0 to 60: How to Launch a Business in One Day!
Starting a business doesn’t have to break your back. Find out the simple steps to get through to launch a business in one day!
Great businesses start with great ideas. Unfortunately, some great ideas die before they have the chance to blossom into great businesses because the prospect of filing paperwork and jumping through other administrative hoops is a major turnoff to a would-be entrepreneur.
With the right guidance, almost anyone can launch a business in one day (or close to it). The key is organize high priority items and tackle those first. After that, you’re in business. So what are the top priorities that need to get done? We’ll dive into those here.
How to Launch A Business in One Day
Step 1: Brand Yourself
It’s important to think of a strong company name for your business – one that encompasses what you will provide potential customers and that represents who you are. It’s a lot to pack into what should be a relatively short name. Hunt around for ideas and explore what potential competitors have used as company names. Make sure you register your domain name and set up a website to advertise your goods or services. Even if you’re planning on operating a brick-and-mortar store, you need a web presence to bolster credibility and to establish a digital footprint. It’s also important because it will impact your ability to be found online; a domain name affects almost all aspects of search engine optimization (SEO) and social media marketing (SMM).
Here’s the catch: don’t let perfection be the enemy of progress. Many potential entrepreneurs get so caught up in finding the perfect name that it becomes an obsession, derailing every other aspect of starting a business. Do your homework and then settle on a name that works.
Step 2: Pull Together a Plan
Most businesses require a business plan to get started. The U.S. Small Business Association posits that a business plan should range between 25 and 100 pages, depending on the needs of the audience as well as other considerations. I’m going to propose a radical idea and encourage you to condense down your business plan to one page. This is something you can (and probably should) expand later, but one page should be enough to encompass the immediate needs you have to start a business. If you are going to need extensive funding or financing, this may not be the right route for you, but if not, this could be the perfect plan. Things to include:
- Goals – what are you trying to accomplish with your business?
- Mission statement – how would you describe the reason for your business’ existence in one sentence?
- Strategy – How will you achieve your goals and mission? What are the tactics you’ll employ to get there?
You can get more insights on how to right the perfect one-page plan from books like Small Business, Big Vision. Even if your plan ends up being slightly over one page, it shouldn’t take you weeks or months to complete. By bypassing this typically time-consuming hurdle, you can get a jumpstart on launching your business.
Step 3: Form your Business
In order to legally be recognized as a business, you’ll need to file the appropriate paperwork depending on the type of entity you decide to form. You can choose between a sole proprietorship, a corporation, a partnership, a limited liability corporation (LLC), a nonprofit, and more. You’ll need to do a little research to determine which entity type is most appropriate for your business idea, but once you do, you need to file the correct paperwork.
Filing paperwork for your business will cost money, so make sure you budget for this. Costs will vary by state, but you can find more information about the exact costs as well as any additional licenses you’ll need by visiting your state’s Business License office. You may also want to look into additional fees and filing requirements for your city and county.
If you don’t have a business partner, it can be beneficial to launch your business as a sole proprietor to test the viability of the business and to avoid unnecessary paperwork and startup costs. Do note that this opens you up to personal risk, so consider the pros and cons before making a definitive decision. You may also want to consult with your attorney and accountant to get a 360 view of the best options available to you.
Step 4: Figure Out Finances
Regardless of the type of entity you form, you’ll want to keep your personal and business finances separate. Set up a business checking account with your local bank. You’ll need your business name and Employer Identification Number (EIN), which you should get after successfully registering your business. Make sure you only use that account for all business-related expenses, withdrawals and payments. It shouldn’t take more than an hour to set up at the bank branch; so budget enough time to complete the process.
Step 5: Start Selling!
As a new business, you may have limited resources. Try to find new and interesting ways to advertise your goods or services. Building your online presence by setting up social media profiles and local listings can be a great, low-cost way to do this. You should also connect with your local chamber of commerce to get engaged on a local level and look into speaking and networking opportunities.
You can also invest budgeted money into online advertising like Google AdWords or Facebook Ads. You can cap your daily budget so you don’t blow through your savings. It’s a great opportunity to test the waters and gain traction for your new business.
Starting a business doesn’t have to be like scaling Mt. Everest. By breaking it down into the lowest common denominators, you can launch a business in one day and be up and running. Create a to do list with the steps listed above and start researching the requirements for completing all the steps. Before you know it, you’ll have a live, functioning business.
This guest post on how to launch a business in one day was provided by Matt Knee. Matt is Founder and President of MyNewCompany. MyNewCompany, started in 2001, makes starting and running a business simple, fast, and inexpensive for entrepreneurs and their advisors. They offer complete incorporation and LLC formation packages. To date, they have started over 50,000 companies in all 50 states.