(BALTIMORE – October 21, 2022) – Starting a business is the perfect way to be your own boss, make money, and do what you love all in one package. Many people get discouraged because it seems too challenging, but it’s possible to get your dreams off the ground. In just eight hours, too — if you know how! Keep reading for these tips from BmoreNews.
9:00am – 11:00am: Set Your Business’s Goals
When it’s your business, you come first. What kind of day-to-day life do you envision? Are you working at night or in the morning? The business you choose needs to correspond to the life you want to lead.
Perhaps just as important, what are your financial hopes? Be realistic — both in terms of how much you want to spend in the first year, and how much you want to profit (if anything).
11:00am – 1:00pm: Choose Your Business Type
Now it’s time to get specific. Figure out what your business is. Whether it’s e-commerce, retail, or logistics, make sure it’s crystallized in your mind. Spend time developing your target customer as well. Once you understand that, marketing becomes much easier.
1:00pm – 2:00pm: Choose Your Business Structure
It’s important to decide on the structure of your business. The two most common types are:
Sole proprietorship. A sole proprietorship is the most common type of small business structure and the default choice when conducting business in the U.S.
Limited liability company. An LLC is a business setup that protects personal assets (like homes and vehicles) in the event of business bankruptcy. For business owners really looking to start strong, this may be a good option. Besides keeping your personal assets safe, LLCs provide an excellent tax situation. Because the IRS classifies technically LLCs as sole proprietorships, you can use pass-through taxation, meaning no corporate taxes need to be paid and can instead be “passed through” the owner’s individual taxes. The easiest way to form an LLC in Maryland is to work with a formation service.
2:00pm – 2:30pm: Get a Business Bank Account
A business bank account is an essential piece of your organization’s financial health. It offers financial protection for your business and separates your personal finances from your business’s, all in one. Plus, it’s easy to create and should take just a half-hour.
2:30pm – 4:30pm: Market to Your First Customers
Reaching out to old friends and colleagues via email or phone to offer your services is an easy way to get your business started with a few solid customers.
When used correctly, social media can help you to reach a wider audience, build brand awareness, and drive traffic to your website. There are a number of different ways to use social media for marketing purposes, and the best approach will vary depending on your goals and target audience. However, some general tips for using social media for marketing include creating engaging content, using hashtags and keywords, and running targeted ad campaigns.
Start off your campaign by using a free online banner creator to create a customized banner for social media pages. Choose from a variety of templates and add your own text and design elements.
4:30pm – 5:00pm: Hire Freelancers to Fill in the Gaps
It’s difficult to do it all alone. Luckily, we live in a thriving gig economy. For any problems you can’t figure out, professionals on sites like Upwork and Fiverr are available to make your life easier. From art design to legal help, they’ve got your back.
A Final Word
Starting a business is a fulfilling and challenging endeavor, and it’s possible to lay the foundation in just eight hours — if you follow this guide!