B2B (business-to-business) is a type of business that involves the exchange of products, services, or information between businesses, rather than between businesses and consumers (B2C). A B2B transaction is conducted between two companies, such as wholesalers and online retailers et al.
It might interest you to note that most manufacturing companies operate the B2B model because there is always a middleman (wholesalers and even retailers) that takes the goods from the manufacturers to the consumers (end users). Having said that, let us quickly go through the 47 most profitable B2B (business-to-business) ideas you can start in 2023.
Is a B2B Profitable?
Yes, B2B businesses are profitable all across the globe. In order to maximize profitability in this industry, you must make sure you chose a niche whose products or services are in high demand not just within your city but all across the globe. The United States is one of the largest and most mature global markets in terms of B2B e-commerce adoption.
In 2019, B2B e-commerce volume in the United States reached a record 6.7 trillion U.S. dollars, more than double the 3.2 trillion registered only a decade earlier. The global business-to-business e-commerce market size was estimated at USD 6,883.47 billion in 2021 and is expected to reach USD 7907.04 billion in 2023.
Is a B2B Easy to Start?
Well, we can’t categorically say that starting a B2B business is easy or hard. This is so because the type of B2B business you choose will determine whether it is hard to start or not. Some are hard while some are easy.
Best B2B Business ideas You Can Start in 2023
Table of Content
- Venture Capital Firm
- Start an Import Export Business
- Insurance Restoration Business
- Food Hub
- Education Agency Business
- Excavation Company
- Foreclosure Cleanup Business
- Medical Supply Business
- Medical Waste Disposal
- Real Estate Joint Venture
- Zip Line Business
- Account Services Firm
- Alcohol Distribution Business
- Automobile Export Business
- Background Checking Services Company
- Baking Supply Business
- Beverage and Soft Drinks Distribution Business
- Biotech Company
- Booth Rental Salon Business
- Business Development Consulting Firm
- Cardboard Box and Container Manufacturing Company
- Chemical Trading Business
- Cloud Computing Company
- Food Truck Park Business
- Holding Company
- Lead Generation Business
- Marketing Consulting Firm
- Medical Billing and Coding Business
- Medical Device Development Business
- Staffing Agency
- Tax Consultancy Firm
- Shared Office Space Business
- Shopping Mall Management Business
- Virtual Office Business
- Wholesale Pharmacy Business
- IT Consulting Firm
- Office Cleaning Business
- Bookkeeping Services Firm
- A Call Center Business
- Advertising Agency
- 42. Freight Forwarding Company
- 43. Factoring Company
- Engineering Contracting Firm
- Concrete Pumping
- Data Center
- 47. Raw Materials Supplying Business
Venture Capital Firm
One of the most profitable B2B business you can start in 2023 is a venture capital firm. A venture capital (VC) firm is a firm that provides a form of private equity and a type of financing to startup companies and small businesses that are believed to have long-term growth potential.
Start an Import Export Business
Another profitable B2B business you can start in 2023 is an import-export business. An import export business is a business that engages in the importation of goods from other countries and the exportation of goods from your home country to other countries.
Starting an insurance restoration business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. An insurance restoration company pays for the repairs on a home or business in the event of a fire, natural disaster, water, or mold.
The insurance company, much like a consumer, needs a construction company to handle these issues. Please note that a customized insurance program for restoration contractors provides hard-to-find coverages, including environmental liability at incredibly affordable prices.
Another profitable B2B business you can start in 2023 is a food hub business. A food hub business as defined by the USDA is “a centrally located facility with a business management structure facilitating the aggregation, storage, processing, distribution, and/or marketing of locally/regionally produced food products.
Food hubs also fill gaps in food systems infrastructures, such as transportation, product storage, and product processing. Food hubs are involved in compiling products from different suppliers/farms to distribute through a single channel.
Education Agency Business
An education agency business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. An education agency provides support to students when searching for universities and colleges to attend.
Education agents help aspiring students choose the right universities and programs, submit applications on their behalf, apply for study visas, and other services. Please note that the education agency business operates the B2B business by building relationships with educational institutions across the globe.
The fact that excavation companies work directly with civil engineering and construction companies or general contractors makes it profitable a profitable B2B business an aspiring entrepreneur can start in 2023. An excavation company excavates land for building construction. The excavation work performed by these companies could be new work, additions, alterations, and repairs.
