A business is an exceptional way to have fulfillment, financial independence, and a positive influence on the world. It takes hard work and sacrifice to build your business, as any successful entrepreneur can tell you.
Before they succeed, most entrepreneurs have to endure many years of failure, frustration, and learning from their mistakes. Most want to be entrepreneurs see the path to success as a straight line but it has its humps and hollows.
You need to know why you want to have your own business as this will keep you going until you succeed!
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31 Free Business Building Lessons
It’s not easy to build a business that is successful. But, it’s good to know that there are easier ways to go about it. Tony Robbins, a business strategist, and life coach, often states that “success leaves clues.”
Entrepreneurs don’t have to learn everything from their own mistakes. There are always people and companies you can learn from, no matter where you are at in your business.
I have had the pleasure of learning from many entrepreneurs around the globe over the last few years. These entrepreneurs generously shared their knowledge to help entrepreneurs and creators of online courses succeed, whether it was through blog posts or YouTube videos.
I sifted through all these lessons and decided to select some of my most valuable advice and share them here.
I hope this advice can help you find some direction and avoid costly mistakes, as you create a business that has a positive impact on the world.
Top 31 Business Building Lessons from Successful Entrepreneurs:
1. Survey what your Audience is Interested in
The most important phase of your pre-work is surveying your audience. Next, “run a pilot to gauge demand and make sure you are providing relevant and valuable information. This will help you create a product that people really want.” – Dorie Clark!
2. Serve Your Existing Customers Better
“Look at who you have attracted. You can even look at the people who have purchased from you. If you have a list of at least 5,000 people, don’t focus on growing your email list. Instead, create new content for those you have already attracted. What product or program will they be looking for next? You can build a campaign by creating products for them. Each program builds on the previous.
I have three core programs in my product suite. It allows me to continue to support my audience while growing my revenue.” Amy Porterfield!
3. Use Feedback from Customers to Improve and Develop
“No one is perfect. At some point, you have to decide what you’re going to do and then adjust based on your feedback. It’s not a good idea to wait until your product is perfect before you launch. You want to launch. Once you have that initial feedback, you can tweak and change.” – James Altucher!
4. Build a community around your business, use Facebook Groups
“Our Facebook group is more than a group. It’s a community. We have organically grown it from less than 20,000 members to over 20,000 in just less than a year. We celebrate other women frequently, I promote others, and we truly value collaboration over competition.” – Dana Malstaff!
5. Brand your Business for Market Appeal to Target your Audience
“Understanding who you are, what you stand for and your market is key to creating a great brand. How do you create the right perception to appeal to your target market?” – Perez!
6. Create Useful Content to Show Your Audience You Care
“Think about your community. Be consistent and write content that is helpful to the people. You will build a tribe that is so ready and willing to become customers of yours forever” – Sunny Lenarduzzi!
7. Don’t Try to Appeal to Everyone
“You don’t need to appeal to everyone, but if you can reach a few people who believe in your content and find value in it, then they will be more likely to share that content with others.” – Braun Adam!
8. Share Your Personal Story to Build Relationships
Your personal story can be a powerful way to build stronger relationships with others.
We often fear that being open and vulnerable will make us look bad, but the reality is quite different. We become more human when we are open to sharing parts of ourselves. This is what ties us together, our similarities.
You need to share your story if you want to build connections with tribes, engage with groups, and make new friends.
Marketing your business effectively is about showing your target audience you are interested in them.
Show your audience that you understand them. Make sure they know that you can help solve their problems.
10. Reinvest Your Revenue
To reach more people and scale your business faster, you can reinvest your revenue.
Jeanine Blackwell said, “I explore FB ads to direct prospects to a webinar landing page and that helped me to grow a list of audiences. I reinvested the revenue from Day 1’s webinar into additional ad spending on Day 2. This very quickly increased my marketing efforts and grew my list in my first launch.”
11. It is good to have competition
It shows that people want what you have to offer.
“Do not be afraid to compete. Their existence is proof that there is a demand for the solution or problem you are trying to solve. Look for the competition.” – Greg Smith!
12. Do not try to use all marketing channels at once
“Start with one or two main channels of communication and publishing that you can communicate with your audience with. You can experiment with other channels that people use. These could include Snapchat Lives and Instagram Stories. You can also layer on additional ways to reach new audiences, such as guest interviews, strategic partnerships, and Facebook ads. Keep it simple, and people should always return to the main channels.” Anne Samoilov!
13. Focus on Helping not Just the Sale
Do not just focus on securing the sale. Your customers’ success is your focus.
Unsworth Nick said, “We don’t make selling stuff a priority. Care about people and show how unique you are.”
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14. Not all Things will Work for You
It may work for someone else, but it doesn’t necessarily mean that it will work for me.
Ask more questions, always. My audience has been more engaged and sales have increased when I ignored traditional advice and focused on the key questions of my audience’s needs, rather than re-creating systems used by others. This would be a great opportunity to surprise your audience.
15. Build systems and hire people until your business can operate without you
Make the most of your time by paying more attention to things that will give you a brighter tomorrow. Create a task list that will move you towards success every day.
16. Attend the school of hard knocks
There are two ways a person can learn about something they didn’t know. They learn the hard way. In the entrepreneurial world, that is called the school of hard knocks.
Or the easy way! Mentoring, training, and sharing knowledge are the only way to make it happen and it’s quicker.
