If you’ve always wanted to be your own boss and run a company, it may be possible with a few essential steps and some funding. According to a survey from Kabbage, one-third of small businesses started successfully with less than $5,000. You can get your business up and running in one eight-hour workday. Here’s how to do it:
9 to 10 - Research and Write a Business Plan
At the beginning of your workday, you should start by researching different business ideas that have low startup costs. You can also do research on a business idea you already have. Then, spend the rest of that hour working on writing a detailed business plan. Use a template online to speed up the process.
10:00 to 10:30 - Pick a Catchy Name for Your Venture
Next, think of a catchy name for your business. Consider creating a DBA, or “doing business as” name, too. Having a DBA name helps you diversify your services and products with a different brand identity. This is also an option if your preferred domain name isn’t available.
10:30 to 11 - Identify Your Goals for Your Business
Before moving forward with a small business, you also need to determine the personal goals you want to achieve with the company. You should aim to define your company’s goals for the first five years and the long-term goal for starting a new small business.
11 to 12 - Choose a Business Structure
Your new small business will also need a viable business structure. There are several different business entity options for startups including an LLC and S corporation, which often appeal to first-time entrepreneurs. A Colorado LLC protects your personal assets from being involved in your business’s legal dealings, and because there is little paperwork involved, they’re easy to set up. An S corp Colorado registration is a good option for those who seek self-employment tax savings, pass-through taxation, or the ability to take tax deductions on business losses.
1 to 2 - Look for Funding Opportunities
After a much-needed lunch break, spend the next hour of your workday on funding. Check out different ways you can secure enough capital to start up your small company. Apply for small business loans or government grants, pull money out of your retirement, reach out to family and friends, or look for angel investors to help you.
2 to 3 - Set Up Business Financial Accounts
Then, work on setting up different business financial accounts for the next hour of your day. Open a commercial checking bank account and consider applying for a corporate credit card to help keep your personal and business expenses separate.
3 to 4 - Learn About Marketing and Customers
A successful small business also needs to have a strong marketing push. In the late afternoon, devote an hour to learning as much as possible about marketing your business. Identify your target customer and do some research about potential promotional campaigns that would work with your business idea.
4 to 5 - Recruit Freelancers for Help
At the last hour of your workday, take action and develop a list of tasks that need to be completed. Some of these may have to be outsourced to freelancers, such as website design, logo design, and other consulting jobs. Reach out to freelancers via an online platform to find some talent within your company’s budget.
If you’re short on time, spend one full workday checking off the major startup tasks on your to-do list. At the end of the day, you’ll be ready to move forward with a new venture.
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