Your One-Day Business Planning Blueprint

How long does it take to get a new business off the ground? Well, that depends. Some businesses can be launched quickly and easily. Others take a lot of planning. If you already have funds, space, and equipment ready to go, it might not take much work. Or you may end up spending months finding the perfect location or seeking financial support. But when it comes to the basics of starting a business, you can get much of the planning done within the space of a single workday. Here’s how.

From 9-10 AM: Clarify your business idea.

To succeed in business, you need to believe in your business idea, and be willing to pursue it even when it gets challenging. So, take half an hour mulling over your different ideas, and decide which one you’re truly passionate about. Now, take another half hour to decide on a few basics like what size your business will be, whether you’ll run it from home or elsewhere, and what the precise nature of your product will be. And don’t forget to come up with a working business name!

From 10-11 AM: Select a business structure.

Spend half an hour reading up on the most common structures for small businesses and decide on whether you want to be a sole proprietorship, a partnership, a limited liability company, or a corporation. For many small business owners, a limited liability corporation (LLC) is the best choice, because it protects your personal property while also giving you tax breaks. Read up on the rules for West Virginia or the state where you are from and find a good formation service to help you register.

From 11-Noon: Write a business plan.

Having a business plan is important for two reasons. First, it will be your roadmap for future business decisions, and a checklist for your launch. Second, if you decide to apply for loans or grants, you’ll need to be able to show your business plan to demonstrate that your idea is viable.

From Noon-1: Draw up a business budget.

Having drawn up your plan, you’ll have a clearer idea of what you’ll need to spend money on, to get your business going. Take half an hour budgeting to figure out ballpark amounts you’ll need to have, for each component of your business. Then figure out how much you can afford to spend, so you know whether you’ll need to take out a loan, and how much you’ll want to aim for.

From 1 PM-2 PM: Open a business bank account.

Business banking isn’t too different from regular banking, but it is important to have an account specifically for business purposes. Check out what different banks have to offer, and different kinds of business accounts, so you can decide on one that will work for you.

From 2 PM-3 PM: Purchase business insurance.

Business insurance is not only important for your own protection. In many cases, you can’t even run your business legally without it. Find out what kind of insurance you need for the kind of business you’re planning. Obviously, businesses involving greater risks, that could lead to losses or damage or injury, will need insurance to cover their bases.

From 3 PM-4 PM: Create a marketing strategy.

To put together a marketing campaign you should have a clear idea of the target audience you want to reach, and how to reach them. Take half an hour to do some market analysis regarding the demographic you aim to attract, then another half hour writing up a marketing plan, complete with ideas on branding and logos.

From 4 PM-5 PM: Decide who you’ll need to hire.

This doesn’t necessarily mean creating a whole staff. You may be able to operate as a solopreneur. But even then, you will need to hire certain freelancers to help you in accounting, especially at quarterly and annual tax time. You may also want to hire a professional like TonyasDynamicDesigns to assist with designing a great website. As your company grows you may find yourself hiring more freelancers or bringing some on full time.

Of course, you’re not going to get up in the morning and have every aspect of your business nailed down by evening, but if you follow this planning schedule you’ll have a number of your administrative tasks either well planned or already on the way to being completed.

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