Business development is a popular buzz phrase that is becoming more common in the business world as it’s a relatively new business concept today. But what is business development exactly, and is it right for you? We’ll explain all about business development jobs so you can figure it out for yourself. Then we’ll show you three business development jobs that are yours for the taking right now.
What is Business Development?
In simple terms, business development has everything to do with the growth of a business. It’s the process and strategic tasks required to help develop and execute growth opportunities within an organization through sustainable efforts that also bring more profit to the company.
The basic meaning between different companies can vary, depending on what the company actually needs from their business development team.
For instance, a considerably sized company might need to perform market analysis for a new product line. At the same time, a startup is likely to focus more on cold outreach to bring in customers. But the ultimate goal of identifying opportunities to help the businesses grow is the same in each.
Growth opportunities can include:
- Ways to get new partners or customers
- New markets that might be good for the business to enter
- Identifying new products the company can develop
Another example is a company like PCI, which is often hiring for business development jobs. Team members in these roles work to build relationships with universities, colleges, and other institutions.
There are about a dozen different types of business development jobs in the works today. But we’ll take a look at three of the more common ones.
Top 3 Business Development Jobs
A quick look at just about any job site, and you’ll find many opportunities in business developments. Some of them are:
- Business development representative: This professional’s goal is to help expand a company’s operations by evaluating the elements (both internal and external) that impact its profitability. The role also helps analyze the company’s competitors and makes recommendations to help increase the company’s sales.
Skills needed: Excellent sales, communication, interpersonal, and marketing skills to help manage relationships with customers
Education: Business or related degree
Median Salary: Around $54,000 a year
- Business development specialist: Business development specialists create effective business plans for the company they work for. They perform research to discover emerging trends and patterns of purchases across industries to help make recommendations for their business or organization to help bring in more revenue and remain competitive.
Skills needed: Excellent communication skills, ability to work as a team member and without supervision, excellent organizational skills, strong analytical skills, and good time management skills
Education: Most companies require their business development specialists to have a bachelor’s degree.
Median Salary: Around $55,000 a year
- Business development manager: Managers identify business opportunities and build long-term relationships that help increase revenue and profit margins for the company.
Skills needed: Excellent project management skills, persuasive skills, the ability to negotiate, stellar interpersonal and communication skills, problem-solving skills, proficiency in software programs, research skills, and the ability to collaborate well with others
Education: Bachelor’s degree
Median Salary: Around $73,000 a year
While most business development job listings list a bachelor’s degree as one of their requirements, some companies will also consider relevant work experience in similar fields.
Is a Business Development Job Right for You?
Now that you know what it takes to become a business development professional, you can determine if it’s something that piques your interest. These business development jobs aren’t all-inclusive. There are many other business development jobs.
Some business development jobs are entry-level, while others are for more seasoned professionals who have their eyes on climbing the ranks in the field. There are business development executive jobs, director positions, business development consultant jobs, and more.
You’ll want to get your feet wet first in one of the entry-level positions and work your way up the ladder to higher positions if you’re ambitious. But just know that business development opportunities at every level are plentiful and are there for you to seize.