Starting your own business can seem overwhelming and impossible if you’ve never done it before, but it’s easier than you think. You only need to follow these eight steps to learn how to start a business in just one day.
Once you've started your business, consider joining your local chamber of commerce for more advice and help.
Hour 1: Define Your Ideal Lifestyle
What does your ideal lifestyle look like? What are your priorities, and how do you want to live? These questions will give you insight into what makes sense for you financially and who you want to be.
Hour 2: Identify Suitable Business Models
The most successful businesses are ones that match your skills, talents, and personality. Ideally, look for a new business idea that allows you to work from home or offers a flexible schedule. Most importantly, don’t choose something that requires significant funding. Keep your overhead low at first.
Hour 3: Budget and Create Your Income Goal
Identify how much money you’ll need to live your desired lifestyle, and create an outline for how you plan on earning that income. A detailed, specific, and realistic budget — along with corresponding income goals — will be critical to your success.
Hour 4: Open a Business Bank Account
Setting up a business bank account doesn't have to be complicated. If you're operating as a sole proprietor, you can open an online bank account in your own name that you can use for your new venture. Setting up a bank account specifically for the business will make it easier to track your finances.
Hour 5: Market Your Services or Product
Paid ads are one of the fastest ways to attract potential customers. Facebook and Google Ads are effective paid-ad platforms with many features, such as demographic targeting, conversion tracking, and retargeting.
Hour 6: Choose Business Structure
If you’re a solo venture, you can save money and headaches by starting as a limited liability company (LLC). An LLC offers pass-through taxation for business owners, which means that you can report profits and losses on your personal income tax. It also ensures the protection of your personal assets if something goes wrong.
Hour 7: Hire Freelancers
Freelancers can be great for business owners who don’t have time or the expertise in specific areas. If you’re looking for business-related assistance, look into hiring freelancers rather than trying to handle things yourself. Start by ensuring your budget allows for it. Also, consider how much time you can afford to spend managing your freelance workers versus doing the work yourself.
Hour 8: Find the Right Tools
To begin streamlining your workflow, identify free or low-cost software tools. For example, instead of keeping track of various types of files across different platforms, combine PDFs and merge them into one file for easy access and organization.
Your New Business
Starting a business doesn't have to be a lengthy process. With these tips, your new business can be up and running fast.
This Hot Deal is promoted by Red Oak Area Chamber of Commerce.