There are many ideas floating around that could be turned into businesses. However, not everyone is willing to take the first step.  

Perhaps you’re sitting on a great idea that has the potential of becoming a thriving business. And maybe just maybe you’re one of the few who are willing to take the entrepreneurial plunge and turn the idea into a going venture.

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Creating a business can be a wonderful thing. You essentially manifest an vague idea that was once in your head and share it with the entire world. 

But you’re likely wondering, where to begin? Happy to report that all this can start in a week’s time. Here is what you need to know before going through with it all.   

Thoroughly plan out a course of action

Going in with an actionable plan is crucial – without a plan you’re destined to fail. You may start off with a rudimentary plan created on a napkin during lunch. Or maybe you’re one of those individuals who create in-depth 50 step analyses of how everything should be done.

Doesn’t matter how you create the plan, you just need to make sure that it’s clear and actionable. 

Some people meal prep their food a week in advance. Others plan their outfit the night before. The idea here is striking the mix of preparation and action that works best for you.  

Do your research 

Research is your best friend. It can amplify the effectiveness of your business plan and make sure that there’s potential for success.   

Market research allows you to gather the knowledge and gauge the business environment you wish to operate in. After all, you want to bring something to the market, but will the market respond positively to your entry? 

Look into the potential competitors that may pose issues to you. What do you offer that they don’t? There needs to be a way for you to assert dominance as the new kid on the block. If you’re just like everyone else, it may be difficult to attract consumers initially. 

Seriously assess the size of the market in which you want to operate in. Some niche products or services may appeal to a very small percentage of the population, while other more generalist businesses are able to target a larger range of demographics.  

Create a buyer persona early on. This method of research will help you better understand who you should be targeting with your product. Your marketing strategy will thank you.

In other words – you don’t want to throw all your energy into selling peanut butter to someone with peanut allergies.  

Develop your brand 

In your first week you may also want to consider working on developing a brand for your business. At this point, it’s a blank slate and the world is your oyster. 

Creating a logo may be the first thing that comes to mind. There are a variety of tools you can use online to help you with the creation process. Many of those tools don’t require you to be a professional designer and will hold your hand during the entire creation process. Of course you also always have the option of hiring a professional to help you out.

Once the logo has been created, it will become your business’ calling card – much like a bat signal. You may want to consider incorporating the logo into your business cards, email signatures, and across your whole online profile.

Developing a strong online presence is a key element in growing a brand. With so much of our communication and interaction – whether it’s personal or professional – happening on the web, you must be present there too. 

Legalize and file the paperwork

For it to be a legitimate business, you need to go through the legal intricacies and make it official. Hiring an attorney is something you’ll want to consider doing early on.

Doing so could streamline the whole start-up process and the attorney can walk you through any potentially confusing legal matters.  

You will want to discuss any partnership agreements, trademarks, patents, etc. Anything pertinent to the legality of your business operations should be hammered out early on or at least be on the radar.  

Promote the venture 

If you don’t promote your new business, it might as well not even exist. There is no point in incorporating if no one is aware of your existence. Makes sense, right?  

Evaluate the channels you want to use for promotion and focus on them. Trying to work on all the available platforms to promote yourself may be counterproductive. 

Social media and a business website are a great place to start. As an added bonus, these outlets can work wonder when it comes to fostering brand identity. 

Analyze decisions and progress  

Within the first week, the data may not be concrete enough to analyze. But when working to start your own business, you will need to analyze the effects of all your actions.  

This is why from week one you should put a system in place. You need to be able to analyze user feedback to see how your consumers are reacting to your business and your product.

People like when a business listens to their input. It can help improve the product for the future and establish a positive relationship between your business and the consumer. Get started cultivating social proof from the get-go.

Assemble your team

Last, but in no way least, get the ball rolling amassing the support of workers and trusted advisors you can look to for help. You’ll likely already have an attorney on speed dial, but don’t overlook the importance also knowing a good tax accountant and insurance agent.

Instead of recruiting a team early on, you may want to consider tapping into the gig economy and hiring a Virtual Assistant instead. VAs are sometimes super experienced at handling the administrative tasks that come with launching a business.  

Do yourself a favor and review these tips for hiring great employees before you make any rash recruitment decisions. 

Closing thoughts on how to start your own business

Starting your first business will no doubt be as terrifying and frustrating as it is exhilarating and empowering. When embarking on such an arduous journey it’s super important to set realistic expectations.

Save yourself loads of disappointment by doing your homework. Launching a business is possible in 7 days, but you’ll likely have to start small and gain traction over time. Get the ball rolling ASAP, but also be patient and give your business the time it needs to grow.

Now that you’ve been equipped with these easy-to-follow tips, make sure this is the year (or week) your entrepreneurial dreams come true.

Happy launching!