Another profitable B2B business you can start in 2023 is a logistics company. A logistics company is responsible for helping businesses and individuals move goods from one location to another; they provide consolidation of freight consignments, trade document preparation, packing, crating, and preparing goods for transportation and logistics consulting services.
Foreclosure Cleanup Business
Starting a foreclosure cleanup business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A foreclosure cleanup business is a niche business idea in the janitorial services industry and a foreclosure cleanup company is a business that engages in the cleanup of foreclosure properties.
Their service offerings include interior cleanup, yard cleanup, hauling of rubbish and debris, lock changing, and other general cleanups of the home and yard. A foreclosure property is a piece of real estate that a mortgage lender sells to pay off a defaulted mortgage loan. Every foreclosure culminates in a public auction where the lender sells the property and anybody can purchase the property.
A medical supply business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A medical supply company is a business that purchases medical and surgical equipment, instruments, and supplies, stores these items at distribution centers, and delivers these products and related services to medical practitioners, clinics, and hospitals et al.
Another profitable B2B business you can start in 2023 is a medical waste disposal business. A medical waste disposal company disposes of medical waste generated in hospitals, laboratories, clinics, and diagnostic centers et al this waste can be harmful to humans if not properly disposed of.
Real Estate Joint Venture
Starting a real estate joint venture business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A real estate joint venture business is a business that involves two or more real estate businesses pooling their resources and expertise to achieve a particular goal or develop a real estate project.
In a joint venture business, the risks and rewards of the enterprise are also shared. The joint venture business model allows real estate operators (individuals with extensive experience managing real estate projects) to work with real estate capital providers (entities that can supply capital for a real estate project).
Zip Line Business
Another profitable B2B business you can start in 2023 is a zip line business. A zip line business designs and produces different types and sizes of zips for the tailoring and fashion industry. These zips are sold wholesale to distributors who in turn sell them to retailers. Zippers are used as fastening components to bind the edges of an open material or other flexible material, such as a bag.
Account Services Firm
Starting an accounting services firm is yet another profitable B2B business an aspiring entrepreneur can start in 2023. Accounting services firms are known to offer a wide array of services, which includes audit and assurance services, tax preparation and compliance work, consulting assistance, restructuring, accounting records, designing accounting systems, preparing financial statements, developing budgets, and other accounting-related services.
Alcohol Distribution Business
Another profitable B2B business you can start in 2023 is an alcohol distribution business. An alcohol distribution business involves buying different types of alcoholic drinks wholesale and then distributing them to retailers, bars, nightclubs, pubs, and hotels.
With this type of business, you must own your own distribution truck/van, and you should know how to source different brands and types of alcoholic drinks and how to get them delivered to your customers.
Automobile Export Business
If you are looking for a profitable B2B business to start as an entrepreneur and you know you have an interest in the automobile industry, then you should consider starting an auto spare parts export business.
Although you don’t need a college degree to establish an auto spare parts export business, you would need some form of informal training. The automobile spare parts export business basically exports and sells automotive parts wholesale to automobile manufacturers, automotive parts retailers, and auto service providers.
Background Checking Services Company
Starting a background check business means that you will be offering tenant and employment background screening to consumers, landlords, corporations, and other organizations. It is important to state that, due to the technical nature of this business and the need to understand what you will be getting into from the business aspect, it would be wise to consult a business consultant when starting the business.
Baking Supply Business
The fact that players in the bakery and confectionary industry require steady supplies of baking materials means that there are business opportunities for suppliers of baking ingredients. So, if you are thinking of starting a profitable B2B business with huge returns on investment, then one of your best bets is to venture into the baking supply business.
Beverage and Soft Drinks Distribution Business
Another profitable B2B business you can start in 2023 is the beverage and soft drinks distribution business. Beverage and soft drinks distribution companies are involved in the distribution of bottled and canned beverages such as energy, sports, and juice drinks to retailers.
Products from industrial giants such as Nestle, The Coca-Cola Company, and PepsiCo Inc. top the list of products distributed by beverage distribution companies.
A biotech company is yet another profitable B2B business an aspiring entrepreneur can start in 2023. There are several fields that need the input of biotech companies. Although some people still have reservations when it comes to the use of biotechnology in agriculture, the fact remains that it has contributed in no small measure to the ease of cultivating crops and rearing birds and animals.
