8 Business Tips for Entrepreneurs of All Stages
Hi, I’m Francie.
If you’re hanging here on the Founding Females blog, you’re aiming to start and build a strong business. That means, you’re my kind of people. Welcome! I hope you learn something here that will make you wildly successful.
8 Business Tips for Entrepreneurs of All Stages
The journey through entrepreneurship can have you feeling like popping the cork on a bottle of champagne, not giving a care as you spray bubbles around the room…
….or hiding under the covers for an entire day.
As an entrepreneur, you operate in a world of endless possibilities and uncertainties. To navigate this exciting adventure with the fewest bumps and bruises, here are some invaluable business tips to guide you through the any stage of building a business.
Let’s preview the 8 Essential Business Tips for Entrepreneurs of All Stages
1. Define Your Business Concept Clearly for Yourself and Why It Matters to Others
2. Grow Into the Person Capable of Building the Wildly Successful Business in Your Vision
3. Build a Solid Business Plan
4. Lean into Strong Financial Management
5. Build a Strong Online Presence that Guides Leads to Become Paying Customers
6. Cultivate a Strong Network of Relationships
7. Use Challenges to Develop Adaptability and Resilience
8. Develop an Obsessed Customer Focus
1. Define Your Business Concept Clearly for Yourself and Why It Matters to Others
Customer must have a compelling reason to buy. Conversion (or, the number of people who take an action) depends on it.
Many entrepreneurs feel like they started their business somewhere in the middle, because, well, they did. Before diving straight into building your online presence or marketing your offering, it’s important to first take a step back.
Most entrepreneurs jump feet first into opening new social media accounts and designing a brand.
Their process = Business idea > Tell a few friends > Build the website and open the social accounts.
While these are important preliminary steps to eventually opening your doors, there’s something more important to do first.
What should you do instead? First, get clear on your business concept and why it matters.
Do not skip this step! Clarity about your deeper motivation for starting a business will help you build a meaningful brand that serves customers well.
How to Clarify Your Business Idea
Be able to clearly articulate what your business stands for and the impact you aim to make. In entrepreneurship, we call this your “WHY” Simon Sinek is the master at guiding you to finding your WHY in his book, Start with Why.
Your WHY is essential for helping build a business around a bigger meaning. It will also help you through challenging seasons in business when it’s easy to wonder if all the hard work is worth it.
Asking yourself important questions, like those I listed in How to Start a Business: Step-by-Step Guide for Female Entrepreneurs, is the key to building a business vision with depth.
This foundational step will serve as a compass, guiding your decisions and actions throughout your entrepreneurial journey.
At the end of the day, customers love a business entrenched in meaning and are more likely to become raving, repeat customers when they grasp the context about why their purchase from you is important. When you get clear on why you’re building a business, you’ll be able to articulate that important purpose to customers through your marketing message.
2. Perform Thorough Market Research
As you embark on the business journey, it isn’t enough to rely on your limited vantage point.
You must grow into the person capable of building the wildly successful business in your heart. That includes good solid research before diving in.
Comprehensive market research is crucial for understanding your industry, target audience, and competitors. Identify market trends, customer needs, and potential gaps in the market.
How to perform market research for a new business
Performing market research means looking at your competitors, your industry, market trends, and how your target customers are currently meeting their needs.
Thorough market research will inform your business strategy and help you position your offering in a way that deeply resonates with the customers who are the best fit to buy from you.
Important questions to ask as you perform market research:
What trends are happening in the industry that will shape the way you build your business over the next 3-5 years?
What do your competitors’ offerings look like? Their brand? What’s the customer journey like?
How are your competitors uniquely competing? In other words, Is there anything giving them an advantage over similar businesses, such as strong vendor relationships, a key location, or years of experience?
Is there an opportunity to disrupt the industry by delivering the offering in a new way that makes getting results easier or more convenient? On a smaller scale, can you develop a competitive advantage over direct competitors in a way that differentiates your offering from theirs so that customers see your offering as enhanced among the competition?
Also remember there can be many alternatives customers can use to meet their needs. For example, if you’re a fitness coach who helps clients adopt a healthy lifestyle, your customer could be using workout classes, an at-home treadmill, or walking outside in nature as alternatives to your fitness app or 1:1 coaching.
Knowing what your customer is currently trying that isn’t working to achieve their goal is essential to creating a message that resonates and compels them to give your offering a chance.
3. Build a Solid Business Plan
Just as a clear vision and mission guides your business forward, a solid business plan takes the guesswork out of building your business. In essence, a solid business plan is a clear roadmap about how your business will function.
A well-crafted business plan is your roadmap to success. If you plan to pursue outside funding for your business, a thorough business plan is essential.
