5 Key Steps to Remember When You’re Starting a Business From Scratch

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November 25, 2018

5 Key Steps to Remember When You’re Starting a Business From Scratch

starting a business from scratch

Thinking of starting a business from scratch? If you start it in 2018 you’ll join the other 8% of entrepreneurs who began a business. But sadly, that’s slightly lower than the 9% of businesses which closed this year.

Starting your own business isn’t for the faint of heart. 50% of you will fail in the first four years of your business. While the stats may seem like they’re against you, don’t give up before you started.

Failing is never trying. With that in mind, keep reading. We want you to succeed, which is why we’re sharing with you five key steps to start a business.

1. Become an Expert Before Starting a Business From Scratch

Owning your own business takes a lot of work. Especially when you’re getting started.

If you’re a small company with a small budget, you can’t afford to hire employees to do the work. Most of it will be your responsibility.

Become an expert in your business. Get to know who your competitors are. Learn everything you can about your market and study it like your business depends on it because it does.

Search for keywords related to your industry. And find your niche. Focus on one thing you do really well and promote the heck out of it.

2. Get a Website

A startup business doesn’t always have tons of cash lying around. It may make getting a free website to seem like a good idea.

Except, you can’t get your own personal URL when it’s a free website. And everyone knows you have a free website. If that’s all you can afford, start with that and then switch to a paid site as soon as possible.

Make sure your contact information is easy to access on your site. Use industry-specific keywords and incorporate SEO into your website.

Don’t make your site too cluttered but do use photography and videos. Remember, your website is like a physical storefront, people will be judging, so make it as professional as possible.

3. Start Networking Now

You are your own best asset. Starting your business starts with you reaching out to everyone you know. Let them know you’re starting a business and how they can help.

Look into nearby networking groups you can join. Join social media sites and start networking on them. Facebook and LinkedIn both are great places to network with others.

Always have business cards on you and hand them out to everyone. They’re inexpensive and are just as important now as ever, even with our technological advances.

4. Budget, Budget, Budget

Most businesses fail because of a lack of money. Consider the fact that you may not start earning an income for several months or more.

Create a realistic budget and then stick to it. Do not let yourself get into debt.

There are plenty of ways to market your business without spending any money. Learn what they are and use them.

5. Don’t Be Afraid to Fail

Most people are so terrified of failing that they never even start their own business. That’s a shame because that’s really the failure.

If you give yourself a chance, you’ll find that yes, you will fail. But you’ll learn a great deal more from failing than you will by succeeding or never even trying.

Fear will destroy you so when things get bad, and they will remind yourself of what you’ve already accomplished. Then learn from your mistakes and move forward.

Work With the Right Professionals

Even if you’re on a minuscule budget, when you’re starting a business from scratch there are two types of professionals you can’t live without. A good accountant and a good business attorney.

A good attorney will ensure your business stays safe and prosperous for years to come. Contact us today to see how we can help your business grow.