Booth Rental Salon Business
If you are interested in the salon business and looking towards launching a profitable B2B business, one of your best bets is to launch a booth rental salon business. Booth rental salon is owned by a person known as a booth renter, also referred to as an “independent contractor”.
Their responsibility is to lease space from a large salon or a suite of small salons to hairstylists, barbers, and similar businesses who may not want to shoulder the responsibilities of owning a standard salon facility. The booth rental method simplifies the financial aspect of owning a salon. All you need to do to run this business is to provide the space and charge each stylist a set amount for rent.
Business Development Consulting Firm
A business development consulting firm is yet another profitable B2B business an aspiring entrepreneur can start in 2023. Business development consulting firms advise businesses, nonprofits, and public-sector agencies in the following areas: organizational design, human resources, corporate strategy, information technology strategy, marketing and sales, finances, and logistics. One good thing about business development is that it is not restricted to industry.
Cardboard Box and Container Manufacturing Company
Another profitable B2B business you can start in 2023 is the cardboard box and container manufacturing business. Cardboard box and container manufacturing companies convert purchased paper, paperboard, and old corrugated containers into cardboard boxes, containers, and similar packaging solutions. Industry operators produce corrugated and solid cardboard packaging for a range of sectors and industries, including manufacturing, agriculture, wholesale, shipping, and retail, among others.
Chemical Trading Business
A business chemical trading business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. The chemical trading business is part of the chemical wholesaling industry and players in this industry wholesale chemicals and related products, including compressed gas, chemical additives, and synthetic rubber, to the manufacturing, construction, and mining industries.
Cloud Computing Company
Another profitable B2B business you can start in 2023 is a cloud computing company. Cloud computing is an emerging paradigm computing concept that enables both information technology infrastructure and software to be delivered directly over the Internet as a service.
This is an arrangement that enables companies to expand their network capacity, and run applications directly on a vendor’s network, offering a host of advantages with the most primary being radically lower IT costs. The lower budgetary requirements and commitments allow even smaller companies to piece together an IT project without spending on purchasing legacy servers, and storage systems.
A food truck park business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. Please note that the real deal when it comes to starting a food truck park business is securing a big parking facility that is large enough to contain the number of food trucks you want parking in your facility per time.
It might take you months to get an ideal facility, so it is better you inform your real estate agent well in advance to help you with the search.
Another profitable B2B business you can start in 2023 is a holding company. A holding company is a company whose interest is to buy and own the stocks (shares) of other companies with the aim of getting returns on their investment and also controlling the affairs of the company.
Holding companies do not go through the stress of starting a business from the scratch, they are specialists in buying a company that they know has the potential to make profits not only in the short run but also in the long run.
Lead Generation Business
A lead generation business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. The lead generation business model helps corporate sales and marketing teams drive more revenue and better understand their market through database building, custom marketing campaigns, and B2B appointment setting.
The scientific approach, proven methodologies, and market intelligence drive revenue for clients in various industries including healthcare, manufacturing, retail, financial services, life sciences, and high-tech amongst others.
Marketing Consulting Firm
Another profitable B2B business you can start in 2023 is a marketing consulting firm. Marketing consulting firms provide operating advice and assistance to businesses and other organizations on marketing issues, such as developing marketing objectives and policies, sales forecasting, new product development, and pricing.
Medical Billing and Coding Business
A Medical billing and coding business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. Medical billing and coding business owner processes and administers medical insurance policies and claims. They help doctors and other healthcare providers collect payments from insurance companies and Medicare.
Medical Device Development Business
Another profitable B2B business you can start in 2023 is a medical device development business. The medical device development business manufactures electromedical and electrotherapeutic apparatuses, such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiograph, and electromedical endoscopic equipment.
The industry also engages in the manufacturing of irradiation apparatuses and tubes for applications such as medical diagnostic, medical therapeutic, industrial, research, scientific evaluation, and others.
Another profitable B2B business you can start in 2023 is a staffing agency. Staffing agencies are responsible for helping organizations recruit staff to fill the vacant positions in their organization and also help applicants and those in between jobs secure employment; offer a wide range of recruitment-related services, largely temporary and contract staffing.
They also recruit employees for permanent placements. Some staffing agencies offer services beyond just recruiting employees for their clients, but also help in training and preparing the employees to fit into the role that they are being recruited for.
