A Realistic Framework for Starting a Company in 8 Hours
If you’re a self-starter with an idea for a new business, don’t succumb to the belief that launching a company is too complicated or out of reach. Thanks to technology, you can start many types of businesses on a shoestring budget and with minimal help. And you may not even need to leave your home!
Below, we’ve outlined a realistic framework for laying a firm foundation for your new business within an eight-hour workday. The best part about it is that you can take frequent breaks and enjoy a relaxing lunch!
8:00 a.m. – 8:50 a.m. Get Your Bearings
To start a business in eight hours, you need a clear strategy you can rely on to optimize your time. Consider your lifestyle and financial goals for running the company, and determine how much time you’ll need to dedicate each day to achieve them. You also want to start thinking about startup costs and whether you’ll be able to bootstrap your business or need to get funding.
9:00 a.m. – 10:50 a.m. Research and Write a Business Plan
Researching your business idea and turning it into an official business plan is crucial, which is why you should spend a bit more time on these tasks. The more thorough your plan, the better foundation you’ll have for making intelligent decisions and paving the way for success.
Conduct market research to confirm your business idea can bring a profit. Then, write a business plan that details your mission, values, target audience, products or services, marketing strategy, funding needs, etc.
11:00 a.m. – 11:50 a.m. Look for Tools
If you want to launch and run a successful business, you must set yourself up with the right tools. Start by finding software to run your company's accounting tasks efficiently. The right solution will help you easily manage bookkeeping and invoicing while providing you cash flow insights for making wise financial decisions.
Other areas in which digital technologies can help include:
Communication and collaboration
11:50 a.m. – 12:50 p.m. Take Lunch
It's time to take a breather after knocking out the first few portions. Spend an hour eating a nutritious lunch and thinking about matters unrelated to your new startup. Consider going for a walk, visiting a nearby park, or doing something else relaxing. The key is to reset and recharge so you can finish the second half of your day strong.
12:50 p.m. – 1:50 p.m. Select Your Legal Structure
You'll quickly realize the various legal tasks required for launching a company. It's essential not to skip any steps and risk legal issues down the road. For starters, determine which business structure to establish by researching your options. For example, if reduced self-employment taxes and the option to file deductions on business losses sounds enticing, you should look into a Texas S corp filing. If you want a simple structure that protects your personal assets from any lawsuits your business may face, an LLC in Texas is the go-to choice for many entrepreneurs. Also consider forming a “Doing Business As” name (DBA), and obtain an Employer Identification Number (EIN).
2:00 p.m. – 2:50 p.m. Devise a Marketing Strategy
Your company won't get very far if you fail to find customers, and you can't do that without developing and executing an effective marketing strategy. During this time chunk, start working out the beginning stages of your branding (e.g., logo, color schemes, fonts, etc.) and planning your website. You might start thinking of how you can incorporate social media, email marketing, and other digital marketing channels as well.
3:00 p.m. – 3:50 p.m. Open a Business Bank Account
Keeping your business and personal finances separate is critical. Drawing from the same account to handle your work and home life can make it difficult to manage your money, not to mention leave you vulnerable to potential legal issues. Open a business account with a bank you trust.
4:00 p.m. – 4:50 p.m. Start Finding Freelancers
Finally, start looking for freelance professionals who can help you launch and position your company for growth. You will learn a lot about what you need along the way. But for now, think of any tasks you don't have the time, energy, or expertise for, and look for freelancers on online job boards who can handle them for you.
Starting a business involves many moving parts. But if you take it one step at a time and follow the tips above, you can lay a solid foundation for a company that flourishes long-term. Keep doing your research, and carefully devise a strategy that positions you for a fulfilling, lucrative career!
The Katy Area Chamber of Commerce has plenty of resources to help you elevate your company to new levels of success. Join us today!Image via Pexels