If you’ve never started a business, the first time can be a little scary. Especially because it takes a lot of hard work and planning. On top of this, only about half of all businesses survive five years or longer.

There are 9 basic strategies for startups you can follow to help get your company up and running:

1. Start with a Great Idea:

Your first step in learning how to start a business is to identify a problem and solution. This is because successful startups begin from business ideas that fill the needs of a group of customers.

Changing the product’s appearance

Adding a new feature

Finding a new use for a product that customers already love

2. Make a Business Plan

Once you have an idea, you’ll want to start building a business plan that describes your products and services in detail.

It should include information on your industry, operations, finances, and market analysis.

Writing a business plan is also important for getting financing for your startup.

Banks are more likely to give loans to companies that can clearly explain how they’re going to use the money and why they need it.

3. Secure Funding for Your Startup

The cost of a startup is different for every business owner. However, no matter what your costs are, you’ll likely need to get startup financing from:

Friends and family

Angel investors

Venture capitalists

Bank loans

If you don’t get the right amount of funding or can’t raise money for your business, you’ll risk not being able to pay your operating costs. This may cause you to close your doors. In fact, it’s estimated that 29% of startups fail because they run out of money.

4. Surround Yourself With the Right People

There can be a lot of risk in starting a business. That’s why you’ll need essential business advisors to help guide you along the way, like:

Attorneys

Certified Public Accountants (CPAs)

Insurance professionals

Bankers