Starting a business requires a lot of thought, but you can start laying the groundwork within a day if you know which bases you need to cover. Narrowing down the type of business you want to build, figuring out the structure, and securing funding are a few examples of the tasks you’ll need to complete. Start by getting organized and looking up resources that will help you easily find the things you need. For instance, PosterGirl Marketing can assist with everything from building your brand to boosting your audience. Then, lay out a plan like this one and start preparing for your business in one 8-hour day.
8:00 a.m.-10:00 a.m.--Narrow down your options
You probably already have a business idea in mind, or maybe you’re having trouble deciding between a few different options. Now is the time to start narrowing them down by thinking about how your skills and talents will translate, what your specific needs are and how the business will affect them, and how realistic the idea is. For example, if you’re interested in an entirely new project in a field that you have no experience in, you’ll need to seek out a mentor or consultant to help you get started. If you need a flexible schedule due to your responsibilities at home, you might choose a business that can be done entirely from your house and doesn’t require a storefront.
10:00 a.m.-12:00 p.m.--Set some goals, create a business plan
Once you have a solid idea laid out, it’s time to write up a business plan and set some goals for your company. While these may change over time, you’ll need to at least figure out the basics of how you want to run things. Will you have employees, or does hiring freelance contractors make more sense financially? Will you require a brick-and-mortar store, or can you successfully handle things from your home? How much money will you need to get through the first year? Creating a budget for a new business is tricky and requires some research, because it will affect your ability to secure funding.
1:00 p.m.-3.00 p.m.--Get the legal stuff out of the way
No matter what your business plan entails, you’ll need to take care of some legalities right away. Choose a great name from the beginning so you can secure a website domain and apply for a business license, business line of credit, and business bank account, all of which will boost your credibility to lenders and investors. You can also secure a DBA name, or Doing Business As name, which will come in handy in the event that the domain you want is taken or if you want to sell different items or services down the road.
3:00 p.m.-5:00 p.m.--Target customers, work out marketing
You have a great business idea, a catchy name, and the perfect website. Now it’s time to focus on who you’ll be selling to, where to find them, and how to make sure they keep coming back. Narrowing down the right market is essential, because this informs your marketing campaign. What is the age and average income of your target customer? Where and how do they shop? Keep in mind that social media provides ample opportunity for budget-friendly advertising these days, with a wide reach for multiple demographics.
Building a business of your own takes a lot of work, but there are now so many resources for entrepreneurs that it doesn’t have to be complicated or frustrating. Make the most of these free and low-cost resources and utilize both modern and traditional marketing methods to reach the widest audience.
Need some advice from a pro? Contact PosterGirl Marketing for a free consultation.
Photo via Pexels