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How to Start a Business in a Day

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Offer Valid: 02/05/2023 - 02/08/2025

According to Zapier, about 61% of Americans have an idea for a business, but only 8% start one. Starting a business may seem like an overwhelming task. You can make this task more manageable by breaking it down into a series of steps and creating a schedule for accomplishing them. Follow this timeline from the Nashoba Valley Chamber of Commerce to make it happen.

9:00am-10:00am Gather Your Tools

You don't have to have a lot of complicated tools to start a business; however, there are free and low-cost tools you can use to make the process easier. For example, Google offers tools for word processing, email, spreadsheets, and storage that can be used for tasks such as brainstorming business ideas, collaborating with your team, communicating with vendors, creating your business plan, and tracking your finances. 

 

Once you have added multiple people to your team, you may find that document overflow becomes a problem. You can make your documents easier to manage by using this PDF merging tool to keep all of your documents in a single file. This will make it easier to organize and find your documents. Once you have combined the files, you can move the PDF pages around until they are in the order you prefer.

10:00am-2:00pm Choose an Idea

Choosing the right business idea is one of the most important parts of starting a business. Start by focusing on your experience, skills, and passions. Whatever type of business you settle on, you will need some expertise to run it. If you don't already have experience, make sure you choose something you have an interest in and are willing to spend the time to learn. 

Once you have a list of ideas, assess how well each one fits into your lifestyle. For example, if you require a solid work-life balance, you should probably avoid a business that will require you to work long hours. If you love to travel, consider businesses that you can run while you are on the road or in the sky. The better your business matches your lifestyle, the less likely you are to get burned out running it.

Finally, do your research. Is there a market for the products and services you intend to sell? Can you raise the money for the startup costs? Who do you expect your customers to be? At this point, you may discover your idea isn't feasible and you need to either pick a different idea or rework the existing one.

2:00pm-3:00pm Choose a Business Structure

Whatever type of business you settle on, you must choose a business structure. Limited liability companies are popular because of the benefits they offer, such as tax advantages, protection for your personal assets, less paperwork, and greater flexibility. To ensure you get the legal details right, it is a good idea to work with a lawyer. Alternatively, you can use a formation service, which is usually less expensive. If you decide to work with a formation service, read reviews before you choose a service.

3:00pm-4:00pm Open a Business Bank Account

For a variety of reasons, it is important to keep your personal and business funds separate. Open a business bank account for your business funds. 

4:00pm-5:00pm Find Customers

All businesses need customers to make a profit. Create a marketing plan to start attracting your first customers.

Get the Process Started

Your journey doesn't end with the final step on this list. However, this should give you an idea of how to break down the steps involved in starting a business, such as forming an LLC, into manageable chunks. Start with a solid plan and work your way through the steps. And if you make a choice that you’re not happy with, change it! Good business owners are always updating their strategies to meet real world needs. 

 

This Hot Deal is promoted by Nashoba Valley Chamber of Commerce.

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