Form Your Startup in the Framework of One Business Day
Starting a company sounds great until you consider how much time it takes. What if you could spend one eight-hour day building the framework of your business? If you'd like to try it, here's a schedule from the North Tahoe Chamber of Commerce to help you do just that.
8 AM-10 AM: Decide What Business to Establish
If you know you want to create a startup but aren't sure what to do, you can get inspiration from thinking about:
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Where your interests and passions lie
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Your expertise and talents.
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The market demand and size for your ideas
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Your budget
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Your available time and lifestyle
Many businesses are possible to start from a home office or workspace. Some ideas include:
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Web developer
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Photographer or videographer
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Travel planner
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Tutor
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Event planner
10 AM-Noon: Choose Budget-Friendly Tools
Digital tools can be a lifesaver when starting your business, but you don't want to spend a fortune upfront. Look for free or low-cost tools.
Use a PDF merger tool to help you keep all your documents in one file, saving you from searching for various documents in different formats. It comes in handy when you have multiple teams or employees working on a project — you'll probably have an overflow of records to share and edit. Once you combine PDF files into a single document, you can move pages around to get your content ordered correctly.
No matter what business you run, you'll need accounting software. It can help you with estimates, invoicing, expenses and reports. You can find free software to get you started, then upgrade to a paid package when you're more established.
1 PM-2 PM: Form an LLC
Choosing a business structure can be daunting if you aren't familiar with the differences. A limited liability corporation is an excellent choice for a new small business. It has several advantages, including:
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Flexibility
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Less paperwork than other structures
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Limited liability
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Tax advantages
You can hire a lawyer to help you form an LLC, but a formation service is significantly cheaper. Before selecting a formation service, study reviews of several companies so that you can hire the best service possible.
2 PM-3 PM: Open a Business Bank Account
Separate business bank accounts are essential. You don't want to hassle with separating your personal and business expenses when tax time rolls around. Once you have an employee identification number, you can open your checking, savings, credit card, and merchant services accounts.
Shop around — there are lots of options for entrepreneurs. Look for low fees and compare interest rates. While you can find choices online, you may prefer the convenience of working with a local bank.
3 PM-5 PM: Research Your Target Market
Remember that you aren't selling to everyone. You're working to reach those who can benefit from your product or service. Define your target audience. How old are they, how much disposable income do they have, and where do they live? When you can answer questions like these, you're on your way to finding your target market.
Create content that's useful to your audience — their preferences vary by demographics. Social media is critical. The University of Maine reports that more than 73% of U.S. residents use it. What social media platforms do they use? Can you reach them via email? Would a two-minute video capture their attention?
Make Your Dream a Reality
Building a business takes plenty of time, but you can cover a lot of ground in a business day. Start with a solid plan and use a PDF merging tool to keep your documents and notes organized. You will be making some big decisions about your business on this day, including which structure to choose and which software to use, but remember that you can — and will — revisit many of these things regularly. Stay focused, but enjoy the process as you create your dream.
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