Looking to start a new business soon?
How about getting the idea shaped and ready by the end of this week?
The following is a quick yet thorough one-week plan to kick-start your business. This guide is ideal for go-getters on a time crunch.
Day 1: Find the Right Fit
Determining the right business to launch is the first step to starting a successful business. When you only have a week to get this done, the way to do this is by finding a business that you are familiar with in terms of background and knowledge.
Sometimes you might have the inspiration to start up a business that you have no professional qualifications for. You really don’t have time for that in one week. Seeking proper guidance and training can help secure the right knowledge and skills needed to start off any business, even one you don’t know much about. If you only have a limited amount of time, you have to go with what you know.
This could be a job that you worked for years that you know works, or this could be perhaps a hobby of yours that you have done for years. But just make sure you have extensive experience and know what customers want before you start.
Each and every business has a personality and that personality is going to be showcased through you as a businessperson. In short, your personality and the business’s personality should complement each other well.
Day 2: Research and Evaluate Your Idea
A lot of businesses collapse because they fail to do the right market research. The research allows you as a businessperson to know the challenges and risks that you are about to face.
The key to success is creating a niche for yourself in the market. However, it is crucial to remember that a small startup does not have solutions to all the problems.
As an entrepreneur, you should learn to evaluate your business by conducting more formal market research. The information collected is based mostly on three aspects. They include:
- Target audience
- Competition
- The market
When doing your market research, you can get viable information from professionals who are in the same line of business.
Since you don’t have a ton of time, the best way to do this is to search on Google for similar businesses comparable to what you want to start. If you have no competition, then don’t choose this line of business. This means there is probably no demand. If you find tons of competition and gigantic sites, etc., you might want to scale back to something more niche. You want medium competition as this assures your product has a market but is not so big that you get lost in the noise.
Day 3: Calculate the Cost of Starting Up the Business
Operating a business is not as easy as it sounds. You will need operating capital that will help you open a business. The capital should be enough to handle your day-to-day expenses.
Professionals recommend that a startup should have sufficient capital for the next 6 months. An entrepreneur should practice patience, since not all businesses can generate revenue immediately.
The best way to calculate the cost of operation is to always budget higher than the intended amount.
Day 4: Formulate the Right Business Plan
Before embarking on a business, it is important to have a roadmap that will guide you. A business plan is a working plan that can help you get through the difficulties as well as recognise opportunities.
Only a business plan can help you determine if the business idea is the right venture to take on. For a quick start today, just write six paragraphs, two for each of the sections below (and add to them as you go):
- A Business section
- Market section
- Financial section
Day 5: Identify Sources That Can Fund Your Business
Funding a business can be a hassle for most entrepreneurs. There are ways in which you can source funds. They include:
- Crowdfunding
- Self-finance
- Loans from money lenders and institutions
- Money from family and friends
- Angel funding
- Grants
- Donations
- Sponsorships
- Other local options like Unsecured Finance Australia
Before engaging in any type of financial funding, especially in the form of loans, ensure that you have the means to repay the debt in time. You do not want to incur huge amounts of debt with a startup.
Day 6: Find a Suitable Name for Your Business
There is power in a name. Choosing the right name for your business can be tricky. If you end up choosing the wrong name, your business could be doomed. The right name can make your business become the talk of the town.
An effective name should be memorable and it should take your business to the next level. This can be achieved by enlisting a free trademark. You can also hire the help of a professional such as an attorney. This might be kind of expensive.
Once you’ve determined the name of your business, you can start by securing it a website. Online marketing is the smartest way to interact with a large platform of customers. Ensure that your business has secured a domain.
Day 7: Develop a Marketing Plan
Create a marketing plan that will guarantee customers know about your business. In this case, a business plan will be effective since it will outline the competition and the target audience.
You can decide to market your business through various channels such as:
- Blogs
- Websites
- Social media
- Radio
- TV
- Newsletters
Now it’s time to start giving wings to your dreams!
