Millennial Tips – How to Start a Business in 13 Days
Starting a business has always been a topic covered in mystery mainly because of the perceived struggle that is encountered in setting one up. The cloud that hovers around entrepreneurs is pretty dark in that they find it hard to contend with the overall steps involved in starting a business but little do they know that it is a systematic process that can be captured seamlessly if documented properly. Here is a guide on how to start a business in 13 days.
Polish your business idea
Before you even think of starting a business, you must have had an idea and the first day involves polishing the idea and identifying exactly what problem your business will be addressing and how the target market is going to benefit. It is also on the first day that you need to address who the ideal customer is which will lead to the refinement of your idea to a short version that anybody can understand. It must be clear and backed by hard data.
Write the business plan
Once you have polished your idea and received feedback on how to better the plan, the second day should see you revise your proposal and structure a business plan that will answer and tackle your objectives and goals. This is important especially if you are pitching to investors. Your business plan should be concise and agile and this is where you mention if you are going to seek startup funds and how your financing will be including expenses and asset management.
Narrow down on user base
When the business plan has been structured, it is imperative that the user base is narrowed down which is a factor of market research. Define your user persona by creating the perfect client and ensure you capture the elements that are imperative when it comes to them buying your product or service. Have a user profile that will inform your decision making later on.
Approach a user
The fourth day is supposed to see you approach a user and understand their psychology. This will help you settle on a business location. When the user persona has been identified, approach the intended user and capture their review on what your business is all about. Ask them if they are willing to buy and if not what the reasons is. Here you will know aspects you need to adjust about the name of your business, pricing or the product itself.
Capture a domain and set up social media handles
At this point, you have info on your business plan and also have an idea of what the target audience is and what they prefer as far as your business is concerned. The next course of action is buying domain name and getting the handles that will be used by the target audience to find you. Target a business website that will give your target audience an online platform to find you.
Set up a marketing plan
Strategies to adopt in setting up a marketing plan involve building an email list, blogging and growing your social media among other avenues. Interact and engage with your target audience to ensure they learn more about the business and get to understand what your value proposition is.
Hire an accountant
On day 7, you will need a professional who will explain what your financial obligations are based on your business model, financial commitments and logistics. The professional will also offer insights as to the records to keep including the tax obligations that need to be met.
Register the business
The eighth day should find you filing all the necessary forms including those defining your entity whether it is an LLC, S-Corp. it is also important to identify the business by DBA where you describe the entity in the form it is Doing Business As.
Open business account
Have a conversation with a banker on day 9 and identify the options that are available to you as far as a business bank account is concerned. Have your DBA, Business registration documents, identification number especially for tax obligations and open a bank account that will handle finances for the entity.
Consult a lawyer
At this point you need legal perspectives and insights and this is where you consult a lawyer on every legal obligation you have and anything you are unsure of about the business. From the disclosures, sharing responsibilities, legal standings, insurance covers, hiring and branding the business.
List all duties and obligations
With many things done and still a lot to do, the idea is to list everything you haven’t done in a To-Do list. As you near the launch, list all the tasks you need to accomplish including the new ideas you have gathered along the way. It is easy to forget in the hassle to balance time so write them down even if not in order of priority.
Structure a 30-day plan
Day 12 should see you create a plan with a 30-day time span. You need an achievable plan with every important element captured. From refining a website, testing social media, capturing online presence to scheduling for the strategies and tasks; it is crucial that you set an action item for each of the first 30 days of operation.
Launch the business
Finally, day 13 and this is where you announce yourself to your target audience through advertising and finding a community of entrepreneurs within your space to check out and learn from. It is crucial to find resources to help you along the way as you better your strategies.
