As an aspiring entrepreneur, you may find yourself putting off the idea of starting a business in wait for the perfect time or opportunity. But, in reality, there will always be challenges and hurdles you’ll need to overcome to achieve your goals of being a business owner. The best time to start your business is now! And this article by Yegii Insights will provide you with a business start-up template to get off and running in just eight hours.
9-10 AM: Choose Your Business Idea
The ideal business idea is one that is predicted to have a consistently growing demand in the coming years. Based on the current market, some of the best ideas include:
- Business consulting
- Online reselling
- Dropshipping
- Digital marketing services
As these businesses can be run remotely, they significantly cut down on operational expenses and make it easier to manage and scale.
10-11 AM: Create a Business Plan
Once you have a shortlist of ideas, spend half an hour determining which one is the best based on the following factors:
- Market Research: Research the current and future market size of the business, in addition to its target demographic, their purchase patterns, and the biggest unsolved problems.
- Designing a Logo: Create a memorable and attractive logo for your business. It’s easy to design a logo when you use a premade template from a free online logo creator tool.
- Competitive Research: Ascertain the amount of competition you’ll face. A saturated market will make it hard to garner a customer base and scale.
The next 30 minutes should be dedicated to setting SMART goals for the business both for the short and long term.
11-12 PM: Decide Your Business Structure
If you plan to start the business alone, establish a Limited Liability Company (LLC), as it protects you from business debts in addition to various tax benefits.
For those starting a business with a partner, a Limited Liability Partnership is the best option to consider.
12-1 PM: Handle Financial Requirements
Calculate the costs of starting and running the business. This will include costs of utilities, marketing activities, rent, licenses, business registration, and taxes (based on expected revenue).
You should also contemplate opening a business account with your bank. According to Accion Opportunity Fund, having a separate account makes it easier to manage business finances and file taxes.
Now’s also the time to find an invoice management system to help you get paid on time. Look for invoicing software that gives you real-time updates and allows customers to pay you through the invoice.
1-2 PM: Hire Professionals for Key Projects
One of the keys to being a successful entrepreneur is learning how to delegate. Instead of burdening yourself with all business responsibilities, consider hiring freelancers for the following projects:
- Social media management
- App development
- Website design
- Administrative tasks
2-3 PM: Apply for Licenses and Permits
Depending on the type of business and industry you may need to acquire licenses at the provincial and federal levels. Running a business without proper licenses can lead to fines and negatively impact your reputation.
3-4 PM: Purchase Business Insurance
Business insurance plays a crucial role in protecting entrepreneurs from unforeseen circumstances, such as legal disputes, natural disasters, theft, and more that can negatively impact personal and business finances. But, having insurance means all or most of the cost will be covered by your provider, allowing you to continue running the business rather than struggling for survival.
3-4 PM: Build a Customer Base
As a new business, your priority will be to build a loyal customer base. Digital marketing is the perfect medium to achieve this goal. By building a strong digital presence on social media, you can reach thousands of customers a day and consistently grow your market share. Your digital market strategy should include:
- Creating a social media calendar and posting engaging content on your handles daily.
- Running paid advertisement campaigns (if budget permits) to promote offerings and garner registrations.
- Designing an email workflow to connect with customers frequently and motivate them to make purchases or provide referrals.
So there you have it! Eight tasks you need to handle for launching a business that can be completed in the span of a single workday.
About the author
Sharon Wagner is creator of SeniorFriendly.info.
Opinions expressed by contributors are their own.