To make their businesses successful, aspiring entrepreneurs must be aware of the business landscape around them and have a solid plan. This guide provides ten business tips that new founders should consider as they launch their startups.
From hiring the right people and leveraging technology to networking with mentors, these simple steps help business owners create an effective strategy. Read on to learn more!
Business Tip #1: Have Passion
Success starts with passion, not greed.
Maintaining motivation and resilience is often the only way to keep going when things get tough. Passionate business owners have more energy and enthusiasm for their companies. It makes all the difference in a competitive business world.
If you don’t have passion for your business idea yet, take some time to explore what indeed excites you. This could be something new or an idea that’s been gestating for a long time. With passion comes the strength to persevere through difficult times. And they will happen, as we will see below.
Passion also helps entrepreneurs become thought leaders in their field. They connect better with potential customers and investors. Consequently, passionate business owners build their businesses quickly, which is worth considering.
Knowledge also makes you more confident when discussing your products or services. So, choose a niche that you care about.
Business Tip #2: Choose the Right Mentors and Partners
Note the -s at the end of mentors and partners.
How to Pick Mentors
You are only as strong as your business network. Having the right mentors who understand your business goals will lead you to success.
Finding the best business mentors can be tricky, but it’s worth investing time in. Start by researching business professionals in your area or industry online. You could even reach out to someone from a business academy. Ask them for advice on how they achieved success and which mistakes they made so you don’t repeat them.
Join business forums, attend networking events, and connect with young entrepreneurs in coworking spaces. Business owners gain new insights into their industry by being part of such communities, meeting potential partners and investors, and making valuable connections.
Having the right business mentors makes it easier for you to navigate the business landscape and manage any challenges that come your way. Sometimes, they pop up from places you couldn’t imagine of. Many successful business people find their best mentors to be their spouses while they work in a different area!
How to Pick Business Partners?
Business partners don’t need to be equal. Mentors are usually more experienced. Partners mainly help with specific tasks or projects.
Choose them wisely. Partnering with vendors, suppliers, advisors, investors, and other business professionals is essential to ensure success. Ask many questions before agreeing to contracts, and ensure they align with your business plan.
Surround yourself with like-minded business professionals who can provide guidance, advice, valuable feedback, and support when needed. Building strong connections with other entrepreneurs in your area leads to new business opportunities. Networking is key.
Business Tip #3: Perform Market Research
Fortunately, a market study doesn’t necessarily cost $15,000.
Analyzing the Demand
You must solve a problem.
Never assume that people will buy your products or services because you want to. Business, and Life in general, doesn’t work like that. It would be best if you had facts. You need data. Get them.
Identify the expectations directly from the market. Of course, you can also go for expensive market studies prepared by reputable agencies. Or you can use the available tools to identify the market needs. There are tons of valuable free data, including from the mentors and business partners mentioned. The problem is that most entrepreneurs don’t know where to find this information.
Start with a Google Search, Quora, or free versions of keyword research tools. Test your business idea or look for a new idea. Based on actual search volumes and search intent from internet users, decide which product or service offers the most opportunities.
Benchmarking the Competition
Companies are already playing in your field unless you enter a new market. Why not learn from them?
Those businesses launched their assets, advertised them, and faced challenges. They did good, and they did terribly. Instead of reinventing the wheel, you could identify the best practices to save time and money!
Here again, tools and software are doing this job. You can start by analyzing their market presence, visiting their physical stores or websites, checking if they did some press releases, etc.
If you can afford a few hundred dollars, go for professional tools like Ahrefs or Semrush that provide complete insights into your competitors.
You don’t need to go blind.
Business Tip #4: Plan AND Adapt
And prepare to sacrifice with resilience.
Have a Clear Goal
You shouldn’t run a startup if you want to make money quickly. Well, except if you are lucky by nature. Sometimes, miracles happen. However, if you don’t have any objective at all, then even luck won’t save you from failure.
Setting the right business objectives is essential to achieving success. Take the time and effort to consider your business’s purpose and how it will add value to others. Develop a plan that outlines specific milestones, how you’ll reach them, and a timeline for completion.
Many businesses fail due to a lack of vision or because they don’t focus on the most critical first. Running a startup is complex. Dealing with too many tasks at the same time leads you to failure.
You have probably learned that you shouldn’t put all your eggs in the same basket. This is right. The key is to test and fail quickly. Grow as you go. You will expand later.
Manage Your Finances Properly
Be frugal. What is the point of having a fantastic office if you don’t sell yet?
Develop a business budget that keeps expenses down while allowing your business to grow. Monitor cash flow and set aside money for taxes, unexpected fees, and retirement savings.
Regarding your revenue, make pessimistic estimations. New entrepreneurs tend to “fluffy” their forecasts, especially when dealing with Venture Capital and other investors. At best, they look inexperienced and don’t inspire trust. It would be best if you were more realistic. Roma wasn’t built in one day. Great things need time. Otherwise, we would all be successful business owners.
Adjust Your Plan
Shit happens.
Running your own business is complex, and there will be setbacks. Don’t let them discourage you. Instead, use it as a learning experience to motivate you to get back on track. Take a break if necessary, but never give up on your business.
Whatever the plan, many factors will change (competitors, market trends, economic environment, new technology, etc.). Learn and move on. Mike Tyson said: “Everyone has a plan until they get punched in the mouth.”
Besides, don’t try to be perfect first because you will never be. Then, an “okay” product is always better than no product.
Business Tip #5: Hire the Right Talents
Staff is the most critical asset of your company.
