Are you currently looking to learn some business tips so you can build your first, second, or tenth business the right way? Do you feel like you’ve got the entrepreneurial blood flowing through your veins? Are you ready to build a business that allows you the freedom and flexibility to call the shots in your own life? Well, if you answered yes to these questions, you’re in for a treat. In this article, we’ll share some business tips that’ll help you build a successful business– for years to come. So, let’s dive into some sound business advice.
1. Build The Right Foundation
One of the most important business tips is to build the right foundation. That means you’ll want to sell high-quality products from a reliable supplier and manufacturer. If you’re selling products that break easily or that don’t match the picture, it’s pretty safe to say that your business will fail eventually. The right foundation also goes beyond selling the right product but also building a proper brand. Most entrepreneurs obsess with Facebook Ads as if it’s the only way to sell a product online (it’s not). And as a person who’s run multiple businesses, I can assure you that businesses that are dependent on any single platform beyond your own website showcase a major weakness. If your ad account were to one day be banned, how would your business survive? Instead, you should focus on building a blog for your website, putting emphasis on driving website traffic to your website from numerous sources: SEO, backlinks, referral traffic, social media, and ads. The most successful businesses have multiple sources of traffic, which inevitably leads to higher levels of success.
2. Calculate Your Profitability
Another essential business tip is to calculate your profitability. Many people proudly showcase their revenue on YouTube and in Facebook groups. However, if you dig into the numbers, you might realize that they’ve taken on a huge loss. The reality is that running a business isn’t cheap. There are tons of associated costs. Suppose your entire business model centers around advertising that’s an additional cost to add to the list. While the most successful businesses advertise, it’s usually SEO and email marketing that are the biggest sources of traffic and customers. Ultimately, if you want to run a lean business, you’ll need to attain free traffic from various sources. Remember to regularly monitor your profitability so you can take action early on instead of realizing months down the road that you’ve spent much more than you’ve made.
3. Don’t Focus On One Product
One product businesses are almost guaranteed to fail. It’s normal to have a trending product dominate the sales. However, you don’t want your whole company to collapse after that product trend dies. As an entrepreneur who had a one-product business, don’t underestimate business tips like this one. Ultimately, the biggest challenge is that when you have a one-product business, you can spend a lot of time looking for another trending product only to fall short. It’s actually really hard to find a second winning product within your niche. However, if you make your brand name about this product rather than the niche, you pigeon-hole yourself from day one which can set you up for failure. And these are the types of businesses that entrepreneurs will be wary of buying, so selling is almost not an option as an exit strategy either.
4. Listen to Your Customers
Your customers can offer you great insight into your business. If they’re frustrated, they’ll give you the gift of feedback. Often, entrepreneurs who dropship products have no idea what the product customers receive looks like. If you’ve never ordered a sample before selling products, you’ll likely get a lot of negative feedback regarding products. A little lesson to learn as a side note is to ensure that you know exactly what you’re selling to avoid any surprises from customers. If most customers are refunding your product after receiving it or sending you negative emails, it’s best to stop selling the product, even if sales are high. Doing so will prevent many chargebacks and negative reviews. You’ll need to find other products to rebuild their trust.
5. Treat Your Employees and Freelancers Well
One of the greatest business tips to follow is emphasizing employee morale. Employees and freelancers work hard to help you grow your business. If you regularly criticize them or make their lives difficult, they’ll work for your competitors instead. Ultimately, every person you work with should be treated like a human being. Be kind. Be vocal about your praise. Compliment their work when they do something well. When giving feedback, provide suggestions in the form of questions and explain the why so that they understand why they shouldn’t approach something in the way they did.
6. Become Obsessed with Your Niche
An obsession with your niche is one of those business tips that’ll help you succeed long-term. If you aren’t passionate about what you’re selling, the money will be the only motivating factor. But what happens when the money isn’t pouring in? You’ll likely abandon the business. However, if you’re passionate about your niche– or obsessed with it, you’ll play the slow, long-term game to build the business’ foundation for free. Those who build businesses without making money for the first year but commit to building a proper foundation will eventually reap the rewards at a later date and with a much higher return. But you need to learn to think exactly like your customers. Read what they read. Teach what they want to learn. And build a product they can’t get enough of.
7. Monitor Your Competitors
While it’s good to become obsessed with your niche, it isn’t a good idea to become obsessed with your competitors. But that doesn’t mean you shouldn’t monitor their activity. Are your competitors all selling the same product? How do they market their business? Which social platform are most of their followers on? How many backlinks does their website have? Do they rank for anything? Have they ever hosted webinars or events? Have you ever purchased something from their website: what was the funnel like? These are the areas you’ll want to understand when it comes to competitor monitoring.
