Making Money #5 - Recruiting B to B Companies As Referral Partners
The question is: “How do I make money with this private label?”
Why recruit business to business companies as referral partners?
According to data from Statista there are more than 3 million B2B businesses in the U.S. This again drives home the point that there are an unlimited number of potential referral partners out there that have small business clients but that also need for their business clients to be successful in order to keep paying for their B2B services.
The types of these B2B companies is nearly endless and includes; point-of-sale providers, equipment lessors, business consultants, software as a service providers, wholesalers, advertising firms, inventory providers, payroll services, manufacturers, security companies. Internet providers, hosting services, contractors, landlords, franchises and too many more to list here.
They all have one thing in common and that is small business clients that need help to become bankable.
One of the largest challenges to business to business companies is sourcing small businesses that have the capital to buy their goods or services on a regular and ongoing basis. This of course is where your private label is a perfect fit. Not only can your private label provide that needed one-time shot in the arm capital injection, but your private label also assists them to become bankable which thereby provides that ongoing larger supply of capital.
For the business to business companies referring their small business clients to complete your pre-qualification success scan provides them with a previously untapped source of revenue plus provides the potential that their clients will stay with them much longer and be much better funded in order to afford more of their products or services. It also produces possible new clients from the testimonials and referrals they can receive as their clients talk to others about their great experience.
What is the best way to close business to business companies as referral partners?
Simply have any potential referral partners, from whatever business vertical they may be in, run a success scan on their business or on a valued small business client and demo for them the results along with the three goals of your private label that are:
Goal 1 - Fund their clients as much as possible from alternative (non-bank) funding sources to provide critical initial working capital.
Goal 2 - Assist their clients to build a strong FICO SBSS business credit score and to complete the becoming bankable criteria.
Goal 3 - Take the clients back out for larger bankable funding at much lower interest rates and much longer repayment terms.
