Owning your own small business is both challenging and fulfilling. With each hurdle you overcome, you enjoy more control, flexibility, and satisfaction. If you’re ready to tackle something new, check out what you can accomplish in a single day with this timeline from Yankton Thrive.
9:00 – 9:30 Set Your Sights on the Finish Line
Many people take an entrepreneurial path because of a personal passion. Maybe you dream of building a company you can pass on to your children, or you hope to create a business that serves a purpose in your community, such as making positive environmental changes or helping families in need. The chance to control the direction of your life while making money to support your dreams provides motivation to work through many difficulties.
9:30 – 10:00 Choose a Realistic Business Idea
Make a list of the possibilities that appeal to you, and then identify those that will keep you motivated when things get difficult. Come up with an angle that makes your idea more valuable than existing businesses. It’s helpful if you have a skill or a strategy that isn’t easy for competitors to copy. Keep an open mind about the amount of money you’ll need to get started, whether your idea is part of a trend that won’t last, and how well your products and services will be received by your community. If you aren’t sure where to start, consider some of the ideas that many entrepreneurs have used successfully.
10:00 – 12:00 Write Your Business Plan
This plan includes business goals, how you'll achieve them, and how you'll fund your venture. According to experts, you can create a strong, effective plan with the following steps:
Write out your business pitch, including a mission statement and detailed description.
List the important elements of the business, including your registered name, the physical address, and the names and skills of the people who are vital to your success.
Describe how you will satisfy a need in your target community. Explain who will be interested in becoming a client and how you plan to market. Include details regarding how your company will differ from others in the community and how you are prepared to compete.
Include a written statement of your business and financial goals, how you plan to make a profit, and how any financing will be used.
With your business plan written out, head to the bank to open an account and discuss your financing needs.
2:00 – 3:00 Establish Your LLC
There are several possibilities available when it comes to choosing a business structure. The most common are sole proprietorships, partnerships, corporations, cooperatives, and limited liability companies. There are many benefits to starting with an LLC:
Personal ownership and asset protection
Flexible management options
Simplicity of creation and operation
3:00 – 4:00 Connect With Employees and Other Resources
Eventually, you may need part-time or full-time help. Initially, the cost of hiring employees may be out of range but hiring freelancers can be an affordable solution to this problem. Similarly, you may face obstacles, such as how to organize documents in a variety of formats created by disparate teams. There are many affordable and valuable resources online.
When you work with a freelancer, it’s helpful to combine files before sending them so that nothing gets lost in the transition. If you're wondering how to combine PDF files, it’s a simple process when you use a merge tool. Just add the files you want to merge into the drop zone, arrange them as you’d like, and click on Merge.
4:00 – 5:00 Draw Attention to Your Business
With your LLC organized and your financing in place, you’re ready to connect with customers. Your business plan should include a description of who your ideal customers are; now is the time to find them. Strategies such as creating ads for newspapers and radio programs, connecting online through social media, telemarketing, and other methods used by successful entrepreneurs have proven results.
Take the Steps to Entrepreneurship
Starting a business can feel overwhelming, but when you view the steps within a normal workday, it may feel more doable. Start by making your dream into something more concrete and legal. Then, use online tools and work with freelancers to get your name out there through great marketing strategies. By the end of the day, you’ll be amazed by what you’ve accomplished.
Join Yankton Thrive to network with other local entrepreneurs and access valuable resources for helping your business grow.