fbpx

10 Business Tips for New Entrepreneurs in 2020

Entrepreneurs in 2020

Table of Contents

Reading Time: 6 minutes

We all know how scary and challenging your first business can be, but that doesn’t draw anyone back for aiming high. All you need is a good idea and the perseverance to make it work. 

Also, a strong work ethic will help because, more often than usual, you will start your business on your own, and you can only rely on you. Anyway, turning a great idea into a major company will be a complicated process, and you will need all the help you can get. This is why we managed to create a ten business tips list to share with you.

Tips for New Entrepreneurs

1. Build like the Romans

The Romans offered us beautiful impressing buildings such as the Colosseum, which is 1949 years old. They didn’t have the technology and know-how we have today, and yet their constructions last more than what we build using the most exceptional concrete. Do you know why? Because they paid attention to each material they used and they got the best quality ones in the world.

They didn’t build things for a decade or two, but the long-term. They wanted all the world to see the greatness of their empire. This is how you should think too: you don’t build for six months or five years, you create a business for a much more extended period. Invest in quality „materials,” and your idea will become worldwide known, as well as your name.

2. Choose the right niche

Choosing your niche must get you to a specific domain that will help you get revenues in every month of the year. Don’t go general, but not too specific that your audience is small. It’s best to think about remarketing your customers in a popular niche that is currently expanding.

Read more about: How to Pick a Niche for Dropshipping

3. Solve a burning problem

New entrepreneurs should choose a problem and come with an idea of solving it. This is how a successful company starts. The problem you will solve doesn’t have to be something big like curing cancer, but also not insignificant enough for people not to care to solve it right away. 

If you want to address neck pain while sleeping, you should market your product by explaining to people how your customized pillow will help them get a night of better sleep and wake up more relaxed.

4. Obsess over customer needs

When you are offering your customers a product or service, you should always see the situation from their point of view. Try to spot their problems, and then solve them for your customers so that they will be pleased and happy. 

Putting your customers first is the primary focus when you’re building a new business. Satisfied customers will come back, and they will spread the news.

5. Focus on profit instead of revenue

Profit and revenue are two different things. Profit is mathematically included in the revenue. Saying that you got $1,000,000 in just one year is not the right way to think. Revenue means you will have to pay your suppliers, the employees, and many other production costs. 

In the end, the profit you made may be as small as $50,000. Don’t lie to yourself! Know your costs and better approximate your gain to find out if your business is sustainable or not in the long-term.

Read more about: Dropshipping Profit Margin

6. Start small, build big

The best way to create an empire is to start small with a single niche, and then build from that to general business. Every beginning is difficult, but once you get a stable market share, things will work better.

employee morale

7. Focus on employee morale

Having an efficient and productive team means that every member of the team is happy and motivated to work hard for the business. Every good manager should know that motivating employees by keeping them happy is the best way to build a successful business

When the employee is satisfied at work, he will do his best to grow the company and make his manager happy too. Look after them, and they will look after your business!

8. Start a business that matches your personality

If you know the entrepreneur and vlogger Gary Vaynerchuk, you probably listened to his videos in which he stated the importance of finding out what you enjoy doing and turning it into your business. 

When you work on a project you like, and which is significant for you, work turns into passion, and you will never feel tired or demotivated again.

Read more about:  Starting a Dropshipping Business

Tips for New Entrepreneurs

9. Always be aware of your competitors’ moves

Getting in the business world means that you will have many competitors trying to steal your bread. It’s all about the profit and the market share! They don’t have anything personal with you; it’s just business. 

This is why you should always pay attention to what their moves are and try mimicking the ideas that worked for them in the past. It’s like you get inspired by them and strive to be better. This point of view is useful for the loyal competition that keeps the market alive.

10. Just do it (even if it isn’t perfect)

Gary Vaynerchuk talks a lot about letting aside demotivation, boredom, and things like this, and start working on your idea. He says that the best way to start a business and grow it to be successful is to start working. As simple as that! Spending time thinking and letting fears surround you, is not the best way to become successful because you will never try out your idea. Just let everything go and start working. Step by step, you will build the business you wanted, be perseverant, and ambitious!

So, you’ve created your online store.  You’ve been following the tips on advertising.  You’ve been doing your research on the industries you are interested in and have picked the best products for you to sell.  You are using Shop1, so you don’t have to deal with all of the back end activities such as supplier management, dealing with website maintenance, or payment processing.

Now what?  Well, one rule of being an entrepreneur is that there is always something of value to do.  And one rule in life is that you never stop learning.

The world changes so fast these days, especially in terms of technology and consumer behaviors, that one can ill afford to not pay attention to these changes.  Here are some tips to help you keep up and stay busy during a time.

News

Pay attention to the news

We all know that the news is full of depressing material these days.  But it is important to know what is going on around you because these things can either cause issues with your clientele or open up new ideas and opportunities for you to advance your business.

For example, we have the horrifying Covid-19 pandemic going on now.  People started to shift their purchases to online as lock downs went into place and the more vulnerable were forced to stay inside.  Well, if you know about this at the beginning of the event, you can position yourself to become a big player in an industry.

Please note, price gouging is much different than positioning yourself advantageously in your niche.  We highly recommend AGAINST price gouging as this will most definitely hurt your business and it is illegal in most places.

Subscribe to business podcasts:

These are amazing for keeping you connected and in the know.  I can’t tell you how much you will learn from these. It is an opportunity to hear from experts in the field speak and give amazing advice on multiple aspects of business.   

Not only can you hear about new ideas and methods, it also is great for helping you stay motivated. If you want to be successful, you need to surround yourself with successful people.  

For busy people like us, podcasts are a great way to keep up to date.. So grab your phone and podcast it up in your car while driving and learn on the go!

Go to conventions

This is so extremely important.  Even more so for the introverts out there.  Every business owner faces different problems, and it can be overwhelming.  

Networking with people is crucial. You never know when a connection will yield big gains.  Some conventions are done online as well, but they are not as effective. It is highly recommended to google business conventions and plan your year around them.   

You never know when a partnership will create an industry leading product.

You’ve spent all of this energy making your store successful.  These things will help you keep it that way.

no credit card required.

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on email
Email
Daniel Radman
Daniel Radman

Leave a Comment