.

This trend has been the death of many business start-ups. Last year after turning 23, I finally graduated from college and started my own small business. I quickly learned while running my new company that just having one product line wasn’t enough. Luckily, I had a really great business coach who helped me realize the importance of diversification. After adding two more product lines to my website I immediately got past the road block and my profits started growing. Today I would like to share some really great tips to help you get your company up to speed and diversified.

Tips that will help you with diversity.

• Expand into new markets– Just because your company specialize in one certain product doesn’t mean that you can’t have other sideline products. Having a few smaller product lines can help when times get hard. The more revenue streams you have coming in the better your financial bottom line will be.

• Hire some new recruits- Having some fresh faces around the office just might be what your company needs. By taking work load off of other workers by hiring additional employees will free up your best talent and get them working on new products and ideas.

• Learn a new industry- A great way to add value to your company is to learn more about different industries. The more you know the more you can diversify your company. Breaking into a new industry can be hard so make sure to do your homework first.

• Build alliances- Work with another company that offers similar products and services that you do. By building a trusting relationship with another company you can help each other to succeed. Instead of trying to compete with one another join forces and conquer your business sector.

• Open a new location- If your company is doing really well it might be a sign that you should grow larger. By opening a new location you can expand your market and bring in lots of new customers. But remember to do your research before making big decisions.

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