We can replace machines, computers, and software. We cannot replace knowledge, experience, and loyalty. That’s why you must value your first hirings. And ensure they are suitable ones.
Please clarify what you need them for. As for your market research, never assume anything. You must have tasks done, and some people will be in charge. If you plan to update a job description “as you go,” you are going in the wrong direction. Hire people thoroughly.
Trust your team. Don’t micromanage. If you want to do everything alone, do not hire and watch yourself burn out. It would be best if you found the right balance. Remember what we said in the previous section about perfectionism.
A business owner must have a bit of skill everywhere to evaluate the work done. They don’t need to be an expert on all tasks. That’s why we hire in the first place. Often, employees have more expertise in their area than the founder, which is fine!
Business Tip #6: Be Solution-Oriented
Focus on How and not Why.
Use Facts and Not Emotions
For business decisions.
In business tip #4, we said that your entrepreneurial journey would be chaotic. The first step is to accept it. The next one is to look for solutions.
There is ALWAYS a way to solve your problems. Everything is a question of balancing time versus quality versus costs. Put your emotions aside because they are irrelevant and could complicate things.
When you face a challenging issue, study the problem factors and list at least three options. Analyze the pros and cons for each. Decide accordingly. What you do like or prefer shouldn’t intervene in business calls.
Use Emotions and Not Facts
For human resources decisions.
People are not machines. Never treat them like robots. You must be aware of their feelings and motivations. Don’t lead with facts only because coworking is all about relationships.
Be generous with compliments and rewards when they apply. Make your team feel appreciated and part of the business success story. Give regular feedback on how they’re doing, discuss improvement possibilities, and focus on their strengths and potential. You will create a business environment where everyone feels welcomed, trusted, and valued for who they are. It pays off in the long run.
Reward results AND behaviors if you want happy employees that stay with you for years to come!
Business Tip #7: Prioritize
Don’t procrastinate!
The business environment will always set you in front of a lot of tasks that must be done. Focus your attention on what is urgent AND important. Multitasking can be overwhelming and counterproductive if not done efficiently.
A great business owner knows how to delegate, outsource, and say “no” to tasks that are unnecessary or can wait for a while. You cannot do it all. Accept it and move on.
Start with the basics: define short-term (daily/weekly) and long-term (monthly/yearly) goals. Make sure they are realistic, straightforward – and achievable within the given time frame. Then plan accordingly by scheduling meetings and deadlines.
Use Gantt charts. Excel or Google Sheets will do it just fine if you cannot afford dedicated software yet if you cannot afford reliable software yet if you cannot afford dedicated software yet. A Gantt chart must at least include a list of tasks and, for each of them, a PIC (Person In Charge) and a deadline for completion.
The purpose of a Gantt chart is not to stick to the plan at any cost (see business tip #4) but rather to have a sound vision of what is going on and identify the main bottlenecks. They help you organize your business and should be mandatory for all kinds of projects!
Finally, business owners must know when to take risks and when to step back. It’s one of the keys to success!
Business Tip #8: Leverage Technology
aka “outsource to robots.”
Automated tools reduce manual tasks so you can focus on more critical business activities. Invest in software streamlining accounting, payroll, and Customer Relationship Management (CRM). They are cheap, and most propose a free version for small businesses.
For a business to grow efficiently, it takes more than just software. Cloud-based services are becoming the norm in business management. They allow you to automate processes, access data from anywhere at any time, and store information safely.
Social channels like LinkedIn or Twitter also greatly influence business success. It’s all about making connections, getting known by potential customers, and building relationships with partners and suppliers. Social media let you do this without leaving your office!
Use technology wisely – but don’t forget that human relationships still play an essential role in business growth. You need both to thrive!
Business Tip #9: Invest in Yourself
Stay ahead of the curve!
Educate yourself
Continuous business education should be a priority for any aspiring entrepreneur. Put aside funds to attend conferences, seminars, and other networking events that provide valuable learning opportunities.
Access online resources like our excellent GotTrouble website! Be selective, though, as the internet is full of bad content. Choose reputable sources of information to enhance your knowledge.
Follow Trends
Keeping up with market trends is essential for success. Monitor industry developments and keep an eye out for what your competitors are doing so you can stay a step ahead.
Your network will facilitate this research. Don’t ignore online tools that provide tons of data at marginally no cost. You can learn a lot about a market player by only browsing its website or social media platforms.
Document Your Business Progress
There’s no better way to measure success than by tracking Key Performance Indicators (KPIs). Keep tabs on your progress toward meeting business objectives, customer satisfaction rates, and other essential metrics.
When you solve challenging problems, keep logs of them too. They allow you to learn from the past. Besides, they are handy for newcomers to your team.
Business Tip #10: Protect Your Peace
Find the right mind-soul-body balance.
Whether you do right or wrong, there will be haters. They may be jealous, harmful, or troll people, with one common objective: downgrade you and your work.
The evolution of technology made it simpler for them to reach entrepreneurs. You cannot undo that. However, the way you take their feedback only depends on you. If they don’t like what you are doing, that’s THEIR problem, not YOURS. You can certainly live with that, right?
Don’t let people affect you this way. Instead, think of your wins. You may feel that you are making little to no progress, but you are moving forward in all cases. This is the most important at the end of the day.
Step by step, you pour colored drops into a jar full of pure water. One drop counts for peanuts, but their accumulation will make the whole jar as colored as your “small wins.
Believe in yourself! It’s maybe the best business advice!