8. Know When to Pivot
Business tips centered around knowing when to pivot are important because change is inevitable in business. Trends die. Customer needs change. Attention moves to new platforms. While it can be very comfortable to stick with what you know, the financial loss from doing that is very uncomfortable (and not in a good way). Eventually, you will need to pivot. This article can’t predict how you’ll need to pivot or when. It’ll be different for every entrepreneur and every niche. But it’s guaranteed that you’ll need to do this at some point. In marketing, change is constant. With algorithm changes for social and SEO happening every few months, you’ll likely notice a decline in reach over time. So you’ll be forced to capture attention in new ways and on different platforms. The Instagram of yesterday is the TikTok of today. But it’s important to remember that TikTok too will be replaced by a new platform as well. So, if you find you like evolving yourself and the things you work on, great! Entrepreneurship will be a perfect fit for you.
9. Build a Brand Personality
Building a brand is one of the business tips that’ll ensure your long-term success. What’s your brand’s personality? Is it warm and caring? If so, do you write detailed responses to customers that help them feel heard? Do you create video messages to customers to help humanize the brand? Do you give more to your customers than they give to you? Do you surprise customers regularly with special offers? Do you treat each customer like a person rather than a number? These are all the things you need to consider when creating a warm and caring brand. If you find that your brand personality is upbeat and funny, you need to think of every possible situation in which that’s injected into your branding. It’s not as simple as writing witty copy but injecting the funny personality into every aspect of your business. That’s what this business tip is all about.
10. Devote All Your Spare Time
Starting a business isn’t really a passive income project to help you make a couple of thousand dollars on the side. It’s actually a long-term investment for financial gain. So, this business tip will ask you to think about your time commitment to this business you’re starting. If you have a side hustle that makes you a couple of thousand dollars a month– great! It’s a great way to make money online. But that’s not necessarily a business. A business needs to be scalable. If you were to take all your side hustles together and grow them into an empire, you’re thinking a bit more entrepreneurial. To build a successful business, you’ll need to devote all your spare time to making it a success– at least in the beginning. But that doesn’t mean that the workload lessens with time. As your business grows, so does the chaos of running your business. But by then, you’ll likely have more capital to outsource tasks or hire employees to help you scale your business to the next level.
11. Remember That Starting Is Just the Beginning
So many people say that starting a business is the hardest part. Those people have never actually run a business before. Starting isn’t the hardest part. It isn’t half the battle. It’s the part that weeds out the serious and the daydreamers. Starting a business is just the beginning of a long road. A lot of the popular brands you see today are actually over ten years old. Amazon is 26 years old. Shopify is 16 years old. Facebook is 16 years old. Instagram is five years old (but wait to see how big it becomes in the next five years even as competitors swoop in). The reality is those first couple years of starting a business no one knows who the heck you are. You have no brand recognition. Hardly any customers or followers. Compound marketing is when the efforts of your marketing compound over years to result in the recognition of your brand. Ultimately, the more you put into your business’ growth, the bigger it becomes. So don’t expect your biggest wins in year one, the compounding effect can transform your business and life in years two, three, five, and ten. Billion-dollar companies aren’t made in year one, but they’ll never be made without a year one. Now, that’s a business tip you’ll have to remember.
12. Don’t Give Up
The final and most important of the business tips on this list is to never give up. You’re going to be thrown curveballs, experience setbacks, experience the rush from getting sales, and receive many positive emails. There’ll be a mix of good and bad experiences that come from running a business. The bad experiences teach you lessons that bring you closer to the good. The good experiences remind you what you’re building for and keep you motivated. Entrepreneurship is often compared to a rollercoaster because it’s filled with constant highs and lows and loops. But even on the toughest days, you should never give up on your business – and especially not yourself. You’ve got what it takes to succeed. You may need to be a little more patient and a bit more experimental. But if you keep trying your best while building a foundation, you’re sure to succeed in the long run.
Starting a business isn’t just about making money, but also about creating a new lifestyle for yourself. However, if you don’t build the right foundation, listen to your customers, pivot at the right moment, and become obsessed with your niche, you might never experience the lifestyle change that comes with building a business. In this article, you learned the business tips that have had a profound impact on entrepreneurs. Instead of building a company to make an extra $1,000, it’s time to take the steps you learned in this article to build a business that’ll allow you to live the life you’ve always wanted. May you have much success in your business for years to come.