7 tips that new business owners need to know

Image by Phuc Hoang from Pixabay

By Henry Brown

Comparing the 21st century to the previous century, a lot has changed in the business world. While there used to be major barriers to entry in order to open up a business, these huge investments such as large amounts of capital, product, and location can all be a thing of the past. The internet has proven that you don’t need to be location dependent, you don’t need to just sell a product, and you don’t need to be confined in order to create a successful business.

While it’s so much easier to create a business, that doesn’t automatically mean that it’s going to be successful. Here are some tips you simply cannot forget if you’re a brand new business owner or someone who’s aspiring to be a business owner.

Create a business you’re going to be passionate about

One reason why so many businesses die out so fast is due to a lack of passion. You can have a reason why you’re starting a business, but why are you doing it? Are you passionate about it? There is more than enough advice online about business ideas. You’ll find plenty on TikTok, YouTube, Pinterest, and other blogs.

But If you’re not passionate about the business you’re starting then how can you expect to have the drive to work on it? No passion for the business means no drive, and this is the exact reason why businesses fail. It all starts with a business idea, but it still goes further than that.

Try to not compare yourself

It’s natural having the need to compare yourself, it’s something that everybody does. Comparing yourself can sometimes be a nice way to get yourself motivated or even a way to find a role model or mentor. But there isn’t any need to know the net worth of Kamala Harris, Kim Kardashian, or even some of your competitors. It can be okay to compare yourself in moderation, but you have to keep in mind that you should never compare the beginning of your journey to someone’s middle.

Surround yourself with people that challenge you

When it comes to starting a business, you’re going to want to share your ideas with loved ones, colleagues, or anyone you think had a similar mindset to you. This can extend further to asking for advice, or needing a listening ear. There are pros and cons to this, you’re getting help from your support system but there can be cons to this. When it comes to talking to people about your business, you should talk to people who will challenge you.

Who will tell you what’s a good idea or what’s not? It’s better to have an open and honest opinion from someone. You need to know where the landmines are for your business. So if you’re going to share your thoughts and ideas for your business, make sure you find someone who will challenge you.

Think about the customer

The customer can drastically change your business, do not underestimate them and their power. Unfortunately, a lot of businesses, even new businesses think they can just walk all over the customer. You cannot do this. While you should stand your ground if the customer is genuinely being rude, harmful, or just plain wrong but you shouldn’t take advantage of them.

There are more than enough businesses that are simply dying because they continuously keep mistreating their customer base. Customers can leave reviews, tell others not to buy from you, and try out other methods to share their bad experiences. If you want to ensure that your reputation is safe for a business, then by all means you cannot take advantage of the customers.  So make sure that you’re thinking about your customer every step of the way in your business. The loyalty that a customer gives is unbeatable.

Your competitors don’t need to be the enemy

Your competitors should keep you on your toes but there doesn’t need to be a rivalry like Coke and Pepsi. It’s the competitors who are going to inspire you to do better every day. Believe it or not, you can be friends with your competitors. It’s like having a common alliance. Plus, no matter if you and your competitors sell the same product or service because niching is going to be the way to get different customers.

Competitors tend to have the same strengths and weaknesses, but it’s also great to talk about these and solutions.  So why not just reinvent yourself, and learn that not all competitors need to be your enemy.

Get to know your suppliers

If you’re planning on starting a business that entails needing supplies, then this is a tip for you. No matter what industry your business is in, you need to establish a solid bond with those that will contribute to your business. This includes customers, your employees, and you certainly cannot forget your suppliers either. You have to talk to your competitors, get to know them.

Suppliers can and will look out for their customers. They’ll be able to produce or find exactly what you mean. But this does mean you have to treat them with the utmost respect and stay open with them. Having a strong connection will take you a long way when it comes to being a business owner, you cannot forget that.

Don’t be afraid to get out there

Overall, when it comes to owning a business, you need to be brave about getting your brand known. Sure, this can be completely intimidating but you have to be brave about it. Be proud that you’re a business owner, be proud that you’re taking your idea and shaping it into something real. Be proud of it, and show that you have confidence. So don’t think about what others think of your brand, wear your business with pride.

Just go out there and look into the different ways that you can market your brand. Be creative with it, have some fun with it, and make sure your marketing strategy, reflects the confidence that you have in it.


Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.

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