By: Sharon Redd
**This is a guest article by our friend Sharon Redd from Live All The Way. Check out her work at LiveAllTheWay.com***
When you think of all the tasks you need to complete to start a business, such as creating a business idea, hiring employees, and deciding on marketing techniques, it can seem overwhelming. It may even prevent you from trying to start a business.
However, with the right schedule, you can fit the main steps of establishing a company into one day.
9:00 a.m. – 10:00 a.m. Determine a Business Structure and Set Goals
During your first hour, decide on the type of business you want to run, such as a pet sitting
business, cleaning service, or writing company. Additionally, establish a list of short and long-term goals you want to accomplish with your business. Make sure they’re realistic.
10:00 a.m. – 11:00 a.m. Create an LLC
In the second hour, determine your business structure. There are four main business structures: sole-proprietorships, partnerships, limited liability companies (LLCs), and corporations. Take five minutes to research each to determine which one suits your business the best.
You receive tax advantages and the benefit of limited liability with an LLC. You’ll also lessen the time it takes to manage your business because you’ll have less paperwork and more flexibility. Before forming an LLC, though, research your state’s laws. After researching, use an online formation service. This will help you save money since you won’t need an attorney. Plus, it’ll save you time.
11:00 a.m. – 12:00 p.m. Create a Marketing Plan
Create your marketing plan next by thinking logically about the demographic of your prospective customers or clients. Once you figure out your audience, think about how you’d target them most effectively. Is this group online a lot, or would you be more likely to pique their interest with traditional marketing tactics?
12:00 p.m. – 1:00 p.m. Hire Employees
If you’re not ready for a lunch break yet, spend some time determining the employees or freelancers you’ll need to hire. List the attributes needed for each position. Then, create advertisements for these positions and post them on one or more job boards, such as Upwork.
1:00 p.m. – 2:00 p.m. Create Financial Accounts
You’re going to need a bank account for all your earned income as well as ways to pay your employees or receive money for your goods or services. Spend this hour creating a business bank account and payment service accounts.
2:00 p.m. – 3:00 p.m. Research State and Federal Regulations
Spend time researching all the state and federal regulations you’re going to need to follow to run your business.
3:00 p.m. – 4:00 p.m. Create Business Social Media Accounts
If you plan to use social media, take an hour to create business accounts. If not, use this time to announce your business on your personal pages.
4:00 p.m. – 5:00 p.m. Finish Anything You Didn’t Have Time To Complete
Use this time to finish up anything you didn’t have time to complete. Reflect on everything you accomplished and need to change.
Eight Hours Can Mean the Start of Your Business
In eight hours, you can have a solid start on your business when you know which steps to take and how to manage your time wisely.
Learn more from other entrepreneurs at GoDefyLife.com.
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