How to Start a Business in 8 Hours
Many people dream of starting a business but don’t realize it can be done quickly and with minimal risk. To get your business started, try following these steps to help you launch your business within an 8-hour day.
Hour 1: Define Your Business Goals
Write down your short-term and long-term lifestyle goals for you, your family, and your business. What does success look like to you? How much money do you need? Would you like to have more family time? Knowing what is most important to you at different times of your life will help you set proper financial and lifestyle priorities as you develop your start-up.
Hour 2: Think of Business Ideas
What business ideas can you think of that require little or no start-up budget and low overheads? List these out. You could brainstorm other options, but remember that there’s no shame in starting small — or staying small — in business. There are tons of examples of big companies that began with humble beginnings.
Hour 3: Set a Business Budget
The most important thing is to make sure you don’t overspend on your start-up costs because you may end up running out of money before you make your first sale. An easy way to avoid overspending is by keeping an eye on your finances and not spending beyond what’s budgeted for business and growth.
Hour 4: Choose Business Structure
As a one-person enterprise, consider forming a limited liability company (LLC). The business is entitled to pass-through taxation for profits and losses on your personal income tax, which protects your personal assets in case of a lawsuit.
Hour 5: Open a Business Bank Account
Establishing a business bank account need not be complicated. As a sole proprietor, you can set up an online account under your own name, which you can use for your new venture. Setting up a business bank account helps you keep track of your finances.
Hour 6: Market Your Small Business Online
There are many ways to market your new business online, but paid ads — Google or Facebook — are your best bet for getting customers fast. You have access to a large audience who will see your business.
Hour 7: Choose Tools to Help
You don't need expensive tools for your new start-up. With some simple hacks and a little creativity, you can create something great. For example, if multiple people are involved in your projects, you may have an overabundance of documentation — cluttering up your workspace and computer. To reduce this clutter (as well as the stress), use a PDF to Word converter to edit any files before sending the complete document — enabling easier access and organization.
Hour 8: Hire Freelancers
Finding freelancers is simple with freelance platforms. Upwork, for example, is one of many websites where freelancers can bid on tasks from start-ups; you’ll find everything from video producers and web developers to animators and sales experts on these sites.
Business in a Day
Starting a business can seem like an overwhelming undertaking, but it doesn’t have to be. Follow this guide, and you can be in business in a day.
Join your local Chamber of Commerce to develop your business.
This Hot Deal is promoted by Kittitas County Chamber of Commerce.