This guest post comes from Vanessa Holwell at HiringSquad.net. Read on to see her tips for starting a business in 24 hours.
If you were given just one day to start a business, you’d probably feel overwhelmed facing the prospect of handling the numerous tasks you’ll need to complete in such a short time frame. But, in this article, you’ll gain clarity regarding how to condense all-important activities within the span of a typical workday and get your business off and running.
How to Start Your Business Within a Day
Finding the Why: 9-10 am
The first step is to hone in on what makes your motivation to start a business, which can be catering to a market need ignored by competitors, creating a new segment through technological innovation, etc. A few easy-to-start business ideas include copywriting, tutoring, dropshipping, etc.
Making A Business Plan: 10-11 am
As reported by SBDC, through a business plan, entrepreneurs can create a roadmap allowing them to drive their business to success. Important aspects of a business plan include:
- A summary of product/services
- Thorough market research and analysis to create a targeted set of customers to serve
- Funding requirements for the short and long term
- Future expansion plans and exit strategy
Dedicate the first 30 minutes towards researching these points and the latter half hour towards making your plan in writing.
Handling Financial Requirements: 11-12 pm
Opening a business account will help you keep track of finances, be eligible for tax deductions, and avail benefits such as high-limit credit cards. This process should roughly take around 30 mins to complete.
Next, ascertain the best funding options for your business, such as:
- Bootstrapping i.e. using personal funds
- Applying for funding through angel investors
- Starting a crowdfunding campaign
Choosing Your Business Structure: 12–1 pm
Before registering your business, you need to take a call on how it will be recognized from a legal standpoint. Popular business structures include:
- Sole Proprietorship: You will be the sole decision-maker of the business, but also bear full responsibility for liabilities.
- Limited Liability Company: Aan LLC will establish your business as a separate legal entity, protecting you from liability claims while helping you retain full control over the business.
Applying for Licenses: 1-2 pm
It is mandatory to obtain all necessary licenses and permits before you start your business. As this step involves a variety of paperwork, seek professional help to help you obtain the following:
- A general business license for your state
- An employee identification number from the IRS
- A ‘doing business as’ name (DBA)
- Any additional federal and local level permits needed based on your business structure and type
Purchasing an Insurance Policy: 2-3 pm
To protect your business from unforeseen liabilities such as theft, property damage, customer lawsuits, etc., it’s advisable to purchase insurance before starting operations. To find the right insurance for your business, spend the majority of the hour researching all your options, such as general liability insurance or a business owner’s policy. Then connect with your insurance provider to initiate the application.
Starting Recruitment: 3-4pm
Once you have completed all legalities, turn your attention towards hiring talented individuals for areas where you need assistance, such as:
- Social media manager
- Virtual assistant
- Web developer
Identifying Useful Software: 4-5 pm
Through the use of software, you can automate important activities of your business, such as accounting and social media management, helping you save time, increase revenue and stay on top of timelines.
Additionally, when it comes to sharing information across teams, opt to merge PDF files to avoid keeping track of multiple documents and minimize data loss.
By following these steps, you will have completed all formalities and have your business up and running.