Setting up a business can be an overwhelming experience, especially if you have been working as an employee for years.
And as a new struggling entrepreneur, you’ll need all the help you can get.
So here are some of the critical tasks that you need to accomplish in the first 100 days of your business to help your enterprise succeed:
First 30 Days
Do you have enough cash to cover your personal and business expenses for at least six months? If not, you may want to hold off quitting your job.
Ask your employer if you can work part-time.
By at least having a part-time job, you’re sure you have money coming in to buy food and pay the bills. Plus, it removes some of the pressure of making the business extremely profitable on the get-go.
Six months is just enough time to see if your business idea is worth pursuing. During this time, you can draw up or just keep refining your business plan.
Your business plan should include information on your competition and target market. And by this time, you should already have a company name and logo, and perhaps even a website set up (or in the works). You should also consider your goals for the year, see what the potential issues are in your line of business, and how you intend to tackle them.
Decide if you are planning to run the business as a sole proprietor or a corporation. See what the laws and regulations are in your country when it comes to putting up a business, and make sure that you take all of these into consideration before, during and after business setup.
Middle 50 Days
This is the time to get social and expand your network.
Aside from having a website, open social media accounts for your business to allow potential customers to find you online. These accounts will also contain information to let people know where to find your physical store or office.
Establish connections within and outside your industry. Join organizations in your industry, attend conferences and other events related to your business or field.
If your business model involves selling products, these avenues will allow you to find suppliers and potential resellers or distribution channels. Participating in these events also allows you to invest in yourself and develop your professional skills.
Find a business mentor or an accountability partner. These individuals can provide you with the encouragement you need to continue working on your business.
Open a business account as early as you can. A business account allows you to separate your operating expenses from your personal budget.
Last 20 Days
Once your business becomes profitable, you will need to start hiring employees.
Small business entrepreneurs have a mindset that they need to wear many hats. However, once your business starts growing, you might end up spending time on completing fewer but essential tasks.
Hire experts to help you run your business, or purchase software that can help you streamline tasks. You can hire in-house professionals to do your sales, marketing, HR or accounting, or get freelancers whenever you need extra help.
Stay the (business) course
Learning how to run a business is a lifelong process.
By following the tips in this short guide, it is hoped that getting your business set up becomes less of a daunting matter.
If you want to make your setup phase easier, there are companies offering professional business setup services.
They can streamline the setup process for you, allowing you to focus your attention on other essential aspects of your business.
Raj Herry is the Founder and Chairman of Flying Colour Business Setup Services. His extensive experience comes from more than 15 years in the field of company incorporation for Dubai Mainland, all Free Zones across the UAE and offshore companies worldwide. He also owns several business centres offering furnished and ready-to-move offices in Dubai.