Launch Your Wilmington, NC Business Today Using the 8 Hour Framework to Get Started
Do you think you could start a business in just one day? Setting aside an entire eight-hour workday to plan your venture and set financial goals for the future will position you for success. Check out this timeline from the Wilmington Chamber of Commerce to get you started.
8:00 to 9:00: Choose Your Business Structure
Your first job is giving your business a name and choosing your business structure. Consider forming a limited liability company to separate your business life from your personal one. File for your LLC online to avoid lawyer fees and paperwork.
9:00 to 10:00: Decide Upon Key Roles
You can skip this step if you're working alone. If you're working with a partner, it's important to give yourself titles and duties so there's no confusion later.
Determine which freelancers, if any, you will hire to get started. If you're looking to combine PDF files because you're dealing with too many paper documents as you get in touch with others, use this tool to combine your digital files, compress them, and send them to the recipients together.
10:00 to 11:00: Set Up Financial Accounts
Set up your business bank account and order checks. It's easy to forget this step if you haven't made money yet, but you'll need this professional account later. Establish it early so you’re ready to purchase important software and deposit cash when you start earning money.
11:00 to 1:00: Write a Preliminary Business Plan
Take two hours here to outline your goals for your business, develop a marketing plan, and identify potential investors. These points may change over time, but you need a starting point.
1:00 to 2:00: Take a Lunch Break
Starting a business is hard work, and you won't be able to act as CEO if you're running on coffee and snacks. Take a genuine lunch break, get out of the office (or living room), and stretch your legs for a bit to be at your mental best when you return.
2:00 to 3:00: Source Your Inventory
If you're offering a non-tangible service such as graphic design or writing, you won't need to bother with sourcing inventory. If you're creating a product, though, you need to consider questions like: where will you get your materials? Which suppliers will you work with, and do any have deals for first-time buyers? Answer these questions before moving forward.
3:00 to 4:00: Determine Your Target Audience and Start Marketing
According to experts, labeling your target demographic is one of the first steps you should take as a fledgling enterprise. Will you be marketing to 20-somethings who just graduated college and are looking for their first jobs? Perhaps you're targeting people who are about to retire and are beginning to indulge in their hobbies. Expand upon your business plan by setting a target audience and determining which social media platform is the correct marketing avenue for your business and ads.
4:00 to 5:00 Review Your Plan and Revise it if Necessary
You're likely in a much different place now than you were at the beginning of this day. Take a moment (with your partner, if you have one) to revise your plan and make any corrections as needed. Don't forget to proofread any correspondence you plan to send to investors, suppliers, or freelancers.
Make a Plan and Move Forward
For this system to work, you should set aside a day to accomplish these goals well ahead of time. Determine the necessary steps to start your unique LLC and plug them into this eight-hour system as needed. Start by setting up the specifics of your business to make it complete and official. Then, use online tools and freelancers to get your marketing started. At the end of this day, you should have a foolproof template and an actionable plan for your next steps forward!
Join the Wilmington Chamber of Commerce to connect with local entrepreneurs and resources that can help your business grow.
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