Change is inevitable. Even so, the newest business trend crisscrossing the globe is turning the generation gap into the generation canyon.
Work and career substantially affect personal lifestyle, financial status, and long-term security. The antiquated employment model of employees working full-time exclusively at one company facility will soon be — if not already — obsolete. The generational shift of baby boomers exiting the workforce while millennials transition into it is dramatically reshaping this dynamic.
Now is the time to reconcile your professional future with the fallout of this workforce transformation. Over the next eight hours, open your own business and claim control of your financial destiny amid impending economic uncertainty.
9:00 a.m. – 10:30 a.m.: Align Lifestyle and Business Goals
Globalization and technology provide unprecedented freedom in planning your future. You can live wherever you want and set your own schedule. Calculate revenue and operating income to accommodate family planning and lifestyle decisions.
Using cutting-edge technology is a critical priority. Convenience and productivity are valuable tools in reaching your goals.
10:30 a.m. – 12:30 p.m.: Evaluate Business Opportunities
Your business name should evoke a positive emotion. Select a business you feel passionate about that also maximizes your skill set. Stay current on industry trends and know your competitors. Maintain a small core staff but also develop a pool of on-call contingency workers.
12:30 a.m. – 1:00 p.m.: Determine Business Structure
Establish one of the following business structures:
Sole Proprietorship. You own the business and are personally responsible for financial obligations.
Partnership. Another person(s) of equal liability also owns the business.
Corporation. Business and personal liabilities are separate.
Limited Liability Company. The corporation has legal protections and partnership tax advantages.
Research your business location's municipality to determine what, if any, licenses may be required. File for an Employer Identification Number (EIN) from the IRS.
1:00 p.m. – 1:30 p.m.: Open a Business Bank Account
Technology and smartphones make online business banking a viable alternative to traditional banking. Online banks offer commercial checking and savings accounts with opening deposits as low as $0 and free unlimited monthly transactions. You will need your driver's license, newly assigned EIN, and copies of any licenses or formation documents to open a bank account.
1:30 p.m. – 4:00 p.m.: Find Customers
Find a nice coffee shop with a table that seats six and invite your web designer, SEO specialist, content creator, social media specialist, and graphic designer. Focus on brand building to design a digital ad campaign complete with a website, company logo, and ad banners. Implement marketing initiatives to generate revenue quickly.
4:00 p.m. – 5:00 p.m.: Hire Freelancers
Delegate assignments to talented freelancers to jumpstart immediate workflow. Input from multiple sources will create an overflow of different document types. An easy PDF compressor can be an organizational life saver as it converts, combines, and reorders files.
Other free and low-cost tools are also available to streamline email campaigns, team communication, and project management schedules.
The Work Has Only Just Begun
Owning a business is a smart way to gain control of your career. Planning and preparation are keys to your success.
Remember to join your local chamber of commerce and utilize its array of small business resources.