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Have a 30-second speech ready that explains your business as briefly and efficiently as possible, including information about your purpose, your service/products, and your goals. Having a practiced pitch that you can rattle off to anyone can help you in situations where you're trying to make a sale to a customer as well as it can when you're trying to bring an investor on board. If you can't explain your business in this short time, your business plan needs refining. For your coffee shop, you'd want to explain what you do (sell coffee), your services (the drinks you offer), what makes you special (maybe the coffee you serve is rare or locally roasted), and what you plan to do next (expand to another location, new products, etc.). Earning a positive reputation is like free advertising; your customers will spread the word of your business to friends and come back frequently. Treat each and every sale like the success or failure of your business depends on it. This also means that you should be consistent with every action your business takes and every interaction with customers. For your coffee shop, this may mean throwing out a burnt batch of coffee so that your customers are always served the absolutely best product you can offer. You should always look to your competitors for ideas, especially when you're starting out. Chances are, they're doing something right. If you can figure out what that is, you can implement it in your own business and avoid the trial-and-error they probably went through to get there. One of the best ways to do this when you're starting out is to examine your competitors' pricing strategies. In our coffee shop example, it would be much simpler to price your coffee similarly to competitors rather than to experiment with different prices on your own. Once you've gotten established, you should always be on the lookout for places you can expand. Whether that means moving to a larger storefront, increasing manufacturing space, or opening a new location will depend on your business and goals. Successful business owners realize that one of the primary opponents to long-term growth is remaining stagnant. This means taking the risk of expansion rather than resting on your laurels at one, original location. For our coffee example, maybe there is a nearby area that you find is underserved by coffee shops. Once your primary location is up and running smoothly, you should investigate opening a new shop in that area. This could also mean moving up from a small stand to a full coffee shop, depending on your circumstances. Another way to increase the value of your business is by seeking out other areas where you can make money. Assuming you've already established your primary business, look around and see where you could offer a different service or product. Maybe your customers frequently visit your store for one item and then immediately go to another store for a different item. Find out what that other item is and offer it. Some easy diversification options for your coffee shop would be offering pastries, sandwiches, or books for purchase.
Perfect your business pitch. Earn a reputation for good service. Watch your competition closely. Always be looking for growth opportunities. Diversify your income streams.