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Tips for new entrepreneurs in 2020

Published Jan. 16, 2020

 

It’s not just a new year, it’s a new decade! If one of your new year’s resolutions is starting your first business, you’ll need all the help you can get! 

Here are some useful tips to get new entrepreneurs going:

 

  1. Do proper research and make sure you choose the right niche. Focus on solving one burning problem in an industry you know well. It doesn’t have to be complicated but you should clearly define your product or service and the goals you want to achieve. Make sure you have a viable idea before throwing everything you have into your venture. 
  2. Start a business that matches your skills, experiences and personality. You will have the knowledge and expertise in a business you’re passionate about. You will be more satisfied and dedicated in a business that matches who you are, what you believe in and what you want to achieve.  
  3. Get the basics right. This is the most fundamental part of starting a business. Make sure you research and establish your customers, develop a great product or service that beats your competition, write a great business plan and make sure you have your finances under control.
  4. Make sure you learn and understand all the facets of your business - everything from compliance to sales to finances. You should understand enough to hire or outsource the work without getting taken advantage of. Make sure you understand and implement the necessary measures to keep your business compliant. 
  5. Be aware of your competitors’ moves. This will help you stay ahead of the game. While you shouldn’t obsess over your competitors, analysing their business and its weaknesses will help you gain a competitive advantage. 
  6. Seek advice from people who have done this before. Find someone with the know-how and time to show you the business ropes. This will save you time and money and help you avoid unnecessary mistakes.
  7. Being determined can trump having degrees. Having determination is the number one trait you need to become a successful entrepreneur. You can have the finest education but if you are unable to overcome obstacles, you won’t be able to drive your business forward. By growing a thick skin and focusing on your goals, you can build a successful business. 
  8. Build your business for the longterm. You want to build a business that will last for years, offering great solutions to your customers’ problems. Don’t do it if you think you’re going to make a quick buck. Think about where you want your business to go and work out a way to get there. Setting measurable goals every year, five years and 10 years will help you maintain focus.
  9. Once you’ve hired the right team, focus on employee morale. Your employees want to feel appreciated, heard and know that they are part of a team. If your employees are happy and know what is expected of them, they will help you achieve your business goals.
  10. Focus on the needs of your customers - they are the most important part of your business. Listen to their needs and build longterm relationships with your customers and clients so they keep coming back. 
  11. Just do it - even if it’s not perfect. Don’t overthink and cloud your mind. Be willing to take the leap as a new entrepreneur and learn along the way, even when you make mistakes.  

 

Get your work-life balance right:

 

Starting and managing a new business can be all-consuming. If you keep your mind and body healthy and energised, you increase your chances of personal success. Prioritise balance by doing the following:

 

  1. Make time for yourself. This is essential to avoid burn-out and to recharge your batteries. 
  2. Spend time with friends and family. Make time for the people who are important to you.
  3. Sleep well. Avoid working until late at night and make a conscious effort to avoid your phone, emails and social media before going to bed. 
  4. Exercise regularly and eat healthily. This will ensure you are more productive and able to get tasks accomplished in time. If you focus on your health, you will have fewer sick days and more time for meaningful work.
  5. Set reasonable goals. Entrepreneurs often postpone life priorities because of the demands of their business. If you set realistic and feasible goals, you have a greater chance of achieving success, with time left over to nurture your relationships.  

 

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