The 8-Hour Business Setup
Although starting a business can seem complicated, with the right information, you can set one up in as little as 8 hours. However, it requires a solid business plan, a good marketing strategy, and some paperwork.
First Hour: Solidifying Your Business Plan
Setting aside an hour to review and solidify your business plan can be of great benefit before presenting it to others. A basic business plan should include a description of your overall business idea, target markets, financial projections, and other information that supports the business' mission.
Strongly consider starting off with a simpler idea (online classes, dog walking, a small store) so you can acquire business experience with little financial risk. It's helpful to have benchmark goals in mind to guide the direction of your business. Your lifestyle should be congruent with your business goals so they don't interfere with your happiness.
Second Hour: Structuring the Business
Use this hour to make decisions about how your business will be organized. Many first-time entrepreneurs select a sole proprietorship as their business structure, but there are several options available to you, including a partnership or an s-corporation.
Third Hour: File Your Business
Filing for your business license requires solid decisions about shares of ownership and who will be responsible for what. Your Secretary of State or state business office may offer an online platform for filing your business.
Fourth Hour: Open a Bank Account
You’ll need a working bank account to keep business financials separate from your personal funds. You should be able to open an account in a little as an hour.
Fifth Hour: Initiate Marketing Efforts
Conduct market research before starting your business so you're aware of the demand for your products or services. Then, start to set up initial marketing efforts, such as online campaigns to be deployed as soon as your business license is approved.
Sixth Hour: Set Up Workspaces or Platforms
If you plan to hire workers from their own homes, this is an hour to ensure the platforms you’ve chosen to collaborate with them are working properly. Also, consider using an easy PDF compressor that you can use to combine multiple documents and reduce the file size, which can help you to save time, money, and storage space.
Seventh Hour: Hire Freelancers
Use this hour to make job postings. Make recruitment posts that accurately describe the roles and levels of experience you’re looking for. Your business could likely benefit from the help of a graphic designer, marketer, programmer, or virtual assistant. There are several online websites where you can review and hire freelancers or employees.
Eighth Hour: Double Check Everything
Use your last hour to review everything you’ve set up for the business. Also, make a list of action steps so you know what comes next.
Starting a Business Doesn’t Take Long
You can set up your own business in as little as 8 hours if you educate yourself on what needs to be done. With some organization, you can apply for a license, open an account, post job listings, and plan marketing efforts.
Consider joining your nearest chamber of commerce to meet other entrepreneurs and gain insight about the local economy.
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