Starting a small business takes more than just a brilliant idea. It requires a clear strategy, resilience, and a willingness to learn from those who have walked the path before you. Harpreet Kaur won BBC’s The Apprentice in 2022 and has spent over a decade building successful companies.
In our recent live online business clinic, Harpreet shared the top tips she’s learnt during her entrepreneurial journey.
If you want to accelerate your growth and launch with confidence, learning from experienced founders is a smart move. Here are five practical tips from Harpreet to help you navigate the complex world of business.
1. Test your ideas before you invest
Clarity rarely comes from just sitting and thinking about your business plan. You need to validate your ideas in the real world before you spend any money – which Harpreet learned when launching her recent matchmaking business, IntroYou.
She noticed a problem in the dating market and sent out a simple survey to gauge interest. Over 700 people replied within the first 24 hours. This massive response helped her pinpoint exactly what her target audience wanted.
You don’t need a perfect product from day one. You can launch a minimum viable product to gather feedback and refine your offering.
Harpreet’s pro trip? Make sure you ask strangers for their honest opinions, rather than relying on family and friends who might tell you what you want to hear.
2. Realise there’s no magic wand
Social media can easily trick you into thinking success happens overnight. But a single viral video or a big television appearance won’t magically solve all your business problems. Harpreet says that even after six million people watched her win The Apprentice, business eventually returned to normal.
You have to consistently identify your target audience and find reliable ways to reach them. Relying on a single marketing channel is a huge risk for any startup. If a social media platform changes its rules or fee structure, your entire financial model could collapse.
Look for alternative ways into your market, like business-to-business sales or local partnerships. Building a robust network means you can sustain your growth long after any initial hype fades away.
3. Pay close attention to your margins
It’s easy to get distracted by high revenue figures and flashy sales numbers. But the money you actually keep at the end of the day is what matters most. Harpreet admits that ignoring profit margins was a mistake she made in her early years.
You also need to factor in platform fees, commissions, and VAT. Costs change constantly, and it isn’t always easy to pass those increases onto your customers. Building a strong margin protects your business when the market fluctuates.
Need to work out your profit margin? Use our free calculator to find out yours.
4. Protect your biggest asset
Remember, you’re the most important part of your business. Running a startup takes a huge amount of energy, and failing to protect your wellbeing can lead to burnout. If you run yourself into the ground, you won’t be able to operate at the capacity your business needs.
Make sure you give yourself the time and space to step back and think – Harpreet says her best ideas often come when she’s on holiday and relaxing in a swimming pool. Removing yourself from the daily grind can allow your creativity to take over.
5. Build your own boardroom
The people around you shape the decisions you make. When you’re looking for advice on a specific issue, make sure the person you’re talking to is qualified to give it. Asking a family member for accounting advice is an easy route – but it rarely gives the best results.
Harpreet says we often seek validation because we want someone to tell us our idea is brilliant. But you actually need different perspectives and people who’ll challenge your thinking. Constructive criticism helps you refine your strategy and spot potential flaws early.
Surround yourself with a network of seasoned mentors and industry experts. Access to this kind of guidance reduces the learning curve and provides the real-world insights your business needs to thrive.
Take the next step in your startup journey
Building a business from the ground up requires patience, smart choices, and the courage to make mistakes. Implementing these practical tips could save you time, money, and frustration as you navigate your early stages.
Remember to test your ideas thoroughly and lean on your mentor network when you need support. If you stay unapologetic about your mission, you’ll give your startup the best possible chance of long-term success.
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