How To Begin Your Business in 8 Hours
Starting a business can seem overwhelming, but the steps needed to get going are actually fairly simple. Additionally, you can make the process easier by taking advantage of resources, such as your local chamber of commerce.
Consider joining it to support your business journey. With just a little preparation and planning, you can get your business up and running in just one day.
9 a.m to 10 a.m. – Create A Business Startup Plan
Start off by making a business plan that outlines your financial and lifestyle goals. A normal business plan can be quite long, so instead, try creating a lean startup plan, which allows you to consider big-picture ideas while keeping the format concise and efficient.
You may have lots of documents to deal with, and multiple teams may be involved, so consider using low-cost tools to keep organized. It’s helpful to merge PDF to keep all documents in one file, making it easy to sort them and find the one you need.
10 a.m. To 11 a.m. – Refine Business Structure
Determine whether you want to run your business as a sole proprietorship, a limited liability company or as another entity. Each type of legal structure has its own benefits and drawbacks, so do your research, and find which structure works best for you.
11 a.m. To 1 p.m. – Create A Budget
Consider the startup costs you expect, including professional services, office supplies, and tools as well as any other expense unique to the services your business offers. Determine the source of funding, and create a budget.
Also use this time period for a lunch break, so you feel fresh when you return to planning.
1 p.m. To 2 p.m. – Set Up A Business Account
Setting up a business bank account isn't only important for bookkeeping, it actually provides you with tax and liability advantages. Keeping your personal expenses separate from business expenses can make it easier when it comes time to file taxes, and it increases your personal security when taking on new entrepreneurial ventures.
2 p.m. To 3 p.m. – Create A Marketing Plan
A solid marketing plan is crucial when finding customers for your business. From social media accounts for advertising to public relations considerations, you need a concrete plan for getting your name out there.
3 p.m. To 5 p.m. – Find Freelancers And Wrap Up Loose Ends
Hiring freelancers to help get your business off the ground can take much of the burden off you and your team. Finding credible freelancers to help with company growth, marketing, or any other area is a great way to get your business up and running quickly and smoothly.
Use any remaining time to touch up any areas you didn't fully complete earlier, such as adding details to your business plan. Additionally, researching federal and state regulations can help you get a better idea of how to run your business.
Building a Solid Foundation
While it can seem daunting at first, starting a business can actually be an easy process if taken one step at a time. Try taking just 8 hours of your time to make plans and lay the groundwork, and you can end up with a great start to your business.
This Hot Deal is promoted by Greater Latrobe-Laurel Valley Regional Chamber of Commerce.