Setting up a business can seem like a complicated and time-consuming task. Much of the time it is, and there’s no question that you always have to put in some hard work. But getting the actual business set up and running actually doesn’t take much. You can have everything you need sorted out within a day, and even do it all in just a few short hours. With the right idea, you might even be making money much sooner than you would have hoped. If you’re thinking of setting up a business, here’s how you could have it done by teatime.
Find Your Quick Idea
You need to start with a business idea that you can set up quickly. There are clearly some types of business that you won’t be able to start within a day. If you need to develop a prototype for a product and test it out, it could be years before it’s ready to go on the market. Other concepts can be launched in no time at all, though. For example, you might be able to start selling products using dropshipping or offering a service like graphic design right away. Before you start setting up a new business, think about the feasibility of starting it in a matter of a few hours.
Get Familiar with the Official Stuff
One of the most important parts of starting a business is making sure you follow the law. You don’t have to register your business right away, but you only have a limited amount of time to do it once you start trading. Many people start off by registering as self-employed, especially if they’re running a small business on their own. But you should take a look at other business models, such as registering as a limited company. You also need to know how and when to file your taxes, and how much you have to pay. If you’re working as an employed person, you need to factor that in. And if you’re going to earn over a certain amount from your business, you will need to pay VAT.
Choose the Right Website Tools
Getting set up online is an essential element of running any modern business. Plus, your quick business idea is likely to be an online one or one where an online presence is going to help you. While being on social media and certain third-party sites will be useful, your own website is also important. Choosing the right tools will help you get your site set up straight away, without too much hassle. It’s a good idea to choose a hosting service that has the tools you need, like the Wizz Hosting free website builder. Although you can pay someone to build you a website, it will take a lot longer. If you can select a template and build the site yourself, you can be ready in no time.
Put Your Product or Service Together
Of course, you’re going to need to make sure you have your products or services put together. If you’re going to be selling physical products, you need to get your supply chain set up. Do you need to order your first lot of stock or choose dropshippers to fulfil your orders? Even if you’re selling a service, you need to come up some copy to sell it and think about what exactly it is you’re going to do. It’s a good idea to spend some time looking at similar businesses for ideas.
Set Up a Bank Account
A business bank account is a good thing to start with right away. While you can start by using your personal account, you need to be careful to keep your business finances separate from your personal ones. You need to keep a good record of your money going in and out for the business, so it’s easier to separate everything when you do get a business account. If you make an appointment with your chosen bank, you can open an account quickly.
Sort Out Accounts
Being disciplined about your accounts is important from the beginning. If you start off keeping good accounts, you should be able to continue doing it. However, eventually you might want to get an accountant to help you. When you first start your business, you might find that an organised spreadsheet is enough to help you track your income and outgoings. You don’t necessarily need any accounting software.
If you’re smart about it, you can get your business set up in just a few hours. But once you begin, you need to start putting in some hard work.