1✅Tips. Build like the Romans
2✅Tips. Choose the right niche
3✅Tips. Solve a burning problem
4✅Tips. Obsess over customer needs
5✅Tips. Focus on profit instead of revenue
6✅Tips. Start with a narrow focus first and expand
7✅Tips. Focus on employee morale
8✅Tips. Always be aware of your competitors’ moves
1. Build like the Romans
The Colosseum dates back to 1949. It is still relatively intact for the most part. It was made with a stronger material than the concrete we use today. Its beauty is so stunning that many have traveled to Italy to see it in all its splendor. Romans used only the finest materials and imported rare marble from other nations to create things that would last.
Many entrepreneurs build businesses for the short-term, but there are others who do it long-term. Many entrepreneurs view a business as a way of making a few thousand more. They should instead be creating something that will last many years. It was founded in 578 AD. This makes it 1441 years young! It had an annual budget of $70 million before the merger. You should be able to build a business that leaves a lasting legacy by doing the same thing every day and making it better than others. You should be focusing on high-quality products, just like the Romans. And, like the Japanese, you should identify a niche.
⏩ 21+ Famous Buildings and Monuments Influenced by Roman Architecture
2. Choose the right niche
You might not be able to identify your target audience if you are too broad in your business. You might find that your niche is too narrow if you are too specific about a store selling barre class socks. There's also the seasonality aspect. If you are obsessed with Christmas, it is possible to start a Christmas business, but struggle to find customers in February.
If you sell maternity clothes, for example, women can only be pregnant for nine months. She won't likely shop at that store after she has children. When choosing a niche to focus on, make sure it's a popular one all year. It's also important to pick a niche that is popular, such as a fashion, beauty, or home decor topic with at least hundreds of thousand of monthly searches. Finally, avoid niches that are short-term. You won't be in a position to build an email list with these niches. Instead, try these unique business ideas!
⏩ How To Choose A Niche For Your Blog In 2022
3. Solve a burning problem
Most failed entrepreneurs can't answer the question of what problem they solved or it wasn't urgent enough. You don't have to solve a complicated problem like curing a illness. You can make it simple. For example, we provide entertainment to help people get over boredom. You must know what your business is trying to achieve. To help people understand your solutions, it's important to identify the burning problem that you are solving. If you are selling anti-snoring products, your ad should show the stress that snoring can cause to a person's sleeping patterns. Then, show your product as the solution that will allow them to rest through the night.
⏩ How To Solve Burning Problem Of Customers
4. Obsess over customer needs
Unmet needs are the leading cause of business conflict. Unmet customer needs can lead to frustration and cause customers to feel disappointed if they don't receive the product or service they expect. When it comes to customer relations, the most important tip is to empathize and understand your customer. It's much easier to understand their frustration and not take their insults personally when you can recognize it as their pain.
You will eventually find a solution that addresses their needs and makes them feel heard. This is a way to build a lasting relationship with them, even if they are upset by their first encounter with your brand.
⏩ Why Having a Customer Obsession Focus is Important?
5. Focus on profit instead of revenue
Many entrepreneurs are obsessed about revenue. They claim that they made $900,000. In just eight months. You can't help but wonder if they really thought that. Because if you dig deeper, profit is often more important than revenue.
Even if you make $900,000.000 in revenue, is it worth the effort if your profit after eight month is only $10,000? Is that sustainable? It is unlikely. You can make the shift from thinking about revenue to profit. You can reinvest more in your employees and business. You'll need to ensure that you have enough money to pamper yourself. Shopify offers a free Profit Margin Calculator that will help you make a profit.
⏩ Focus on Profit Instead of Revenue
6. Start with a narrow focus first and expand
Amazon wasn't the first all-purpose store. Amazon started out as a bookstore. As time passed, they expanded their business into toys and other products. This is how you build a broad business.
You can open a women's clothing store, for example. You might initially sell apparel. You can eventually expand your business into footwear, jewelry, fashion accessories, and beauty. You can also expand your reach into children's and men's fashion. Both types of online shops are compatible and make sense. You can also test one-product store designs before you open a larger website. First, it is important to build a loyal customer base and a large audience.
⏩ Narrow Your Focus To Expand Your Business
7. Focus on employee morale
You can open a women's clothing store, for example. You might initially sell apparel. You can eventually expand your business into footwear, jewelry, fashion accessories, and beauty. You can also expand your reach into children's and men's fashion. Both types of online shops are compatible and make sense. You can also test one-product store designs before you open a larger website. First, it is important to build a loyal customer base and a large audience.
My best boss ever told me once that making her employees happy was the key to building productive teams. It was true. Every day we celebrated something. My last day was the hardest. I cried so hard because I couldn't bear to leave. I left my university part-time job to gain more marketing experience. It was eight years ago that I held this role and I still keep in touch with my coworkers. This is how lasting the impact of employee motivation can be. It's often the thing that entrepreneurs neglect to pay attention to. First-time entrepreneurs often try to be a boss. No employee would want one of these. Employees want to feel valued, heard, and that they are on the right path. You'll find your team performance dropping if you constantly criticize others for doing things their way. When it comes to managing employees, the most important tip is to make them happy. You'll find that they will be more open to helping you achieve your company's goals.
⏩ 15 Effective Ways to Boost Employee Morale
8. Always be aware of your competitors’ moves
To stay at the top, your competitors will always attempt to take you down. You don't need to obsess about your competition, but you should be aware of their activities so that you can keep up with the rest of the pack.
- What products and services are they offering?
- How do they market the brand?
- What price do they set for their products?
- What are their customer service practices?
To be competitive, you need to learn every detail from the beginning. You can place a greater emphasis on customer service if they have a great product, but poor customer service. It is important to identify their weaknesses and turn them into your strengths while still offering a wide range of products and services for your customers. Don't get too obsessed with the day-to-day activities of your competitors. Your customers and employees should be your obsession. You'll be a success if you make these two groups happy.
7 Ways to Better Understand Your Competitors
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