By Bill Wilson
Business reporter, BBC News
Hundreds of firms have already secured contracts for the 2012 Games
The organisers of the 2012 Olympic Games in London are putting £700m of contracts related to goods and services for the event out to tender.
There will be eight categories of goods and services for firms to win work.
The chairman of the London Olympics' organising committee, Sebastian Coe, said the scale of the contracts on offer was "potentially massive".
"The organising committee is now at a stage where we move from planning to delivery," he said.
OLYMPIC CONTRACT CATEGORIES
Facilities management and catering
Production services for ceremonies
Transport and logistics
Venues and venue logistics
"With less than three years to go, we're starting the procurement process for everything we need to stage a memorable Games.
"The scope of this is potentially massive - from sporting equipment to catering services and beyond."
He added that the games should be as much about a triumph for the "bottom line" as it was about the sports "finishing line".
Firms seeking to win contracts will have to abide by the rules set out by the London Organising Committee of the Olympic Games and Paralympic Games (Locog).
The vast majority of Locog's procurement will go through the website Compete For, an online service for matching potential suppliers with games-related business opportunities.
"There are many opportunities for companies of all sizes to get involved with London 2012 - whether it's directly through Locog or through one of our sponsors, stakeholders or suppliers further down the supply chain," said Locog procurement director Gerry Walsh.
"The opportunities are out there and I would urge anyone who is interested to sign up to our procurement portal Compete For."
'Opens the door'
Meanwhile, although the majority of contracts have now been granted by the Olympic Delivery Authority's (ODA) - responsible for the games' infrastructure, there is still up to £1bn of goods and services work still to be awarded.
Contracts available through the ODA include facilities management, design and temporary construction.
And it is also hoped that UK firms can use experience gained in seeking London 2012 work to enable them to win contracts on offer from other host major sporting events.
Forthcoming global events include the Vancouver 2010 Winter Games, the FIFA 2010 World Cup in South Africa, Russia's hosting of the Sochi 2014 Winter Games and Brazil's hosting of both the 2014 World Cup and 2016 Olympics.
"There are still plenty of opportunities for British businesses to benefit from the Olympics," said Olympics Minister Tessa Jowell.
"With host countries like, Russia, Brazil and South Africa needing to develop their infrastructure beyond just the sports events there is huge potential for UK businesses to get involved and London 2012 opens the door for them."