To create a thriving business, having just a good—or even great—idea isn’t enough. You need to be organized, adaptable, and creative, while staying focused on both the small details and the bigger picture. You must also be ready to make personal sacrifices. No matter what kind of business you have in mind, these nine fundamental tips can help you get it started and keep it growing.
Starting and growing a business takes organization, creativity, and consistent focus, among other key factors.
You need to pay attention to your competition, especially what they’re doing right and where you can improve.
You’ll likely work harder for yourself than for someone else, so be prepared for sacrifices in your personal life.
1. Get Organized
To succeed as a business owner, staying organized is crucial. This helps you complete tasks efficiently and manage the many responsibilities of running a business. A simple way to stay organized is by creating a daily to-do list. As you finish each task, check it off. Some tasks will be more urgent than others, so aim to address the high-priority ones first.
There are many online tools to help you get organized, such as Trello, Microsoft Planner, Notion, and Airtable. Even a basic Excel spreadsheet can meet many organizational needs in the early stages of your business.
2. Keep Detailed Records
No matter how busy things get, successful businesses keep detailed financial records. This helps you stay on top of your financial situation and spot potential issues early.
Many businesses today keep two sets of records: one physical and one in the cloud. This ensures that important data is protected in case of events like a fire, virus attack, or other unexpected problems.
3. Analyze Your Competition
Success requires paying attention to your competitors. Take time to learn from what they do. Large companies invest heavily in gathering competitive intelligence, and you should do the same on a smaller scale.
How you analyze competitors will depend on your business type. If you own a restaurant or store, you can visit competitors’ locations, ask customers what they like or dislike, and learn from their feedback. In industries with less direct access to competitors, like manufacturing, keeping up with trade news, talking to shared customers, and reviewing public financial information can provide insights.
4. Understand the Risks and Rewards
To be successful, you need to take calculated risks. Think about the rewards, but also consider the downside. Ask yourself, “What’s the worst-case scenario if this doesn’t work out?” If you can accept the risk and are ready to manage it, the opportunity might be worth pursuing. Otherwise, it may be time to explore other options.
This also applies to timing. Certain products or services may sell better at specific times of the year. Technology changes and trends can also influence what people buy and how they behave.
5. Be Creative
Always look for ways to improve your business and stand out from the competition. Be open to new ideas and approaches.
Seek opportunities to expand or diversify your business, creating new revenue streams. Amazon is a great example of this. Starting as an online bookstore, it evolved into an e-commerce giant with a wide range of products and services, including Amazon Pharmacy, Amazon MGM Studios, Whole Foods Market, and Zappos.
6. Stay Focused on Your Goals
The saying “Rome wasn’t built in a day” applies to business as well. Just because you open your business doesn’t mean you’ll start making money right away. It takes time for people to learn who you are and what you offer, so stay focused on your goals.
Many small business owners won’t see profits for a few years and will rely on loans or personal savings to sustain their business. However, if you’re not seeing a profit after a reasonable amount of time, it’s important to assess why and possibly change your approach.
7. Provide Great Customer Service
Providing excellent customer service is key to gaining an edge over competitors. Customers are more likely to return to you if you deliver better service than your competitors.
In today’s competitive business world, customer service can be the deciding factor between success and failure. Many businesses emphasize a customer-centered approach, and you should too.
8. Be Consistent
Consistency is vital for success in business. You need to keep doing what works, day in and day out. Consistency builds long-term habits that contribute to profitability and customer satisfaction.
9. Prepare to Make Sacrifices
Owning a business often means working more hours than you would for someone else, which can cut into time with family and friends. The saying “there are no weekends or vacations for business owners” often holds true for those who are committed to success.
Running a business isn’t for everyone. If, after careful thought, you decide it’s not for you, it may be wiser to pursue another career.
What Is the Fastest Way for a Business to Grow?
Businesses grow at their own pace, often beyond the control of owners or employees. However, you can help speed up growth by focusing on a smaller product range, scaling at a manageable rate, and offering something that clearly sets you apart from your competitors.
How Do You Increase Sales?
Increasing sales can be achieved by boosting advertising where it’s already working, asking for referrals from satisfied customers, and building an email list for direct marketing. Expanding your product line is another option, but if new products don’t sell, it could hurt your business.
What Makes a Startup Successful?
Successful startups offer unique and scalable products or services. A good startup understands its market and can adapt quickly to seize new opportunities.
The Bottom Line
Growing a successful business takes hard work, and not everyone succeeds. According to the U.S. Bureau of Labor Statistics, about 20% of new businesses fail in the first year, 50% in the first five years, and 65% within ten years. Only 25% survive for 15 years or longer.
If you want to be part of that 25%, following these nine tips is a great start. Owning and running a business requires constant learning and adapting.
