Starting a business requires more than just a great idea 

To build a successful business, you need more than a good—or even  great—idea. You have to be well organized, flexible, and creative, and  develop a knack for paying close attention to the details while never  losing sight of the big picture. You should also be prepared to make  some personal sacrifices. Whatever type of business you have in mind,  these nine basic tips, with links to additional advice, can help you get  it started and keep it growing. 

• Starting and growing a business requires good organizational skills, creativity, and constant focus, among other essentials.
• It's  important to be aware of your competition, particularly the things it  is doing that you might want to adopt or improve upon.
• You'll  almost certainly end up working harder for yourself than you would for  someone else, so be prepared to make some sacrifices in your personal  life.

To achieve success as a business owner you first have to be well  organized. That will help you complete tasks efficiently and stay on top  of the many things that need to be done. A simple way to get and stay  organized is to create a to-do list each day. As you complete each item,  check it off your list. Remember, too, that some tasks are more  important than others. Aim to tackle the high-priority ones first. 

There are many online resources that are available to help. They include  tools like Slack, Asana, Zoom, and Microsoft Teams. That being said, a  simple Excel spreadsheet will meet many of a small business's  organizational requirements, especially in the early days. 

No matter how busy they are, successful businesses take the time to keep careful accounting records.  By doing so, they know where their business stands financially and can  often get a better (and earlier) grasp of any potential challenges they  might be facing. Investopedia periodically rates the best accounting software for small businesses. 

Many businesses today keep two sets of records: one physical and another in the cloud.  That way, a business owner no longer has to worry about losing crucial  data if something unfortunate happens, like a fire, computer virus, or  other calamity. 

To be successful, you can't afford to ignore your competitors. Instead,  take the time to study and learn from them. Larger companies devote  significant resources to obtaining this sort of competitive intelligence. 

How you go about analyzing the competition can depend on the nature of  your business. If you're a restaurant or store owner, you may simply be  able to dine or shop at a competitor's place of business, ask customers  what they like or don't like about it, and gain information that way. 

If you're in a field with more limited access to your competitors' inner  workings, such as manufacturing, try to keep up with the news in  relevant trade publications, speak with any customers you share in  common, and obtain and scrutinize whatever financial information a  competitor makes publicly available. 

Another key to being successful is taking calculated risks to help your  business grow. Besides contemplating the potential rewards if you  succeed, a good question to ask is: "What's the downside if this doesn't  work out?" If you can answer that question, you'll know what the  worst-case scenario is. If you could live with that scenario, and are  prepared to take the necessary steps to manage the risk as much as possible, you might want to give it a go. Otherwise, this could be a good time to consider other opportunities. 

Understanding risks and rewards includes being smart about the timing of  starting a business or launching a new product. For example, the severe  economic dislocation during the COVID pandemic provided some businesses  with new opportunities (say, manufacturing and selling protective gear)  and others with difficult-to-overcome obstacles (such as running a  restaurant with constraints on indoor dining). 

Always be looking for ways to improve your business and make it stand  out from the competition. Recognize that you don't know everything and  be open to new ideas and different approaches.  

Keep an eye out for opportunities to expand your current business or  develop related enterprises that will lead to additional revenues and  provide the benefit of diversification. The history of Amazon provides a  good example. The company started out as an online bookseller and grew  into an e-commerce giant, selling just about everything. Today it has a  growing brick-and-mortar presence, as well. Among its many subsidiaries  are Amazon Pharmacy, Amazon MGM Studios, Whole Foods Market, and Zappos.123 

The old saying "Rome wasn't built in a day" applies to building a  business as well. Just because you open a business doesn't mean you're  going to start making money immediately. It takes time to let people  know who you are and what you have to offer, so stay focused on  achieving your goals. 

Even many small business owners who ultimately achieve success won't see  a profit for a few years and will have to rely on borrowed money (if  they can get it) or their own savings to support the business until it can become profitable. Fortunately, there are a variety of ways to finance a business. 

That being said, if the business is not turning a profit after a  reasonable period of time, it's worth looking into why that is and  whether the business needs to go in another direction. 

Too many businesses forget the importance of providing great customer service.  If you deliver better service for your customers, they'll be more  inclined to come to you the next time they need something instead of  going to your competition. High-quality service is one key to obtaining competitive advantage in the marketplace. 

Some businesses refer to this as a taking a consumer-centric or client-centric approach. 

In fact, in today's hyper-competitive business environment, service is  often the major differentiating factor between successful and  unsuccessful businesses. This is where the saying "undersell and  overdeliver" comes in, and savvy business owners are wise to follow it. 

Consistency is a key component to success in business. You have to keep  doing what is necessary to be successful, day in and day out. This will  create long-term positive habits that will help you make money in the  long run and create satisfied customers from day one. Customers value  consistency, too. 

Having your own business often requires putting in more time than if you  were working for someone else. That can mean spending less time with  family and friends than you wish you could. The adage that there are no  weekends and no vacations for business owners can ring true for anyone  who's committed to making their business work. 

Owning a business isn't for everyone. If, after an honest  self-evaluation, you decide you aren't cut out for it, you'll save  yourself a lot of grief, and probably a lot of money, by pursuing  another career path.