The sections of your comprehensive and complete business plan include:
Executive Summary (i.e. the summary of your business plan),
Company Description (i.e. the clear description you created in step #1) ,
Market Analysis (i.e. what you discovered in your market research),
Organization and Management (i.e. how your business will operate),
Marketing and Sales Initiatives (i.e. how you’ll get customers through your door),
Financial projections (i.e. how you’ll become profitable),
Your business goals (i.e. what you’re aiming for), and
Appendix, (i.e “extras” like charts and spreadsheets that back up the other sections of your business plan).
A strong business plan is critical if you plan to seek funding, but also provides you with a clear roadmap to follow as you work toward your objectives.
On the other hand, if you don’t plan to pursue outside funding, a single-page business plan could work just fine.
Snag that simple business plan template here:
Business Plan Template
And voila! Add your best email for instant access to the simple business plan template!
4. Lean into Strong Financial Management
Knowing your numbers – meaning, revenue coming in and expenses going out – is the lifeline of any profitable business.
If you don’t feel much like an accountant, that’s okay. I’m more of a “close enough” type person, so I get it. But having a really good grasp of what’s coming in and going out is vital to being profitable and leveraging cash for sustainability.
In the beginning, it’s important to research what it will cost to start your business so you have a realistic perspective about how much cash you really need up front.
But truthfully, that’s only half of your financial finesse. It typically takes new entrepreneurs longer than they expect to develop predictable revenue. Researching how much it will costs to keep your business’s doors open (without depending on incoming revenue) is a wise business move.
Knowing that the top reason businesses fail is because they run out of cash, it’s essential to prepare a healthy cushion of cash for your business throughout the first year.
Finally, maintaining a budget and keeping a close eye on cash inflow and outflow will help you keep enough to weather slower seasons in business and unexpected challenges.
Detailed records of your income and expenses, a realistic budget, and closely monitoring cash flow regularly is a non-negotiable skill for any business. Understanding your financial health will enable you to make wise business decisions and keep your business’s doors open in the long run.
5. Build a Strong Online Presence that Guides Leads to Become Paying Customers
A strong online presence marks your business with legitimacy, trust, and convenience in a world where customers depend on browsing online to make decisions about where to spend money.
Having a well-branded website that’s easy for customers to navigate and leads them through The Buying Cycle according to your marketing plan is essential.
Aside from a great website experience, the important elements of your online present depend on where your audience already spends time.
Social platforms, review sources (like Google and Yelp, or industry specific sources), and industry-related memberships all depend on your ideal client. (Don’t worry, I walk you through developing your ideal client in this detailed post: How to Start a Business: Step-by-Step Guide for Female Entrepreneurs) There’s little point in investing time and money into building and maintaining a presence if your audience won’t see it.
6. Cultivate a Strong Network of Relationships
The business of business is relationships. Building a strong network will do more for you than any other single effort in your business.
It’s easy to think the things you do matter most to a successful business, but that’s not true. Actually, it’s the people you know that can decide your business’s fate. Relationships are essential to growing a successful business. I’m not talking about the kind of relationships where you take someone’s business card and then hard sell them with 20 sales calls.
In fact, that’s not relationship building to me at all. Genuine relationships take genuine “I was thinking of you” kind of interactions where people feel seen and cared for.
Types of Business Relationships
There are two types of critical relationships: your community of peers and your team of experts.
Your Community of Peers
It’s true what they say: Your success depends on the people you spend time around. That’s why choosing your community carefully casts major influence on the outcome of your business. Since we know community is critical, we built The Founding Females Mastermind, a women’s mastermind group for female entrepreneurs. Inside, we demystify business best practices and uplift members to new levels of business success.
Whether you’re part of a local community or a business mastermind, be selective. Open dialogue where topics, like financials, aren’t taboo, is critical. In addition, be sure your peers are willing to share exactly what steps they took to reach new levels.
Your Team of Experts
Your team of experts aren’t peers necessarily. Rather, they’re experts who can guide you in their area of expertise. It’s important to build these relationships before you need them so each expert can guide you appropriately because they know you, your vision, and your goals.
Your business’s team of experts might contain any or all of the following:
Attorney
Banker
Insurance Agent
Accountant
Graphic Designer
Web Developer
Supplier
Business Coach
Marketing Expert
Mentor
HR Consultant
For a full review of how to build relationships, including what questions to ask when you interview each to be on your team, pick up a copy of the business book for female entrepeneurs I wrote: Dream, Build, Grow: A Female’s Step-by-Step Guide for How to Start a Business and flip to page Phase Three: Build, Step 1: Assemble Your A-Team on page 111 available on Amazon.
My Favorite Tip for Building Business Relationships
One of my favorite tips for building genuine relationships is to give first. When I meet someone new, I listen to them talk about their business while I think through ways I can serve them before they have to ask. I tuck those in the back of my mind and before the conversation is over, I ask them this: “What can I do for you?”
