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Are you tired of the nine to five grind, or perhaps you’re not working at the moment and looking for the next opportunity? Then, you’ve come to the right place. In this article, you will find some top tips n home to start a business from scratch or run one you have bought from a trusted platform.   

However you decide to start your business, it will require dedication and hard work, but the advantages are worth the effort; running your own business offers you more freedom in your life and more time to do the things you love. 

Begin with a credible idea

Maybe you already have an idea, or you’ve decided that you want to run a business, but you don’t know the type of business or industry yet. Either way, you won’t get very far without an initial idea that’s credible and well researched. 

Around 80% of businesses fail in their first year because they don’t have a strong enough idea of their business premise. Your business idea needs to solve a customer’s issue or add some value to their lives; carry out plenty of research at this initial stage. 

Thoroughly research your idea 

When you have your idea, it’s time to research it thoroughly to ensure it’s viable. This is done through market research, by talking to other businesses in your niche, and understanding your customers. Find out what your industry needs are and where you can fill them. 

For a business idea to be viable, it must meet your customer’s needs, adding some value to the industry. Through market research and posing as a customer, you can gather data that prevents your new business from incurring losses and ensures its success.     

Buy from an online platform

If you want to hit the ground running and avoid some of the stresses associated with starting a business from scratch, you might want to buy one from a trusted online platform. There are many advantages to this strategy, including reduced startup costs and time management. 

But first, a word of warning, you need to find the best places to buy a business from so that you don’t buy one that isn’t viable or is being missold. A trusted platform has terms and conditions for business listings. Buying a business saves time but still requires a lot of work. 

It’s also worth knowing what name you want for your business so you can capture all of the domains for online use. There are plenty of business name ideas to choose from if you’re stuck.

Create a business plan

Whether you are buying a business or starting one from scratch, you need to have a business plan. This is a document that outlines your business goals and your forecasts. It also contains all of the relevant financial information for obtaining loans. 

A typical business plan includes a title page and contents, a statement of purpose, product description and market analysis, as well as competitor analysis. All of this work will have to be carried out before obtaining a loan and making an offer. 

Work out the finances

Starting a business from scratch and buying one from an online listing platform both require funds. Most likely, you will obtain the funds you need from a bank. They have special loans available for starting businesses, but you will have to have all the financial information organized. 

Obtaining a loan from a bank for starting a business is a lot like obtaining a mortgage for a house. First, you have to show the bank you are in a capable financial position; they will also want to see the financial information for the business, including projections.   

Legalize your business

Businesses require different kinds of insurance and certificate to operate legally; these often cost money and take time to organize. If you buy a business, you have an advantage in this regard because much of the legal side of things is already in place. 

Otherwise, you will have to take care of this yourself. Research the industry and the business you intend to run thoroughly. Work out what insurance and staff certificates you need to operate legally – it could cost you dearly if you don’t have the right things in place.    

Start to scale the business

Even if you only intend to run your business for an annual salary, you will be interested in improving it in some ways and growing your customer base. But, on the other hand, you might be primarily interested in doing this and selling the business. 

Create a solid marketing strategy and research your competition to see where you can add extra value. Of course, you will have to invest time and money into growing the business, but in the end, you will gain stronger revenue streams and make the business more attractive to prospective buyers.

Have everything you need

If you are building a business from scratch then you will need to ensure you have everything you need before you open those doors. You don’t want your customers and clients to be asking for products that aren’t made yet. If you are having a production line then you will need to invest in the tech and machinery needed for this. Make sure you also have someone who can supply you with PLC systems parts so you can keep your machinery working at all times.

Pull a sales team together

Recruiting sales people is essential for anyone looking to build and scale a business. If you don’t have the right people on your team, you won’t be able to grow your revenues, no matter how good your products and services are. 

Look for people who have natural talent. If that’s not possible, work with a firm who can source them for you, particularly if you are not a natural salesperson yourself.