Instead of trying to reinvent the wheel or figure out the most costly, time-consuming, and expensive way to do things, people who are skilled or knowledgeable have the option to mentor, train, or share their knowledge with others.
17. Clarify your idea
What problem are you trying to solve? From start to finish, outline how your company will operate from the user’s point of view. Next, describe what you must do to make that a reality for your company.
Make sure your strategies are as specific as possible and don’t incur a lot of money. There are likely to be a few holes in your initial strategy. You will need to solve these before spending any money.
18. Do your market research
Talk to people in your target market about your vision. Listen to their feedback and identify patterns. While your concept may make perfect sense in your head, it might not make sense for customers. They won’t usually give you the money you want if they don’t get it or see the value.
19. Create a Roadmap
Create a map for your company. Map out each screen of your app or Internet business idea. What are the buttons and where can they take you? Which type of copy will you do? What graphics are you going to need? You will need detailed drawings and maps for any brick-and-mortar stores or physical products before you can further develop your idea.
You can do this with programs such as Photoshop, or you can do it using paper and pencil. By doing this you will discover new ideas and issues that will help you improve your idea.
20. Do a competitive analysis
Do you know of any companies that are using the same business model? How do they structure their company or their service? What are the current companies in your industry? How does your company differ from them?
You should do as much research as possible and then use that information to propel your idea forward.
21. Learn from the Best
Even though you may not have attended business school, you can still benefit from the best. Udemy offers low-cost or even free resources that allow you to learn more about business and entrepreneurship. This can cut down on the time it takes to develop your skills. Or you can join a community where you can learn and apply practical lessons to build your business.
22. Start leveraging social networks
You can build your social network without spending thousands of dollars. Encourage your family and friends to join your social networks and keep them informed about your progress.
Offer them promo codes or incentives for your next product. It can be a great way to drive initial sales if you already have a following, even one that is small.
23. Meet other entrepreneurs
Tell people about your venture. If they are interested in the idea, get them excited and ask for their support. Once you have a clear direction, you can create an advisory board with five to seven other entrepreneurs who are successful in the same space. Learn to network your way to success.
In exchange for strategy, advice, and connections, you can give a percentage point or two of your equity.
24. Find a mentor
Mentorship is one of the best assets in entrepreneurship. Mentors should be someone you admire who has achieved the same level of success as you or which you desire.
25. Use a professionally designed logo
A logo is a part of your branding. It will not be your most important step but it will be a powerful symbol of your progress and may motivate you to take further action. LogoNerds.com is my favorite logo design service. You can create a solid logo for as low as $27.
26. Create a sales funnel
A sales funnel is the first step to growing your business quickly. It can automate your business. Obviously, there is some work at the front end but it’s easy to get there once these processes are in place.
Frasier states that each sales funnel must be well-thought-out before you can create it. First, consider the different funnels. It doesn’t matter if you’re offering free shipping or high-ticket coaching. Your automated selling machine will help you scale your business quickly.
27. Utilize a Customer Management System (CMS)
It is difficult to manually track transactions. As your business grows, it becomes complicated. A customer management system is a great way to scale up quickly.
There are many options, though it depends on what your job entails. You can explore SalesForce among many others.
Quickbooks can assist you with accounting. InfusionSoft also offers sales and marketing support. There are many CMS systems available, and most integrate with cloud-based services. You can find the one that works best for you and then use it.
28. Find out about the competition
If you want to make your offer known to the masses and go to market, it is important to do some research on the competition. Frasier said he uses two platforms for his research. Similar Web is the first. AdBeat is the other.
Both provide competitive intelligence. This is your chance to incorporate x-ray lenses in all landing pages, ad copy, and other stages.
This will allow you to discover any advertiser’s online strategy. You can then find the longest-running ads and copy them. This is the fastest way to scale any business. It’s possible that it will work for you if it’s been proven to work for other businesses.
29. You can create a loyalty program for customers
Loyalty programs can be a great way to increase sales. It can cost up to three times as much to acquire new customers as it does to sell to an existing customer. This number could be four to ten times higher, according to other resources. However, it is costly to acquire new customers. Put a care plan in place to look after your existing customers and subscribers.
A customer loyalty program could also help you to attract new customers. It will pay off long-term if there is a clear incentive for customers to spend more with you.
Your sales will skyrocket if you create a loyalty program that is attractive and easily accessible to existing customers.
30. Find new opportunities
Understanding your customer base will help you identify new business opportunities. Mastering everything, from your distribution channels to your direct competition, and even an analysis of foreign markets and potential industries is key.
With the right amount of analysis, there are many new opportunities that you can pursue.
Building an email list is one of the best ways to quickly grow your business. This means that you must have a lead magnet. Without a lead magnet, why would anyone subscribe to your mailing list?
A lead magnet is the first step in creating a sales funnel. For building and managing your mailing list, you can look into companies such as Aweber, MailerLite, ConstantContact, and ConvertKit. Create a sales funnel.
These are not all the tasks that you will need to accomplish to achieve the success you desire in your business, but they are powerful and essential things that don’t cost a lot of money upfront. You’ll be on your way if you focus on these lessons before spending more. If you can tick off half of these tasks you will be well on your way to success.
If this has helped you in your research, I would love you to leave a comment, or a like and share. Don’t be shy, tell me what you think!
Thanks for visiting.