rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Getahead » How to start a business in 60 minutes

How to start a business in 60 minutes

April 26, 2017 08:20 IST

If you know what you want, all you need is 60 minutes to go live.

how to start a business in 60 minutes

Starting a new business may seem like a daunting task for first time entrepreneurs.

But, if you have a plan in place, 60 minutes is all you'll need to get started.

Here are three steps to follow:

1. 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.

2. 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.

3. 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.

Lead image used for representational purposes only. Image: Unsplash/Pixabay.com

Munira Rangwala