How to Start a Business in One Day - Part One -

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How to Start a Business in One Day – Part One

2020 forced millions of people to get creative when it comes to making money.  These people were furloughed or even lost their jobs and, for many, it was their only source of income.  Maybe you are still jobless and feeling desperate to figure out a way to make even a little money.  Well, it is possible for you to start your own business in as little as a day.  You have to be willing to try things you have never done before.  People that start businesses are problem solvers and constantly try new things.  So, if you want to start a business quickly, here is how to do it.

An idea

This is an obvious task.  You have to have an idea.  It does not necessarily have to be unique.  Many businesses are successful because they improved on an existing idea.  A couple of useful ways to come up with an idea are:

  • For five minutes, write down every business idea that comes to your mind.
  • Think of things that bother you every day and solutions to those things. This is a good one because, if you are having these issues, it is a safe bet that your future customers are as well.
  • List the things you are good at. Are you good at managing people?  Maybe you can start a virtual assistant business.  Experienced with eBay?  Start selling items from around the house and then use the money to reinvest in new inventory.

Coming up with a successful business idea is the hardest part of the process.  Even after you come up with your idea, you have to be flexible and adapt to future challenges.  Your end product may not even resemble the original idea, but it will be the one that will benefit you most (hopefully).

A name

Most articles will tell you the next step is creating the perfect business name.  I am here to tell you that you should not focus on that right now.  You are creating a business in one day which means you are, at least for now, a sole proprietor.  Your legal business name is your name, and your tax identification number is your social security number.

For now, keep it simple and use your first or last name in the business name so it is unique.  Then, conduct a search on your state’s Secretary of State website to make sure it is available.

Coming up

We spent a lot of time on two subjects in this article, but they are important because most people do not get past those steps when they are considering starting a new business.  Next, we will talk about how your customers will find you, how to track expenses and purchases and more.

If you are considering a new business as a way to generate all or part of your income, you may have questions about the legal implications.  The attorneys at Dsouza and Strachan Law Group have decades of experience helping new business owners navigate their new landscape and they are business owners themselves.  Contact Dsouza and Strachan today for a free consultation.

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