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How to Start Your Business in Less Than a Day

How to Start Your Business in Less Than a Day

Updated: Feb 17

Starting a new business doesn't have to take months or weeks. In fact, you can get your business idea up and running faster than a New York minute. Educators Provision League shares how. 8:00 a.m. to 8:30 a.m.: Create a Vision For Your Business When creating business goals, focus on two key categories: • Lifestyle goals: Consider how you want to live, then build your business around that vision. Finance goals: How much money do you need to bring in? What kind of lifestyle can you afford? Now that you've set the stage, it's time to get into the nitty-gritty. 8:30 a.m. to 9:00 a.m.: Choose a Business Idea Smart entrepreneurs know that a good idea is the foundation of a thriving business. Your business needs something to trade. It could be a service or a product. • Offer a service. Some businesses focus on one particular area, like web design, while others provide a more in-depth service, like legal consulting. Create a digital product. Depending on your industry, goods can range from baked goods to digital products, such as online courses or e-books. 9:00 to 9:30 a.m.: Decide on a Business Structure By now, you've probably narrowed down your options. Now, you need to decide on the business structure that best suits your purpose: • Sole proprietorship S-corporation • Limited liability company (LLC) • Corporation Benefits of Forming an LLC An LLC offers you limited liability, so you aren't responsible for your business's debt. It also has the added advantage of pass-through taxation, which means that you'll only pay taxes on the individual company member's share of income. Since states have different regulations, you should research the guidelines on forming an LLC in New York online or contact a local formation service. 9:30 a.m. to 10:00 a.m.: Create a Business Bank Account Next, you'll have to open a separate bank account for your business. Some banks, like the Bank of America, allow you to open a business bank account online. It might also be a good idea to open an account at a payment gateway. PayPal, Stripe, and Square are all popular payment gateway options. 10:00 a.m. to 2:00 p.m.: Find Your First Customer Now it's time to find your first customer online. While there are many strategies to help you market your business, these mass marketing tactics can help you get those first few customers. The goal is to tell as many people as possible about your business. Aim to connect with at least 100 people during these four hours and 10,000 people during your first month. 2:00 p.m. to 4:00 p.m.: Hiring Help It's time to hire an independent contractor. You'll be hiring someone to market and promote your company's products or services for you. If you haven't been able to find a freelancer that fits your budget, consider hiring a virtual assistant through Upwork or Fiverr. Bottom Line: You Can Start Your Business Today This is just the beginning of your journey. As you continue to promote and sell your product or service, you'll need additional resources. Visit the Educators Provision League Library Store for resources, like this book on Modern Facebook Marketing, to help you market your business like a pro. Written By: Cameron Ward

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