Hey there!
Lately, I’ve been seeing a lot of posts from people eager to start their own ventures but feeling lost in the maze of doubts. And hey, I get it.
Business isn’t just about big ideas. It’s about execution, survival, and, most importantly, profits.
But why should you listen to me?
Well, I know someone who has been running a profitable business for 12 years now. It’s not a massive crore-generating empire, but it pays well enough for the person to live comfortably in a Tier 1 city.
Alright, let’s dive into some no-nonsense business tips that could save you from a lot of headaches down the road.
📌 Profit is king (and queen)
No matter how fancy your office is, how sleek your branding looks, or how much buzz you generate, if you aren’t making a profit, you’re running a charity, not a business.
You can sit in a high-rise office, sipping artisanal coffee, surrounded by a team of impeccably dressed employees, and still make zero profits.
Or, you can work from a tiny rented space with a no-frills team and still have cash flowing in. Guess which one is sustainable?
Tip:
Track your profits weekly, not just monthly. A simple habit like checking your net margin every Friday can help you spot trouble before it snowballs.
Many businesses fail because they realize too late that their profit margins are shrinking.At the end of the month, profits solve all problems: rent, salaries, expansion, and even peace of mind.
2. Sell first, Build later
Most new entrepreneurs make the mistake of pouring money into a product without knowing if anyone actually wants it.
An entrepreneur started a business with just ₹15,000 after dropping out of engineering in 2013.
Her first deal? A ₹10,000 profit. But the actual deal is she had a customer before she even had the product in hand. That’s the way to do it.
Creating a product is easy. Selling it? That’s the real game. So, before you stock up on inventory or spend months perfecting a service, secure a few customers first.
How?
Test demand, take pre-orders, or gauge interest with a simple landing page, whatever it takes to make sure people actually want what you’re selling before you invest a fortune into it.3. Always get new customers (or risk being stuck)
Imagine having just three big clients who bring in most of your revenue. Sounds great, right? Wrong.
This means those clients control you. They dictate terms, demand discounts, and hold all the power. Never let that happen.
Always keep a steady inflow of new customers. This way, you’re never desperate, and you can afford to let go of bad clients without panicking about your bottom line.
Also, diversify your revenue streams. Relying on a handful of clients is risky, but so is depending on a single product or service. Expand your offerings, tap into different markets, and ensure multiple cash flows. If one source dries up, your business still thrives.
4. Listen more than you talk
New business owners often fall into the trap of thinking they know what customers need. Big mistake.
Your job isn’t to guess what people want; it’s to ask and observe. Your best product ideas will come directly from customer feedback, not from your imagination.
Fun fact:
McDonald’s never planned to sell fries with their burgers initially. Customers kept asking for a side, and boom - the best-selling fast-food combo was born.5. Find a mentor (and ignore some of their advice)
A good mentor can shave years off your learning curve. Many entrepreneurs regret not finding one early on. A great mentor will help you dodge common pitfalls, introduce you to valuable connections, and give you the push you need at the right time.
But not all advice is golden. Even the best mentors get things wrong sometimes.
So, take what anyone says (including me) with a pinch of salt. Learn, analyze, and trust your gut.
Bonus Tip:
Don’t just rely on one mentor, build a network of experienced people in different fields. A finance expert, a marketing guru, and a product strategist will each offer different insights that can help you make well-rounded decisions.So, that’s it for today. If you enjoyed this edition, subscribe to hear from us every day!
See ya 👋
