9 am-11 am — Choose your business structure
The first step to starting any business is choosing the right structure . According to the U.S. Small Business Administration, you have four general options:
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Corporation
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Sole proprietorship
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Partnership
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Limited Liability Company (LLC)
Much of your business structure depends on ownership : do you have a partner(s) or are you going it alone? Independent endeavors give you the choices of a sole proprietorship, a single-member LLC, or a corporation. If you have multiple business partners, an LLC or corporation is ideal over a partnership.
Do heavy research when it comes to choosing a business structure. When it comes to final decisions, consider consulting a business counselor or attorney.
11 am-12 pm — Choose a business name
This aspect is invaluable. Notably, it can determine your visibility in online searches. There are a lot of mistakes to be avoided , so be mindful. For instance, don’t choose a name that’s too general. If your potential customers have to ask questions about what your business actually is, you’ll stare failure in the face.
If you’re having trouble coming up with a good name, there are online name generators that can help you get fresh ideas. Do an online search of each name you come up with; you don’t want to fall in love with one only to find out later that it’s already taken.
Once you have a business name you’re confident in, register it. There are several different ways to register at various levels of government.
12 pm-1 pm — Order business cards
Once you have a business name, it’s a great time to get business cards. This gives you an opportunity to promote your business before it’s even off the ground. Purchase a good amount so you can distribute them to your friends, family, neighbors, and anyone else you think will help spread the word.
Indeed advises that on your card, you’ll want to include your name and role, the company name, company website address, your email address, and a phone number. It’s important to make your card memorable with color, graphics, and special fonts. Try using a business card template free for anyone to use. Make it unique and memorable, but don’t go overboard. If there’s too much decoration, it can deter a customer’s attention from the actual information.
1 pm-3 pm — Plan and research marketing strategies
Your company is nothing without customers, but knowing the right way to reach them can be a challenge. There’s a reason you should set aside two hours for the process !
First, narrow down exactly who your customer is. Consider age, gender identity, interests, dislikes, etc. Get as specific as possible. Next, consider the best way to reach your base. For example, if your audience is on the younger side, social media is likely your best route. Map out who you’re targeting, what you need to reach them, and exactly how you’re going to reach them.
3 pm-5 pm — Register your business
This step is time-consuming, but it means everything for your company. You’ll need to register your business at the federal, state, and local levels. The IRS is a good place to start. You’ll receive an Employer Identification Number (EIN), which is essentially your company’s social security number.
Aside from general business registration, your particular industry may require its own licenses or permits. In the restaurant industry, for example, a business must acquire a liquor license before it can serve any alcohol. Check for these kinds of regulations and file the necessary permits as soon as possible.
Remember, many of these tasks won’t be completed in a single day. Stick to this schedule, however, and you’ll chip away at every task until each is complete. Good luck!
Photo via Flickr