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Building a business from the ground up can seem like a daunting prospect but we assure you that it is easier than you think. To form a company you will need the right advice and expertise so you can ensure your business grows from strength to strength. It is a well-known fact that most businesses fail within their first year and a little over 50% make it to the five-year mark. Take a look below for three ways to make sure your business stands the test of time.

How To Start A Business From Scratch

Business Idea

Every business starts with an idea, a great idea that you need to make a reality. You ideally need to think of something that isn’t around yet. It can be tricky finding an idea that doesn’t already exist so how about you take an existing business idea and improve it. Focus on what you think needs to be improved as well as what other people think. To help you realise what you could work on, why not do a poll and get the thoughts and opinions of service users. This will give you a better understanding of how you can work on and improve your business idea. 

Work Out Costs

So you have your idea and it is time to make it a reality, how will you do this? Well, you need to work out what costs are involved and how much you will need to start your business. In general, it is worth keeping in mind that it can cost between £2,000 and £5,000 to get a business off the ground. You either need to have this in savings or apply for a business loan. You need to ensure that you can pay your business loan back, even if your business fails, you will still owe the money to the bank. 

Other costs to consider include renting office or storage space, hiring employees, and any equipment you need. You will also need to factor in the many bills that will occur when you run a business. This could be the phone and internet cost, plus any insurances that you need to have in place. 

Hire The Right People 

It can be difficult knowing who the right people are when it comes to hiring employees. Putting an advertisement out there on specialist websites rather than general ones will mean you find the best of the best when it comes to employees.

You will find people who actually want to work for your company rather than people who just want to work for the money involved. You ideally need to find people with a passion and drive who are able to work on their own and as part of a team. 

Don’t just focus on the CV that is sitting in front of you, make sure that you invite the person who owns the perfect CV for an interview. Anyone can write an amazing CV but you will know if they are the right person for the job based on how they are at the interview.

When you are hiring people be sure to check on the references they provided. A lot of people give false information so ring and find out how they are as an employee and any strengths and weaknesses they have. 

We hope you found this article helpful and it gave you great tips and tricks to starting a business.

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Building a business from the ground up can seem like a daunting prospect but we assure you that it is easier than you think.

Spread the love