10 Business Tips for New Entrepreneurs in 2020
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.
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.