Usually people look a little shocked so I follow up with some ideas, like: “Who would be helpful for me to connect you with?” or “What type of customer is a good fit for you so I can keep my eyes out?”
Then, I genuinely deliver on my promise. I write an introduction email that same day or keep their ideal client on my radar until I come across that type of person.
People want to empower good people. The best way to do that is to show genuine interest in helping others and do what you say you’re going to do. Their gratitude will serve you well, and if it doesn’t? It’s okay to develop a reputation as someone with a big heart uplifting others.
7. Use Challenges to Develop Adaptability and Resilience
Many people I know are motivated to start a business so they can work from home and make money on their terms. I can definitely relate, but being an entrepreneur so is more dynamic than that.
The truth is, many times it feels easier to work for someone else. To follow their vision. To collect a check and benefits on a predictable 9-5 schedule.
Unforeseen challenges in small business are inevitable. You can’t predict every challenge in business, so you must become the person capable of handling challenge arises.
The character traits of adaptability and resilience don’t come easily. You must earn them by navigating hardship and collecting the wisdom. You can only refine those qualities with challenges. Navigating uncertainties isn’t possible without learning by trial and error.
As my YouTube Zumba instructor says, “Ego is not your amigo.”
The only way you can fail is if you quit. Otherwise, it’s all just an opportunity to learn and adjust your strategy.
8. Develop an Obsessed Customer Focus
I had a client once who ran her business as if her wants and needs were more important than customers’. It was hard to watch as the less-than-stellar reviews shoed this very clearly. I knew her focus on herself was the root of the issue.
Strong businesses grow from understanding customers’ needs sometimes better than they understand them themselves. Only when you have a deep understanding of how you meet their need and create transformation will you build a business new customers can’t wait to try and existing customers stay loyal to.
It’s easiest and least expensive to sell to the people who have already bought from you. That’s why it’s so easy for businesses to grow who understand their customers’ needs and deliver with an excellent experience. Retaining customers is one of the keys to success because they generate revenue on autopilot while singing your praises to new customers.
It’s true, I always preach to “build a business around your life and not a life around your business,” but that refers mostly to the systems you instill. Having an obsessive customer focus will carry your business far.
8 Business Tips for Entrepreneurs of All Stages Conclusion
Let’s recap the 8 essential business tips for entrepreneurs of all stages :
1. Define Your Business Concept Clearly for Yourself and Why It Matters to Others
2. Perform Thorough Market Research
3. Build a Solid Business Plan
4. Lean into Strong Financial Management
5. Build an Online Presence Based Around Your Ideal Client
6. Cultivate a Strong Network of Relationships
7. Use Challenges to Develop Adaptability and Resilience
8. Develop an Obsessed Customer Focus
The entrepreneurial journey is a thrilling adventure filled with learning opportunities. By defining your vision, conducting thorough research, building a solid plan, managing your finances effectively, establishing a strong online presence, cultivating a network, embracing adaptability, and putting customers first, you'll be better equipped to overcome challenges and create lasting success as a female entrepreneur.
Remember, resilience and a passion for your venture will be your greatest allies as you navigate the exciting and rewarding path of entrepreneurship.
SAVE THIS FOR LATER!
Female business resources
Dream, Build, Grow: A Female’s Step-by-Step Guide for How to Start a Business (with free access to the resource suite)
Hi, I’m Francie!
Nice to meet you. I’m the founder of Founding Females®. Some call me a business sage because I love to empower female entrepreneurs to breathe life into the business dreams God called them to.
After feeling like a misfit in the corporate world, I discovered a life I loved waking up to through business ownership.
I’m the author of Dream, Build, Grow: A Female’s Step-by-Step Guide for How to Start a Business, a guided journal helping hundreds of women start and grow their businesses.
I’m also a passionate entrepreneurship hype girl, female leader, public speaker, and community enthusiast.
My MBA and 10 years in a corporate career and in business ownership positioned me as an entrepreneurship educator with forward-thinking strategies for starting and growing successful businesses.
As a community leader, I realized other women could thrive with the right guidance and support. I created the Founding Females® Mastermind Community that provides a safe space for women to build better businesses.
I believe that anyone with a dream on their heart can pull up a seat to change the world through entrepreneurship. Looking to grow your own business? Click for info about how to work with me.
About Founding Females®
The mission of Founding Females® is to help build a better future for female entrepreneurs through education, encouragement, and shared wisdom. We create safe spaces for women to share business challenges and receive peer support.
In addition, Founding Females offers an online female business mastermind, a how-to guidebook for female entrepreneurs called Dream, Build, Grow: A Female’s Step-by-Step Guide for How to Start a Business, and in-person events, like an annual women’s business conference and local Founding Females Meet Ups.
This guide is based on 10 essential money mindset shifts important for female entrepreneurs to shine in business. Click to view…