So you want to start a business. Congratulations, this means you have guts and passion. Starting a business isn’t the decision that someone comes to light, and if you’re reading this, it means you’re doing quality research on what taking on such an endeavor will entail.
There are several crucial factors to consider when going on this journey, the most important question being “How long does it take to start a business?”.
No matter what kind of route you intend on going, whether an online or brick & mortar business (or both), understanding how long it will take you to launch should be not only a goal but a detailed timeline and checklist.
Below are the most important factors to consider when thinking about creating a startup.
Types of Businesses
The first order of business is deciding what your structure will look like, this will affect the legal forms that you would need to fill out, taxes, liability, insurance, day-to-day operations to even how much of your personal assets is at risk.
Some types of business structures are:
- Sole Proprietorship
- Limited Liability Company (LLC)
These business structures can also be combined depending on the need of your company.
The next thing on the list to building your business is your focus. Whether it’s you or you and a partner, you’ll have to figure out the specifics of what you want your business to be about.
Important questions to ask are;
- What products will I be selling
- Will my products/service be ready-made?
- Will it be a combination of products and services?
If your products or services are ready-made you will skip the creating process and figure out ways to get your items, if not deciding on a creative process is the next step on the business journey for you.
Once you’ve figured out what you want the focus of your business to be, it’s time to create a business plan. Business plans are a key factor to success. They give credibility to your plans and work as you present them to investors that are interested and give you a template of goals to work towards.
Very put together business plans need tons of research and drafting. Depending on the information you plan on putting into your plan or your type of business, you can do this step by yourself or outsource it to a professional, like Jasdeep Singh.
Creating a Customer Base
Perhaps one of the most crucial aspects of creating a business is knowing who you’re selling to. Once you’ve established a focus product and service figuring out how to market them to the people who’ll buy them is important. This includes creating websites for online shopping, configuring social media to the desired audience, building relationships, brand exposure, and more.
How Long Does It take to Start a Business?
Creating a business is constant work and there’s always something to be done. Until you build a successful customer base, and have an evolving business plan, and make a profit, you’re always “starting”.
So, how long does it take to start a business? Until it becomes a success. This can mean months, this can mean years. But the beauty of entrepreneurship is you’re always creating something you love.