If you’re thinking about opening your very own small business, you can check most of the initial responsibilities off your to-do list within one workday. Here’s how to schedule your day so that you can effectively launch your business in eight hours, even with a lunch break.
9:00 AM - 11:00 AM: Create a Business Plan and Budget
Block off one hour to write your basic business plan and another hour to outline a realistic budget. Creating these documents within the same time block is helpful because you may want to include some of the same information in both files, such as your funding sources. After two hours, you’ll have a working roadmap for your business as well as accompanying budget estimates.
11:00 AM - 12:00 PM: Choose a Business Structure
Next, it’s time to research different business structures and decide which option is best for your company. An LLC in Texas is a popular choice for those just starting out on the entrepreneurship journey, because this entity provides asset protection in the event a company is ever sued. It also offers tax incentives. A Texas S corp filing may be more appealing to those who want to save money on their self-employment taxes or who want the option of claiming tax deductions on their business’s financial losses.
These are just two examples, of course. Be sure to research the various options available so you can find what structure makes the most sense for your situation. You may also want to look into helpful online formation services or look up lawyers in your area that assist with incorporation. Within the hour, you will have settled on the right business structure and gathered the paperwork you will need to file for incorporation. Then you can take a well-deserved lunch break!
1:00 PM - 1:30 PM: Open Your Company Bank Account
If you are opening a bank account for your business online, you may be able to complete this task in just a half-hour! First, shop around for banks that offer the best terms for business accounts. Accion Opportunity Fund states that you’ll need to provide the bank with your tax ID number and operating agreement if you registered your company as an LLC.
1:30 PM - 3:00 PM: Create a Basic Website
Developing a marketing strategy is the key to finding your first customers. Your company website is at the core of your digital marketing strategy! By signing up for a web hosting service and choosing a premade theme, you can set up a basic website in about an hour and a half. If you want a sleeker website with more functionality, consider hiring a web design agency in the future.
On your website, you can also include a sign-up form for your company’s email newsletter and buttons that link to your company’s social media accounts. If you haven’t registered for these accounts yet, now is the time to do so!
3:00 PM - 4:00 PM: Research Helpful Tools
Now it’s time to start researching affordable tools that will help you run your business more efficiently. This could include free project management software, a budget-friendly bookkeeping program, or a free messaging app for your team.
Also look for tools that will help you create a business logo design. Your logo will be on your business cards, your letterhead, your website, and all your social media accounts, so give this ample consideration. Your ideal logo will combine graphics and text that convey your values, your meaning, and the potential for giving added value to prospective customers.
4:00 PM - 5:00 PM: Post Your First Job Openings
Go over your business plan and identify areas where you will need help from additional team members. To create attractive job listings, Workable recommends writing brief, jargon-free descriptions of the candidate’s responsibilities that will help applicants envision a standard workday. By the end of the day, you’ll have posted clear, specific ads for multiple job openings. Chances are you’ll have a few applications coming in within a couple of hours!
Opening a business might be easier than you think. Most necessary start-up tasks can be completed rather quickly. By following this schedule, you could become an entrepreneur in one day!
Join the Lubbock Chamber of Commerce to connect with local entrepreneurs and a variety of resources that will help your business soar to new heights of success!Photo via Pexels