Build Your Own Business in 8 hours

Rome wasn’t built in a day, and starting a business in Portland, OR, won’t happen overnight. However, many of the basics can be completed within the span of one workday.

9:00 a.m. to 10:00 a.m. — Choose Appropriate Business Ideas

List your hobbies and interests. Include your lifestyle when brainstorming for business ideas. Do some market research and list any relevant skills you have.  You can also take a career assessment online or reach out to your local community college for help.

10:00 a.m. to 11:00 a.m. — Decide On Your Business Structure

Businesses can be one of two entity types: a corporation or an LLC. Corporations are complex and require a board of directors. LLCs are more flexible, have similar tax advantages, and involve less paperwork. You have the benefit of protecting your personal assets in case of legal liability. Forming an LLC has state-specific requirements, so research requirements for your state before applying. Reach out to a formation service to avoid high lawyer fees. 

11:00 a.m. to 12:00 p.m. — Draft Your Business Plan

Creating your ideal business plan doesn’t have to be stressful. Use a lean startup template before upgrading to a traditional outline. Traditional plans usually have nine sections; use the ones that fit your business, such as:

• Executive summary. Provides details on why your company will be successful and includes basic information such as products and your company’s leadership team.
• Company description. Provides details about how your business can solve problems. Include any competitive advantages that will aid your company’s success, such as expert team members and business location.
• Appendix. Provides supporting documents either voluntarily or by request of a third party. You can include credit histories, product pictures, licenses, and other legal documents.

12:00 p.m. to 1:00 p.m. — Register Your Business And Get Federal and State Tax ids

Your state government and chosen business structure will determine if you need to register your business, but it becomes a legal entity once you register your business name. Obtaining a federal tax ID number is free and helps you pay state and federal taxes.

1:00 p.m. to 3:00 p.m. — Open A Business Bank Account

Business bank accounts are professional and practical ways to keep your business income separate from your personal. You can use your SSN or your federal EIN. Shop for the best features and benefits, but you can look into opening a business checking account at the same branch as your personal account.

3:00 p.m. to 4:00 p.m. — Market Your Business

You can build a website, establish a social media presence, and advertise discounts through a newsletter. Check with any previous market research, as it may need updating. Consider fun marketing materials, such as stress balls and water bottles with your logo. Take advantage of in-person networking and direct mail.

4:00 p.m. to 5:00 p.m. — Consider Outsourcing To Freelancers

If certain tasks must be delegated to freelancers, use job platforms such as Guru or Toptal. Social media is another source for potential candidates. 

Your Shift Is Over

Congratulations! You proved that you could build a solid base for your business in a day. 

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