Tax Consultancy Firm
A tax consultancy firm is yet another profitable B2B (business-to-business) that an aspiring entrepreneur can start in 2023. A tax consultancy is a firm that offers expert guidance to taxpayers.
A skilled tax consultant understands tax rules and can offer techniques that decrease responsibilities while also minimizing the danger of an audit, which could result in a disagreement with the IRS or a state tax agency. Tax consultancy firms work for public accounting firms, law offices, and financial consulting firms and they can also work as independent tax preparers.
Another profitable B2B business you can start in 2023 is a shared office space business. A shared office space business primarily rents or leases fully furnished office space to businesses on a part-time or as-needed basis. The serviced office leasing (SOL) industry also provides virtual office and conference room leasing options to its clients.
Shopping Mall Management Business
A shopping mall management business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. Shopping Mall Management business develops, lease, maintain, repair, and secure large commercial property in exchange for rental payments from retailers and businesses. It is on record that in 2017, shopping malls accounted for 8 percent of retail space in the United States.
Virtual Office Business
Another profitable B2B business you can start in 2023 is the virtual office business. A virtual office is designed to provide communication and physical address services without bearing the financial burden to maintain the office facility.
With a virtual office, you can own an office address in a high-profile business district with very minimal cost. With the increase in the demand for virtual offices, any entrepreneur that decides to start his or her own virtual office is sure going to make good returns on his or her investment.
Wholesale Pharmacy Business
A wholesale pharmacy business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A wholesale pharmacy business wholesale pharmaceuticals or medical goods. Generally, pharmaceutical wholesalers purchase drugs, medical and surgical equipment, instruments, and supplies, store these items at distribution centers, and deliver these products and related services to medical and dental practitioners, clinics, and hospitals et al.
IT Consulting Firm
Another profitable B2B business you can start in 2023 is an IT consulting firm. An IT consulting firm is a business that offers IT-related consulting services such as writing, testing, and supporting custom software; planning and designing integrated hardware, software, communication infrastructure, etc. IT consulting firms may also go the extra mile to offer services such as packaging software and off-site data processing and hosting services.
Office Cleaning Business
An office cleaning business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. An office cleaning business provides cleaning services for corporate organizations. An office cleaning business can be started small and perhaps with a functional home office without breaking the bank for cash.
Bookkeeping Services Firm
Another profitable B2B business you can start in 2023 is the bookkeeping service. Bookkeeping is all about recording financial transactions, especially for businesses.
The basic transactions that bookkeepers keep for businesses include purchases, sales, receipts, and payments by an individual person or an organization/corporation. Although there are quite a few standard methods of bookkeeping. Methods such as the single-entry bookkeeping system and the double-entry bookkeeping system are used.
A Call Center Business
A call center business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A call center is a dedicated office of representatives set up to receive or transmit a high volume of inquiries from customers and potential customers. Its primary responsibilities include fielding incoming calls, making outgoing calls, or receiving and transmitting emails or web chats.
The advertising business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A standard Advertising agency creates advertising campaigns for periodicals, newspapers, radio, TV, and other media platforms such as social media.
Through internal capabilities or delegating, ad agencies provide advice, creative services, account management, production of advertising campaign material, and of course media planning and buying like ad placement et al.
A freight forwarding business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A freight forwarding company is a company that serves as a middleman between the transportation services and the shippers. Freight companies are tasked with the storage and shipment of goods. In addition, they also negotiate the cost of the transport and choose the most reliable, fastest, and most economical route.
Another profitable B2B business you can start in 2023 is a factoring company. A factoring company is a company that offers financial transactions and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.
A business will sometimes factor its receivable assets to meet its present and immediate cash needs. Factoring is also seen as a form of invoice discounting in many markets. With factoring, accounts receivable are discounted in order to allow the buyer to make a profit upon the settlement of the debt.
Engineering Contracting Firm
Another profitable B2B business you can start in 2023 is an engineering contracting firm. Engineering consulting firms are part of the engineering consulting services Industry and firms in this industry provide engineering consulting services, which characteristically relate to the design, development, and utilization of infrastructure projects, machinery, processes, and systems.
Engineering consulting firms offer advisory services, feasibility studies, preparation of preliminary and final plans and design, etc.
