If You Had One Day to Start a Business, Could You Do It? (Yes!)
You woke up this morning. That means that you were given a new opportunity to live life to the fullest. If you’re currently trudging along in a job you hate that barely pays the bills, today might be the best day of your life. All it takes is eight hours to put you in a position to be on your own timeclock permanently.
We are happy to present today’s tips that can help you turn your next day off into your first day as an entrepreneur. Ready to go? Grab the coffee, and get ready.
8 AM–8:45 AM
Forty-five minutes might not seem like a long time, but it’s plenty enough to give you an opportunity to look at your lifestyle, your financial goals, and how much money you need to make to ensure that you can both live comfortably and retire with money in the bank. In addition to the money that you need to pay your bills each month, look ahead to whether or not you have kids going to college, parents that may need financial assistance in the future, and how much money you might need to start your business.
8:45 to 9:15 AM
Now that you know how much money you need to make, you can start looking for business ideas that might generate the income you need. Your first goal here is to settle on a startup that won’t require you to pull money out of your savings. If you have less than $1,000 to start with, Startups has plenty of suggestions, including launching an e-commerce, home cleaning, or drop shipping business. You can also piggyback off your current skill sets, such as if you have a background in graphic design, management, or childcare.
9:15 AM to 10:00 AM
Take this time to research and establish your business structure. For many of us, a limited liability company will be just perfect. As an LLC, you can enjoy tax breaks as well as protection of your personal assets. Or maybe you’re looking for an entity that allows you to claim deductions on your company’s financial losses and score additional self-employment tax perks. In that case, a Montana S corp might be the right fit for you. Since most entrepreneurs don’t know the legal ins and outs of how to start an LLC in Montana or an S corp in our state, it’s a good idea to work with an online formation service, which can get you up and running in just a few steps.
10:00 AM to 2:00 PM
Now it’s time to run some errands. Start with the bank. You’ll need a separate business bank account so that you can draw a clear line between your personal and professional finances. Further, you’ll build credit and look more professional. Once you have your account established, head to a local marketing company, which should be able to help you with many important tasks, including building a website and designing business cards.
Look for an agency that has a graphic designer on staff, which Velocity Consulting asserts is an important member of your marketing team that can help lay the foundation for your overall branding strategy. Don’t forget to stop for lunch while you’re out, because you’ll need your energy to finish out the last few hours of the day.
2:00 PM to 4:00 PM
When you arrive back home, fix yourself another cup of coffee and set up your social media pages. You can also get the ball running with social media advertising, which can be fairly affordable for new startups.
Now is also a great time to look into hiring freelance help and to get your company email set up. You should also spend time planning for upgrades to your home office space. These upgrades can happen as your business grows, and can also add value to your home. Then set up your home office, and if necessary, order a desk and computer equipment so that you can get started when you are ready to launch.
Starting a business is a big endeavor, but it doesn’t have to take weeks and weeks to get started. In the course of a single day, you can lay a solid foundation that will put you on a path toward financial independence. So, fire up the coffee maker, turn on your computer, and get ready to step out into the world of entrepreneurship.
Help your business find success in our beautiful corner of Montana by joining the Kalispell Chamber of Commerce!
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