Starting a business can feel like an imposing task but, if you coordinate properly, much of the legwork can be completed within just eight hours. Don’t believe us? In this short guide, we’ve condensed the first (and most important) steps of launching a new venture into a single workday.
08:00 – 09:30: Business Ideas
Brainstorming: While you may have a number of fantastic ideas for your new business, not all of them will be manageable to execute. Spend some time researching the requirements for some of your best ideas so you are fully prepared once you begin trading.
Business plan: After you’ve settled on an idea, expand upon it in a formal document. This will provide a helpful framework for you to begin operating from and will demonstrate your commitment to the business to potential investors.
09:30 – 10:30: Business Structures
Business structure: There are many business types to choose from, but not all will suit the specific needs of your venture. Consider registering your business as an LLC for the flexibility, limited personal liability, and tax advantages it provides. Find out how to form an LLC in Massachusetts here.
Registering: Settle on a name for your business and register it officially so you can begin trading. Making use of a formation service will save you time and money that can be better spent growing your enterprise.
10:30 – 12:30: Budgets and Accounting
Bank accounts: Once you take the step to open a bank account, you’ll be kicking off a long-term relationship with the institute you choose. Be sure to thoroughly research the accounts on offer and their related fees and terms and conditions before making a commitment.
Funding: If you don’t have the capital available to begin trading, consider other avenues to secure funding. Loans, investors, or crowdfunding could provide the quick injection of cash that is needed to get your business off the ground.
Accounting: Keeping thorough accounting records is a vital part of running a successful business, especially if you are faced with a tax audit. Consider making use of accounting software that will keep track of all receipts and transactions. This makes it easy to monitor your cash flow while remaining compliant with legislation.
12:30 – 14:00: Finding Customers
Marketing Strategy: Marketing can be done both in print and online, so it’s important to contemplate which campaigns will work best for your business type. Get creative with flyers and other traditional marketing mechanisms by using online tools to aid your efforts. Try this online flyer maker.
Social Media: Paid social is amongst the fastest ways to reach a large audience in a short amount of time. Take a closer look at some of the campaigns being run by your competitors to get a feel for how your target audience will respond to your own marketing strategies.
14:00 – 15:00: Plan Ahead
Growth goals: In order to remain dedicated to your business, you’ll need to hold yourself accountable to your goals. Be sure to set measurable goals with an attainable time frame.
15:00 – 16:00: Staff
Freelancers: There are some tasks, like building a website or designing a logo, that you won’t be able to accomplish on your own. Make use of online job boards to hire freelancers that can be contracted on an ad-hoc basis to perform these tasks.
Starting a business is no easy feat, but by doing the necessary research and being realistic about your goals, it’s possible to build a successful enterprise quickly. Don’t be afraid to look for helpful tools online or contract seasoned professionals to take your efforts to the next level.