If you’ve ever wanted to found a business, you need not labor over the idea for months — in this eight-hour guide, Tech Rider has compartmentalized the process and listed the key tasks to help you identify and set in motion a winning idea in just a day’s work.
Management the 8-Hour Framework For Starting a Business
9:00 – 10:00 – Financial Parameters
The first and most important consideration when starting a business should be whether you can afford to do so. Before you’ve invested any personal savings, take the time to set budgets and work out any limitations that might obstruct you from carrying out your goals. This stage in the business development process should be spent assessing your existing assets, software subscriptions, income, and savings to spare.
If you foresee relying on outside funding, it’s wise to check up on your credit score. Most lending institutions will use the measure of creditworthiness to determine whether you are eligible for funding and, if so, on what terms.
10:00 – 11:00 – Business Ideas
Once you have a clearer idea of your available resources, you can then begin to examine the viability of ideas. Finding the right product/service to sell as a startup isn’t always straightforward and you’ll want to be certain that you’re drawing on personal experience, knowledge, and tapping into a hot market with plenty of demand. This idea should also fit in accordance with your outlined budget.
11:00 – 12:00 – Business Structure
Even if you know exactly what form your ideal business will eventually take, there is still the task of getting there. This ZenBusiness – Start a Business Guide can help answer many potential questions.
Start by examining the structure of the business itself — a limited liability company (LLC), for example, could provide unique tax advantages, reduce your personal liability and save you time on paperwork. A formation service could also help you to skip on lawyer fees and navigate regional state regulations.
12:00 – 13:00 – Determining Customers
Your next step is to ascertain the existence of a ‘demand’ market. If you want to establish a sustainable, long-lasting business you’ll need to offer something unique or take advantage of a burgeoning new fad. You can test the viability of a market by carrying out research into its size, average income, and competition from other brands.
13:00 – 14:00 – Financial Projections
Once you’ve taken stock of your existing resources and determined your business idea and structure, it’s then important to make some financial projections. These relate to how much and how quickly you think you’ll be able to turn a profit and can be calculated by weighing your investment against sales efforts and predictive data.
If you haven’t already, it’s a good idea to download an online accounting system to help you crunch numbers and form more accurate estimates.
14:00 – 15:00 – Hiring Help
If you have any funding to spare or you believe it could prove pivotal to the success of your business, you may even consider hiring some outside help. Consultants or experts in fields outside of your own knowledge can provide tremendous value to a fledgling business.
This said, there are plenty of tasks that you can carry out independently with the help of online tools — for example, you can use a logo design tool that offers a selection of styles and icons with the option of adding text, adjusting fonts, and changing colors.
Starting a new business is often more straightforward than people believe. Just be certain that your idea is foolproof before you invest large sums of your own money.
This is all about the 8-hour framework for starting a business from scratch. Focus on your strategy and make them happen.
Visit bizwealthbuilder.com to get idea on business budgeting and funding information.