Posted by Ronald J. Fichera Apr 29, 2022
Starting a business comes with a list of necessary tasks, but it doesn't have to take months or even weeks anymore. With all the resources available online, you can figure out the basic structure of your business within an 8-hour workday and start making money as soon as possible. Start with a solid plan that will take you through the first year, taking note of companies and professionals that can help you along the way so you can plan for a budget. You can use this framework to come up with a schedule for a day of business planning:
8:00 a.m.-10:00 a.m.--Choose your business idea
There are so many options available for small businesses these days that it pays to do some research into the right one for you. If you're already a creator, you can turn your favorite hobby into a new career; if you have experience with something like consulting or teaching, think about how to put your skills to good use.
10:00 a.m.-11:00 a.m.--Check out your funding options
Once you know what you want to do, it's crucial to find a way to fund it, but you don't want to go into debt before you've even begun. That's why it's a good idea to take a look at all your options--from crowdfunding to finding investors--before considering taking out a business loan. The right choice for you will depend on your timeframe and the type of business you want to start.
11:00 a.m.-12:00 p.m.--Choose your business structure
You have a great idea and the funding to make it happen; now it's time to choose a business structure that makes sense for your needs. An LLC will help you avoid double taxation and will give you some flexibility when it comes to the way you run your business, or you might choose to go into a partnership with a friend or loved one. You can also choose to form a corporation. Look online for the steps to form your structure, since these vary according to the state you live in.
1:00 p.m.-2:00 p.m.--Take care of legalities
After you've chosen a structure and have your business name set up, you can take care of some legalities and other important tasks. Apply for your business license and set up a business bank account so you can establish your professional identity and keep company money separate from your personal finances.
2:00 p.m.-3:00 p.m.--Find some help
With your ideas planned out and the business on its way, it's a good time to look for people and companies that will be of help on your journey. Freelancers are a great resource, especially for specialized tasks like web design or copywriting. Certain companies can be of help as well, such as social media marketers that will create a plan for marketing your business on social media. Before you do any hiring, read reviews from past clients and make sure you can afford their fees.
3:00 p.m.-5:00 p.m.--Draw in customers
Now you're ready to create a plan for bringing in customers! Do some homework on your competition--both locally and online--to see what they're doing right and what you can do to avoid their mistakes. Start social media accounts on several platforms that are business-specific, and create a plan for posting engaging content that will draw people in. Get your website up and running, and don't forget to utilize old-fashioned advertising methods as well, such as flyers and billboards.
Find free tools that can enhance your website and social media posts. For example, you can create stunning visuals and inform potential customers about your products and services by using a template for an infographic. Once you've chosen a template, you can personalize your infographic by adding your own text, colors, shapes, background, and more.
Building a business in one day may sound impossible, but when you have a good structure planned out you can easily stay on track and get things done. Utilize all the free resources available to you as you set goals and find assistance, especially if you're on a budget.
This article was provided by Lucille Rosetti and brought to you by the Ronald J. Fichera Law Firm, where our mission is to provide trusted, professional legal services and strategic advice to assist our clients in their personal and business matters. Our firm is committed to delivering efficient and cost-effective legal services focusing on communication, responsiveness, and attention to detail. For more information about our services, contact us today!
This is not tax advice and should not be construed as such. Please seek professional tax services for more information and advice that will apply to your specific tax situation.