10 Business Tips for New Entrepreneurs in 2022
Starting a business can be very challenging for first-timers, it can be over-whelming and here are tips to help new entrepreneurs to get over their first jitters of starting a business.
- Build like the Romans
But when it comes to building a business, there are many entrepreneurs who build for the short-term. They look at a business as a way to make an extra couple thousand bucks. Instead, they should be building something that’ll last for years to come. Focus on building a business with a legacy by doing what you do so often that you do it better than anyone else. Like the Romans, you should focus on high-quality products and like the Japanese you should have a well-defined niche.
- Choose the right niche
The selection of the niche is where people often realize they’ve made a mistake. If you go too broad with a general business, you might struggle to know who your audience is. If you’re too specific with a barre class socks store, you might find your niche is too narrow. Not only that but there’s also a seasonality aspect. So when it comes to deciding on a niche, choose a niche that’s popular year round
- Solve a burning problem
An important business tip for new entrepreneurs is to create a business that solves a problem. If you asked most failed business owners what problem they solved, they either can’t answer or the problem they solved wasn’t urgent enough. But ultimately, you need to know what you’re trying to accomplish with your business. By knowing what burning problem you’re solving, you can use that in your marketing to help people understand how you can help them best.
- Obsess over customer needs
The most important business tip when it comes to managing customer relations is to always empathize with the customer. When you recognize their frustration as pain from not having their needs met, it’s easier not to take the insults they hurl at you, personally. Instead, you can focus on trying to listen to what they say by mirroring the intent behind their words. And eventually, you work on coming to a resolution that meets their needs and leaves your customer feeling heard. By doing this instead of simply giving a refund, you open the doors to building a long-term relationship with them even if they were upset with their first experience with your brand.
- Focus on profit instead of revenue
Most entrepreneurs are obsessed with revenue. “I made $900,000 in eight months,” they claim. And you can’t help but ask, “Did you really though?” Because digging deeper, you’ll often find that profit is much more important than revenue. Sure you made $900,000 in revenue but if your profit after eight months is only $10,000 was it really worth the work? And is that even sustainable? Probably not. Make the switch to transition from thinking about revenue to thinking about profit. The more profit you have, the more money you have to reinvest in your business, employees, and your own success. As an entrepreneur, you get paid last. Your start-up costs need to be paid first. So you’ll want to make sure you’re making more than enough money to treat yourself too.
- Start with a narrow focus first and expand
One of the most important business tips is to always start with a narrow focus and expand into relevant verticals as you scale. By having a narrow focus, you can build a loyal audience who knows what to expect from you. It also gives you a well-defined audience to make your marketing easier. At first maybe you sell apparel. But eventually you can expand into shoes, jewellery, fashion accessories, or beauty. Or you can go in a different direction and expand into men’s fashion and children’s fashion. Additionally, you can test out one-product store ideas before opening a bigger website. But first, you do should aim to have a big audience and loyal shoppers. You need to know that there’ll be demand for the verticals you do eventually expand into.
- Focus on employee morale
The most important business tip when it comes to managing employees is to make them happy. Because if you do that, they’ll be more willing to help you hit your company’s goals.
- Start a business that matches your personality
Ideally, you should start a business that matches your exact skills, experiences, and personality. This goes beyond doing your passion and actually doing what you’re destined to do. How can you contribute meaningfully to the world through your business? By doing something that only you can do, you can create a legacy that lasts while making an impact in the world. To sum up this business tip: start the business only you can start.
- Always be aware of your competitors’ moves
Your competitors will always try to knock you down so that they can remain at the top. You need to find out every little detail in the early stages so that you know how to compete. If you find they offer a great product but terrible customer support, you can put a bigger emphasis on customer relations. The goal is to find out what their overarching weaknesses are and make those are your strength while still having a great collection of services and products for your customers. But remember, don’t obsess too much over the day to day of your competitors.
- Just do it (even if it isn’t perfect)
The last business tip for new entrepreneurs comes from Nike, just do it. And I don’t just mean starting it, get out of your head, stop overthinking, stop questioning whether you’re making the right call, and just do it. New entrepreneurs can sometimes be well on their way with their business only to have their thoughts cloud their mind. But that only delays your success. Entrepreneurship is about going all in. It’s about taking big risks so you can live the life you want. The goal isn’t to win the award of perfection. The goal is to build a business that helps people solve a problem.
