Starting a business is a major achievement that takes time and dedication to pull off. However, you can start laying the initial groundwork for your entrepreneurial venture today. While surveys cited on AllTopStartups.com show that entrepreneurs work various hours, those who are accustomed to a standard eight-hour workday can create success for a new company within their routine work schedule.
By following four simple steps within the framework of a 9:00 a.m. to 5:00 p.m. workday, you will accomplish the basic tasks necessary for starting a new venture while also acclimating yourself to a daily business management schedule.
9:00 a.m. to 11:00 a.m. - Establish Goals
Start your day of planning by setting realistic goals for your emerging company. Determine how you will balance your business management with other aspects of your life such as family, education, or any other work obligations you may have. Creating a schedule you can adhere to and a dedicated workspace or home office is important for commercial success and personal mental health.
You can also set attainable financial goals when you follow proven business planning practices. Acknowledge your budget limitations and decide on a profit goal to strive for.
When you're setting up your workspace, you should also verify that you are allowed to operate your venture in your location. Many governments, HOAs and landlords limit what can happen within their boundaries. If the answer is you can’t, you can potentially appeal the situation, but it also may be time to search for a new place. One money-saving option is to move out of the city into the suburbs. For example, if you’re considering a move to nearby Stamford, you have plenty of rentals to choose from, with approximately 250 available properties. Of course, be sure to inquire with the complex or landlord about your ability to run your type of business from there before moving.
11:00 a.m. to 1:00 p.m. - Brainstorm Business Ideas
If you don't already have an idea for your dream company, now is the time to start deciding on a venture to pursue. You may choose to utilize any special skills or education you have under your belt, or simply satisfy a demand for a particular service in your area.
Whether you've chosen a path for your business or not, CopyPress suggests conducting market research to see what products your target audience is interested in. Researching your competitors is equally important, as this gives you an idea of what marketing techniques can be successful within your niche.
1:00 p.m. to 3:00 p.m. - Select a Business Structure
Deciding on how your company will be structured is an important early step. There are a few kinds of legal structures that your startup may fall under. Your small business will likely be either a sole proprietorship or partnership, depending on whether or not you are a solo entrepreneur in the endeavor. Alternatively, you may decide to establish yourself as a limited liability company (LLC) and reap certain benefits including tax advantages. You can simplify the registration process by using a formation service like ZenBusiness.
During the structural planning phase, you should also consider the option of opening a separate commercial banking account.
3:00 p.m. to 5:00 p.m. - Plan for Marketing
A great way to round out your day of preliminary planning is to start building a marketing strategy. Traditional advertising methods can be very effective, especially if your business provides a product or service to your local area.
Another option to embrace is digital marketing. Companies of all types should have a unique website and a social media presence. You can build and retain brand awareness by communicating with customers via email lists and social media campaigns. Entrepreneurs who are not well-versed in these types of digital marketing can hire freelance web designers or social media specialists to help build a strong digital marketing strategy.
By the end of your first eight-hour workday as an entrepreneur, you will have taken the crucial first steps towards starting your new venture. Meticulous planning and strict scheduling are important skills for business owners, and both can be practiced in the course of following these four easy tips. Following a similar routine in all the days to come will bring you closer to entrepreneurial success.
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