Lesson 1: Look for Gaps in the Market

Every strong business begins with an opportunity. That doesn’t just mean spotting what’s missing on your local high street - sometimes the best ideas come from looking abroad or watching wider consumer trends.

Entrepreneur Matteo Larghi discovered matcha tea during a trip to Japan in 2006. Seeing its growing popularity overseas, he launched a matcha café in Bali that catered to international tourists. Later, during the pandemic, he pivoted to e-commerce and eventually launched Matchakin back in Italy, focusing on online sales for home consumption.

Secret to success: Identify trends early, build a strong online presence, and adapt quickly when customer behavior shifts.

Lesson 2: Pay for Good Advice

Running your own business doesn’t mean going it alone. One of the smartest investments you can make early on is professional advice — whether from a lawyer, accountant, or broker.

Serial entrepreneur Richard Tomkins, who bought Fine Scottish Hampers through BusinessesForSale.com, admits he learned this lesson the hard way. “I’d have happily paid someone $1,000 up front to warn me about potential problems, which could have ended up saving me $10,000 further down the line,” he says. From stock valuations to domain names, the details matter - and trained eyes can save you costly mistakes.

Secret to success: Don’t skimp on due diligence. Paying for expert help today can prevent expensive setbacks tomorrow.

Lesson 3: Market with Precision

Small businesses don’t have the marketing budgets of big corporations, but they can still outsmart them with sharper targeting.

When Nathalie Sanfacon and her husband Martin bought Upper Clements Cottages in Nova Scotia, Canada, they faced competition from Airbnb. Their answer was to zero in on the channels that brought the most results, like provincial tourism sites and local partnerships. They even advertised at electric vehicle charging stations to reach travelers.

For many, that kind of focus means investing in SEO or experimenting with AI-driven search tools. Whatever the method, the key is to spend strategically where your customers actually are.

Secret to success: Use data to guide your marketing, build local connections, and plan ahead for digital shifts.

Lesson 4: Choose a Business That Fits Your Life

Passion is useful, but practicality matters more. The best businesses aren’t always glamorous - think laundromats or vending machines. What’s important is finding a model that suits your skills, personality, and lifestyle.

Kerry and Jason Craddock built Party Bag World, an e-commerce business that supplied custom party bags to hotels, play centers, and even McDonald’s. Running the company online gave them flexibility while raising their children. “Be really adaptable and open to changes,” Kerry advises. “We never thought we’d go wholesale, but when the chance came, we took it. And always listen to your accountant!”

Secret to success: Pick a business model that works with your life, not against it.

Lesson 5: Build a Culture That Outlasts You

Once your business is stable, the next step is to build a team that can thrive without constant oversight. That means creating a strong, positive workplace culture.

Pierre-Charles Tardif, who owns several McDonald’s restaurants in Montreal, believes trust is key. “The first challenge was to build confidence in each other - and it has to go both ways,” he says. He spends time getting to know staff personally and encourages a culture of fun, even during tough shifts. “When your people feel valued,” he explains, “they become your greatest asset.”

Secret to success: Invest in your team, create a culture of respect, and aim to build a business that runs smoothly without you.

Final Takeaway

Entrepreneurship isn’t easy, but the rewards can be enormous. From spotting gaps in the market to fostering a strong team culture, these lessons show that success comes down to preparation, adaptability, and persistence. If you’re considering starting or buying a small business, keep these insights in mind - and remember, the most important investment you can make is in yourself and your people.