A concrete pumping business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A concrete pumping business is involved in the pumping of mixed concrete on construction sites; they offer support services in the construction industry with the aid of concrete pumps.
Concrete pumping is the transporting of freshly mixed concrete to a specific location on a site. Concrete pumping is an essential element of any project involving the material, because it moves the mixed concrete far quicker than any human pushing a wheelbarrow could – no matter how fast you are.
A data center business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. A data center company is a facility that centralizes an organization’s shared IT operations and equipment for the purposes of storing, processing, and disseminating data and applications.
The average data center occupies approximately 100,000 square feet of space. On the other end of the scale, there are behemoth data centers that consume as much power as a mid-sized town. Organizations benefit from data centers in a variety of ways. Most specifically, they allow a company to focus on its consumer objectives instead of technological maintenance.
47. Raw Materials Supplying Business
Lastly, a raw material supplying business is yet another profitable B2B business an aspiring entrepreneur can start in 2023. There are several raw materials that can be supplied to manufacturing factories and they include steel, oil, corn, grain, gasoline, lumber, forest resources, plastic, natural gas, coal, and minerals.
10 Steps to Starting a Manufacturing Business Successfully
Step 1: Choose a Workable Business Idea or Niche
No serious entrepreneur would want to start a B2B business without first settling for a workable business idea or niche in an industry. In essence, the first step that you are expected to take if you are serious about starting a B2B business is to come up with a workable business idea; an idea that can get the full support of Government and of course that can attract clients.
Step 2: Conduct Your Feasibility Studies and Market Survey
Irrespective of the country or city where you decide to start a B2B business, the one important step you are expected to take is to conduct thorough feasibility studies and market survey.
With the result of your feasibility studies and market survey, you will be able to make an informed decision as it relates to the type of B2B business to settle for, the location of your manufacturing factory or office, the demographic composition of those who would need your product or services, the likely competitions that you will be confronted with, how to source for raw materials or goods and loads of other factors that can either make or mar your business.
Step 3: Choose a Catchy Name for Your Business
After coming up with a workable business idea and having conducted your market survey and feasibility studies, the next would be to choose a catchy name for your business.
The truth is that when it comes to choosing a name for your business, you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents. Usually, it is the norm for people to follow the trend in the industry they intend to operate from when naming their business.
Step 4: Write a Workable Business Plan
No matter the type or size of business you intend to start, it is a wise decision to first write a good business plan before taking any action. The truth is that in order to successfully run a business, you would need to have a good and workable business plan in place.
A business plan is a blueprint that is needed to successfully run a business; with a workable business plan in place, you will reduce the trial-and-error approach to doing business.
Step 5: Choose a Legal Entity for Your Business
When it comes to establishing a B2B business, the legal entity you choose for the business will go a long way to determine how strong you want the business to be.
Even though there are several options such as sole proprietorship, partnership, limited liability company (LLC), and corporation, when it comes to the business structure of a B2B business, the one that most players in this line of business consider is an LLC. It is common to consider an LLC because providers want to protect themselves from lawsuits.
Step 6: Register Your Business Name
The only step that can take you closer to achieving your dream of starting your B2B business is to register your business name. Of course, you would have done the necessary business name search that will ensure that you are not settling for a name that is already in their database.
Step 7: Purchase the Needed Business Insurance
The rule of business engagement in the United States is that you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate. So, it is important to create a budget for insurance and perhaps consult an insurance broker to guide you in choosing the best and most appropriate insurance policies for your business.
Step 8: Lease or Rent and Ideal Office or Production Factory
Another important step to follow when establishing a B2B business is to choose an ideal location for your production factory or office. When it comes to renting a production facility, the nature of the business you want to do should serve as a guide. Besides, you would need your business license and permit as part of the document to be tendered before any landlord or realtor will sign any leasing agreement with your business.
Step 9: Hire Employees
The only reason why you should ignore this step is if you want to run a one-man B2B business. If you want to operate a B2B business in the United States, it is mandatory to hire only those that are legally permitted to work in the United States, or else your business might be fined or shut down.
Step 10: Advertise and Market Your Business
If you choose to start a B2B business in the United States, you can rest assured that there are competitors waiting to compete with you for the available market share. So, if you want your business to do well, then you must fashion out ways to advertise and market your products. The truth is that if your business or brand is always in the eyes of the public, they will be tempted to buy from you.