According to research, 62% of adults see starting their own business as a desirable career path. However, many people never realize this dream because the process of starting a business seems overwhelming. This guide will walk you through starting your own business in a single eight-hour day.
9:00 – 11:00: Choose Your Idea
One thing all new businesses have in common is that they begin with an idea. If you already know what you want to do, you can move on to the next step. If not, do some brainstorming. Write down every business idea you can think of. Once you have a list, narrow it down to the ideas that appeal to you the most.
Next, do some market research. Many businesses fail because there is no market for what they are selling. Narrow your list of ideas down to only the ideas with profit potential. Once you have this list, choose the ideas that best fit your interests and goals.
11:00 – 12:00: Set Goals
Make a list of short and long-term goals for your business. These should include how much money you want to make, how much time you want to spend running the business, and whatever else you want to accomplish with your business.
12:00 – 1:00: Choose a Business Structure
Most businesses are organized as either sole proprietorships, partnerships, limited liability companies, or corporations. Research the advantages and disadvantages of each business type and choose the best one for your goals.
1:00 – 3:00: Create a Marketing Plan
Marketing is critical for the success of any new business. Marketing is how you identify and attract potential customers. Even customers who don’t shop online often research businesses on the internet. This makes an effective digital marketing presence essential. Build a professional-looking website, set up email lists, and establish a presence on social media sites. Consider creating an app to help engage customers with your brand.
Your marketing budget may be limited at first. Save some money by using free or low-cost services, such as online logo makers. Even if you don’t have any design skills, you can create a professional-looking logo by selecting an icon and style you like, adding text, and adjusting the fonts and colors to suit your brand.
3:00 – 4:00: Choose Accounting Software
Managing your money effectively is critical for business success, particularly early on when there may not be a lot of money to manage. Choose an accounting solution that makes it easy to organize and store your receipts. A good accounting package should help you maximize your tax deductions, meet your compliance requirements, manage your cash flow, handle your payroll, make better decisions and run your business more efficiently.
4:00 – 5:00: Hire Some Freelancers
Many startups don’t have the budget to hire full-time employees. However, that doesn’t mean you have to do everything by yourself. You can hire freelancers on an as-needed basis to help you with administrative tasks, marketing, accounting, sales, website design, and other tasks.
The task of starting a new business becomes much less intimidating when you break it down into a series of manageable steps. By following this schedule, in a single day, you can have yourself well on the way to launching the business of your dreams.