Business Advice

David Koch’s 10 commandments for small business

- September 25, 2017 3 MIN READ

Founder of Kochie’s Business Builders, David Koch, was a pioneer supporting small business. Being a small business owner himself, David knows exactly what it takes to take an idea and turn it into a successful business. It doesn’t get any more passionate than this!

We are gearing up for the first episode of series 11 Kochie’s Business Builders TV to hit Channel 7 at 12pm Sunday 1st October 2017 so we’d love to have you join us this Sunday!

Don’t forget you can subscribe to our free newsletter and our dedicated YouTube channel if you ever miss a show or are looking for daily inspiration for your small business.

Here are David’s 10 commandments for small business.

Always be there for your customers

”It’s all about becoming obsessed with our customers. Knowing their needs and embracing the future with excitement.”

Become an expert

”It’s very important to establish that genuine relationship and positioning yourself as a trusted expert.”

Map out your business plan

”One thing I’ve learnt from working in my own small business is it’s important to create a step-by-step plan about where you’re heading. A business plan is an essential map for any business… big or small.”

Test out your business model

“Its a classic case of vigorously testing a business model before expanding and a dedicated and structured approach to innovation.”

Be confident 

David Koch with his wife, Libby who also backs small business all the way

”Have enough confidence in yourself to give anything a go. But if it doesn’t work out, have enough confidence in yourself to do something else.”

Recover from ‘failure’

“Every business falters—what defines an enterprise is how it responds to stumbles.”

Be passionate about your idea

“Small business owners are passionate about their product and loyalty is their pay cheque.”

Don’t whinge about competition!

“Don’t whinge about online competitors, join them! Bricks and mortar businesses are a great combination with online.”

The secret to retail success

“The secret to success in retail, even during slow times, is to firstly tell customers your story and secondly have a product range that is unique.”

Good planning is crucial

“Flesh out a formal business plan, including a genuine proper projection, a timetable and a delegation schedule to implement the plan. Good planning is a must!”

KBB is celebrating more than 10 years in small business!

Hit play to watch the fun highlights from the past decade at KBB

Join us and other small businesses who are celebrating 10 years or more in small business in our online community. And don’t forget to let us know what you think by posting a comment below. 

Watch a fun peek of series 11 of KBB TV below!

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Don’t give up your day job David!

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