Starting a business in one day may sound like wishful thinking, but it’s actually possible if you use your time wisely and utilize the right resources. Not only that, breaking down the tasks associated with creating a business and laying them out on paper can help you visualize goals, track your progress, and stay motivated throughout the entire process. Today, Forbes Times Only shares some tips to help entrepreneurs and professionals by providing a framework for the day.
8:00 a.m.-9:00 a.m. – Choose your business
If you don’t already have a solid idea of what type of business you want to start, take some time to brainstorm and figure out which path is the best one for your needs. Consider not only the type of business you want to run, but also how you’ll run it; for instance, would a home-based business work best, or would you prefer to rent out an office or storefront? How much funding will you need? Home-based businesses typically don’t require as much startup cash as other types. If you already have a particular skill or hobby, or if you already own specific equipment and tools, you might base your idea around those.
9:00 a.m.-10:00 a.m. – Take care of the legalities
Once you know what type of business you want to start, it’s time to take care of the legal details so you can remain compliant and protect your personal assets. Start by choosing a business structure; for many small business owners, an LLC is the best option because it offers protection as well as tax benefits.
It also requires less paperwork than other structures, and you can hire a formation service to do the legwork, which will save you money on the cost of an attorney. To find the best formation service to suit your needs, check “Zenbusiness reviews by BestLLCServices.com” and look over your different options.
You might also need to apply for a local business license in your city, which may come with a small fee. This license will allow you to pay local taxes each year, so most cities require an annual renewal.
10:00 a.m.-12:00 p.m. – Set up accounts
With a business structure ready to go, you’ll have all the info you need to start setting up a business bank account, applying for a business line of credit or small business loan, and creating a website and social media accounts. Giving your business a web presence is crucial, and while designing a stellar site can take some time, you can start the process of obtaining a domain and laying out each section. Look for an easy-to-use format to start with.
1:00 p.m.-3:00 p.m. – Look for some help
No one can build a business completely on their own without shouldering a lot of stress, but you can make it easier on yourself by looking for help from freelancers. This is a great way to get your website finished or launch a marketing campaign, because those tasks usually require some experience. Not only that, it will free up some time for you to focus on garnering customers.
3:00 p.m.-5:00 p.m. – Bring in the business
Finding customers will take a little time, but you can start the process off right by doing market research, using data analytics tools to learn more about your target audience, and engaging with potential customers on social media. It can also be helpful to start the networking process with other small businesses in your area by introducing yourself, either online or in person. Creating eye-catching business cards is a helpful move, too.
Setting up your small business within a day may sound like an overwhelming task, but with the right resources, you can get the ball rolling and lay the groundwork. Set up an LLC right away to gain some protection, and utilize free online tools as much as possible.