Small businesses don’t usually have the buying power of large corporations. So they often end up paying more for the services they need. The Convoy wants to change that.
The online marketplace provides discounts for small businesses by negotiating bulk discounts for all members. Read more about this intriguing concept in this week’s Small Business Spotlight.
What the Business Does
Provides a marketplace for businesses.
Co-founder and CEO ?Yasin Abbak told Small Business Trends, “The Convoy is a B2B marketplace that helps small and independent businesses save money on everyday business tools and expenses, so they can reinvest more in themselves and their communities.”
Business Niche
Offering buying power to small businesses.
Abbak says, “We give SMBs easy access to discounts on the products and services they use (or would like to!), helping them cut costs. We’re able to do this by combining the buying power of all our small business members to negotiate bulk discounts on their behalf.”
How the Business Got Started
To help entrepreneurs.
Abbak adds, “Truthfully, the seeds of this idea were planted when I was a kid. Like many immigrants, when my dad moved to the U.S. he found work in a restaurant peeling potatoes, despite having an engineering degree from one of the top universities in Turkey.
“But he had an entrepreneurial drive, and he worked tirelessly. At various times throughout my childhood, my dad had either a restaurant, food truck, or a bread and pastry distribution business.
“But I saw how difficult it was for him to compete with the chain restaurants and the national brands. With The Convoy, I’m building the resource I wish my father had when I was young.”
Biggest Win
Bringing in new users.
Abbak says, “To be honest, we celebrate each new registrant because we know we’re helping another SMB to cut costs and keep more wealth in their community! Literally, we have a Slack automation set up to send the party emoji to the team each time a new business joins and starts saving!”
Biggest Risk
Getting started.
Abbak adds, “All of our founders took major pay cuts to come onboard because we care deeply about the mission. I think that’s true for all of our employees at this stage; we’re all making sacrifices personally to help support this mission. But we all really believe it will pay off!”
How They’d Spend an Extra $100,000
Advertising and marketing.
Abbak says, “We want to reach as many small businesses as possible so we can help them cut back on expenses!”
Team Tradition
Sharing old-fashioned words.
Abbak explains, “We end each morning standup meeting with a random “word of the day” and we rotate who gets to choose and share it. We usually opt for silly-sounding or antiquated words that you might not otherwise hear. A recent example: Absquatulate. (It means to leave abruptly!)”
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