10 Business Tips Every Entrepreneur Needs To Know

After working several years in the corporate world in countries like Germany, Finland and UK I decided that it is time for a change in my life. In 2009 a trip to Tokyo inspired me to start my first business and to become an entrepreneur in Warsaw, Poland. In 2011 my first business started.

Oh boy what a great journey. It was easier said than done. Anyway – now I have something to share with you.

These are helpful tips for your business which I have learned though great success and several mistakes:

1)   Understand your market

You have an idea. Whatever the idea is -> do your homework.

This means you should carefully look into the market and check your competition.

This does not mean that you should be afraid of them. No, this simply means that you should know what they offer, at which price and how they do business. Analyse their positioning in the market and their key differentiation factors (we will look into this more carefully in Tip 5). After you have done this go one step further. Look outside of your own territory and do some research in other countries. Often you find there interesting learnings and inspirations for your own business idea.

My hint here is to look really carefully and don’t give up if you find nothing or too little. I always found the right insights when I really went the extra mile.

Become an expert in what you do.

2)   Invest in a great team

Let's move to some key success factors. One of them is to have a great team. Obvious you will say now but it's not so obvious as you might think. There are several key factors and steps when building a successful team. Here what I think is most important.

a)    Select people that want to work and don’t have to because they simply want to pay their bills. Those who want will work better and with more passion

b)   Treat your workers like your clients. Ask what they need in order to do their work in the best possible way. Support them and remember what they asked you to do. Don't let them don't so they will not let you down.

c)    Listen to them carefully. Whenever and wherever. They have a lot to tell you. Ask questions to understand how to improve or optimize something.

d)   Focus more on complements than critics, everybody likes a small compliment. Try it.

e)   Explain to them why they are a team member and why they are important. Why they should think about colleges and clients.

f)     Work with them. Share a shift together. Understand their challenges and gain trust to build success.

g)    TEAMWORK – is the key to success. Work by this philosophy.

Once you have all this in place please keep in mind to have regular team meetings where you discuss, what has happened and what is going to happen. Talk short terms and also discuss long term goals. This will make your team feel more involved, proud and responsible.

Teamwork. Teamwork. Teamwork.

3)   Calculate to avoid depression

Do you think you know how much your business idea will cost you? Are you sure you really know? Prepare a simple excel sheet and put every detail in it. I know this is difficult for some people but do it.

Calculate all things that you need to start your business. After that make a list of monthly fixed costs and variable costs. Now think about Marketing. How will you market your business and how will you attract clients? Don’t sit and wait for customers (more about this topic later). Add this cost as well as you have to grow your business in order to pay all bills and live from it. 

It is important to be honest with yourself because otherwise you will face many problems in your business and especially private life.

Last but not least I highly recommend to have a cash BUFFER. Opening a business is never easy and your goal should be not to close within the first 6-12 months. Thats why I recommend to have some case on the side which you will definitely need.

Trust me – you plan, you prepare but running your own business means you will always face surprises and challenges, positive and negative – this will include financial challenges – especially in the beginning.

Numbers don't lie!

4)   Set milestones and go, do, move, create

It is very simple. Have a PLAN for your business with milestones.

Write down what you want to achieve by when. Now a few important thing. In case something takes longer than expected. Don't worry this is normal. Some things go easier and faster and some take more time.

Do not stand still at any time.

Create promotions, write posts, articles and never stop doing this even if you are tired and your business is having difficulties.

Only the one who continues to push will achieve great things. In case you are not active you will go down. Other factors play some role here as well but never show anybody outside that it is difficult inside.

Always have a plan A, B and C.

5)   Differentiate – go with the flow and offer something different

If you want to be seen – stand out.

Now, how to stand out? 

It's not easy but it‘s also no rocket science. What you need is not money but ideas. If you do your homework well which I described in number 1) you will have it easier.

So find something that is interesting and of value to others this is how you can be recognized and remembered. Don't become just another hair dresser. Become the hair dresser with something new or special, something that others don't have. Offer different customer experiences, offer different values that will meet your customers needs. If they are not in need sometimes you need to create the need.

Besides being different please remember to offer something simple and wanted in your business. Don't just rely on innovation or differentiation. If you become a hairdresser with a super differentiation please remember that people still come to you to get a hair cut.

Show that you are different.

6)   Invest in your appearance,

I mean the look and feel of your company and brand.

