6 Business Tips for New Entrepreneurs in 2021
Your first business is going to take everything you’ve got to make it a success. You’ll need your best idea, a strong work ethic, and perseverance for those days where things just don’t go your way. But that combo can help you turn your simple idea into an empire. In this article, we’re going to share 10 business tips that’ll help you launch a successful first business.
1. Build like the Romans
The Colosseum is 1949 years old. And for the most part it’s still fairly intact. The material it was built with was stronger than any concrete we use today. It’s beauty is so captivating that millions have flocked to Italy just to look at it in all its glory. The Romans used the best materials, purchased rare marble from other countries, and designed things that were built to last. 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. One of the oldest businesses in the world is based in Japan. Kongo Gumi, a construction company specializing in Buddhist temples, was first launched in 578 AD, making it 1441 years old! Prior to a merger, it had a $70 million annual budget. 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.
2. 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. For example, if you’re obsessed with Christmas, you could build a Christmas business but you might struggle to find customers for your products in February. Another business tip to consider is whether you’ll be able to remarket to customers for years to come. For example, if you’re selling maternity clothing, women are only pregnant for nine months. After she gives birth, she likely won’t be shopping on that store anymore. So when it comes to deciding on a niche, choose a niche that’s popular year round (Google Trends can show you how stable a niche is). You’ll also want to choose a niche that’s popular such as at least hundreds of thousands of monthly searches like fashion, beauty, fitness, or home decor. And finally, a niche that isn’t short-term so avoid maternity, weddings, or any niche business you won’t be able to build a long-term email list with. Try some unusual business ideas instead!
3. 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. The problem you solve doesn’t need to be complicated like curing a disease. It can be simple, such as we help people overcome boredom by providing an entertaining experience. 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. For example, if you sell anti-snoring products, you’ll want your ad to show the frustration a snorer can have on a person’s sleep. And then showcase your product as the handy solution that’ll allow them to sleep through the night again.
4. Start a business that matches your personality
According to serial entrepreneur Naval Ravikant, he believes that product/market fit should actually be founder/product/market fit. Essentially, what that means is no one else could run that business better than you. 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.
5. Always be aware of your competitors’ moves
Business can be cut-throat. Your competitors will always try to knock you down so that they can remain at the top. While you don’t want to obsess over your competitors you do always want to be aware of what they’re doing so you can stay ahead of the game. Which products and services do they offer? How do they market their brand? How do they price their products and services? How do they treat their customers? 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. Your obsession should center around your customers and employees. Make those two groups happy and you’re golden.
6. 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. I mean 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. Will you make mistakes? You bet. Will there be challenges? Yup, and you’ll need to jump high to get over them. But isn’t this what you signed up for? 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. And the sooner you can do that, the sooner you can make people’s lives better. That’s the impact your business can have on someone’s life. So the sooner you launch it, the more people you can help
These business tips are only a guide as you start your entrepreneurial journey. Ultimately, your business is what you make of it. If you want it to be a success, you’ve got to get your business in front of as many people as possible. If you solve a burning problem, it’ll be easier for your business’ brand awareness to spread.