How to build a business in 60 Minutes
Have you ever given thought to how much time you spend surfing on social networking sites like Facebook, Twitter, and Instagram? Or, have you even calculated how much money you spend on coffee every single day? If you paid a little heed to these things, you would be astonished to know how many businesses you could build from that much time and money. Instead of spending an hour surfing the web every day, dedicate those 60 minutes to developing a new commercial activity. This new business can be a different division within your existing business or can be a separate entity altogether. Here's how you can build a business in 60 minutes:
Image credits: www.creativecommons.com
Prep for your new business (20 minutes)
Start by creating a business deck that contains the following four heads – objectives, problems, solutions, and market analysis. Your ‘objectives’ section should have a detailed version of your idea and the intellectual property you wish to monetise. Under the ‘Problems’ segment, you should outline the problems which your consumers and clients are facing today. Your ‘Solutions’ section should contain the answers and fixes to those problems. For example, a lot of middle class people want to buy artwork but cannot afford it due to its high price range. As a solution, you can put together art work that falls into the price bracket that middle-class homes can afford. Finally, under the ‘Market Analytics’ section you will conduct surveys to understand your market better.
Launch your business online (25 minutes)
Start by selecting a name for your business. It can either be the name of an entity or a brand name. The name you select can be temporary and can be discarded later when you come up with a more permanent name. Then, log on to godaddy.com and check availability for your domain name. Once you've booked your domain name and web package, create your website with a simple one page overlay. Simultaneously, you can also create pages for your new business on relevant social networking sites to give it the visibility it deserves.
Legalities (15 minutes)
Paying attention to your business's legal registration is important right from the very beginning. If you already own an entity and you want to combine it with your existing business, you simply have to call your CA to complete a few formalities. However, if you don't own an existing entity and you are starting this business from scratch, you can opt for a proprietorship or a general partnership. You can choose your pick from several professional service providers who are known for their expertise in business entity formation, taxation solutions as well as trademark registration. All you have to do is shoot a quick message to the CA of the service provider you select and rest assured that you are done with your business's legal formalities.
Now that you have a business model, a brand, and all the brand's legal formalities in place in just 60 minutes, imagine what you can do with the same business in the following few hours.