Invest in a solid look which means a good and authentic logo, the right color and a powerful slogan. Besides having a great product you are trying to sell your appearance is one oft he most important things for your business and it will help you to earn money and to grow.

In practice this means to select every details very wisely. For example your copy text or slogan. They matter because the way how you describe yourself is how people will see you. 

One tip – select 3 strong words that describe your business the best and use them in all your communication – Look at other brands all oft hem have slogans. Here some examples.

As in real life – the first impression matters and is often a key indicator for peoples decisions and actions. Ask yourself how you would expect something to be or look if you were not the business owner but the customer. How should things appear to you or be?

Does it look good compared to your competition? If you are not sure ask about peoples opinions. Don't be afraid. You are not opening the business for you but for the people there. Listen to them.

Build your brand.

7)   Tell a story

People like stories.

You’ve heard that storytelling is important in business, and in life. That it’s a powerful tool that has lasting impact. But why is that? And how can you become better at it?

In a study at Princeton University, scientists found that, when you listen to a well-told story, the parts of your brain that respond are those that would if you were inside the story.

So somebody talks about the smell of roasting coffee and your olfactory cortex lights up. They tell you about grabbing a pencil and your motor cortex responds–specifically, the part associated with hand movement.

So tell people what your mission is, why you do it and how you will do it. Communicate it openly and you will soon have people repeating your story to others. In addition you will create a fan base because people like to identify themselves with something if it sounds right.

Go and tell your story.

8)   Network, talk and smile you have nothing to loose

Be proud, be positive when you open your business. Don‘t hide when is become difficult.

The more people know about your business the higher the chance that somebody will recommend you or contact you to do some business.

You have nothing to loose by approaching people and talking tot hem. You loose more when you do not talk to them. Think about it. Overcome your personal EGO. Smile and talk.

 I recommend you to read the book ?How to win friends and influence people“ by Dale Carnegie. It will help you when networking with people. This book is simple yet powerful.

Smile, listen, listen, listen, talk and treat people special.

9)   Be patient

Last but not least – I want to talk to you about time. Do you know how long it takes to start earning money from your business?

 Well here is the thing. It will take longer than you think.

Of course you will have a plan, do all the above but still – running your own business successfully nearly always takes longer than you estimate. This is not wrong or bad. It is life as an entrepreneur. Be prepared that you have to be patient.

What helps in such situations when you loose hope and faith? My recommendation is to accept the present and make the most of now, oft he moment. In life there are many situations when you cant change certain things because they are not depended on you. Accept them and move on. Keep going. All will fall into pieces.

If you are interested to understand this here is another amazing book ?The Power of Now“ by Eckart Tolle .

Take a deep breath and relax.

10) Create a system

Well this one was a hard nut to crack for me and you might understand why but it turned out that I was totally wrong.

When opening my business I said to may self we will not be like a cooperate company or like a franchise. What I learned in the last year is that I was wrong.

The reason companies succeed is because they implement systematic approaches to every work step and area. This means that everything is planned, described and documented. Yes everything. You might think that this is not needed. Well this is correct in case you want to do all the work by yourself because you are the one who knows all the best and in every details. Don't expect this from your workers – sorry but your workers don't own the business. They work for you and they will do what you tell them to do. So in case you want your business one day to run alone so that you can enjoy a day of or some holiday. Please work on your system.

• How do I open a retail store - step by step? 
• What is needed at an event? 
• How to prepare a delivery?

Create checklists and manuals!

After several years I have learn this and I was able to change my private life. Now I have time for work, family and friends.

Creating a system gives you a Work-Life balance.

The end... I hope you find this list of tips useful. Some things might be obvious for you but please keep in mind. When you start your own business you will have a lot of stress. That's why I recommend to treat this list as a checklist and reminder.

P.S. NEVER GIVE UP!

About Me – I am a passioned person and Marketeer. I love everything that is linked to Marketing, Brand and Strategy. This is my passion and I can talk about those topics for hours. In case you need some advise. Feel free to contact me. I am here to help or share with you my opinion and learnings based on real life experiences. The businesses I opened and successfully sold were Asphalt Bikes - A lifestyle Custom Bicycle and Street fashion retail and online store. Sok Bar a Juice Bar concept with fresh salads and healthy snacks. Poland's first sneaker event Warsaw Sneaker Market. Currently I work at PICSANE. We create unique photo and video experiences for event and brand activations. Here I help to grow and enter the german market.