8 Hours Is All It Takes To Lay The Foundation Of Your New Business

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There are plenty of opportunities to run a business.  However, it can be overwhelming for anyone. Today, Actionable Information shares a few pieces of insight that can help you reframe the way you look at entrepreneurship by breaking down a few common steps you’ll take and the bite-size chunks that you can complete in a single day.

8 AM to 9 AM

Good morning, future entrepreneur! Now’s the time to sit down with a cup of coffee and decide on the type of business you want to run. Think about how much money you need to make to support yourself and your family and how your new business will fit into your lifestyle goals. For example, if you like to be outside, you might not want to start a business that requires sitting at a computer for eight hours each day.

9 AM to 10 AM

Now that you know how much you need to make and have narrowed down the overall lifestyle you’d like to have, it’s time to look at different business ideas. Ready Entrepreneur notes that you can even begin your research here in just one hour. Start with a vague description of what you would like to do, and narrow down your niche from there.

It’s also time to consider whether you’ll need any additional funding to get your business off the ground. It’s also a good idea to check your credit score which will determine whether you can obtain a loan at a favorable rate.

10 AM to 11 AM

Setting your business structure is the next step. For this, you’ll need to come up with the business name and spend some time looking at the benefits of forming a corporation or LLC, the latter of which is a smart structure for up-and-coming startups. Depending on where you live, you might have to do a quick bit of research here as well, but it’s entirely possible to use a web-based formation service and have a legal entity set up before the clock strikes the next hour.

11 AM to Noon

Your business needs a bank account, and there’s no time like the present to log into your current bank and open a separate account for your newly formed LLC. Accion Opportunity Fund explains that having a business account makes it easier to prepare your taxes, allows you to automate your bookkeeping processes, and is a great way to help your business establish credit.  

Lunch

You’ve accomplished so much already. Now’s the time for a plate of nachos!

1 PM to 2 PM

You’re fueled up, and you’re confident that your business will be a success. It’s time to get marketing. Start simple here by creating an online presence with a social media account and website. Ideally, you can find a domain name that matches your business, but make sure it’s also easy to type and as short as possible..

Also Read:  How To Apply For N5M Collateral-Free BOA-SMEDAN Loan

3 PM to 4 PM

Running a business is not a one-man (or woman) show. Go ahead and pour yourself another cup of coffee, grab a quick snack, and start looking for freelancers that can inject their expertise where you need it the most. Freelancers are more affordable than nine-to-five employees, and you likely will never be short of candidates to help you achieve the success you desire.

4 PM to Success

Your last task of the day is to organize your home office since there’s a high probability you’ll work from home at least part of the time. Hop on Amazon and order a filing cabinet so that you can keep your office documents together, and then create a space that’s conducive to an efficient workflow.

When you wake up tomorrow, you have a blank slate. Use it to create your new business. An hour creating your business structure, an hour of marketing, and six other quick hours handling other important startup tasks can help you lay a solid foundation, stay organized, and launch your startup with confidence. It’s all in a day’s work!

Actionable Information is here to help you make more informed decisions about your finances. Let us know if you have any questions!

Author

  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

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