How to Build a Business in 60 Minutes
The goal is creating a new purposeful commercial activity in just 60 minutes.
If you have ever calculated the number of hours that you waste on watching TV, if you have ever calculated the amount of money that you spend for a cup of coffee at your nearest Cafe Coffee Day outlet then you would probably be amazed to know that how many businesses you could build with that much amount and time.
How many Hours an average person watch Television in a Day? Across the world, average daily TV viewing is 3 hours 14 minutes. Now 3 hours and 14 minutes equal to 3×60=180mins + 14=194 minutes. Now in 194 minutes if you take out 60 mins only then you can build a Business. The goal is creating a new purposeful commercial activity in just 60 minutes. This new Business can be a new segment with your existing one or a separate entity altogether. But the process starts with understanding the main purpose.
Preparation of Business Deck ( 10 mins)
Your Business Deck should consist of four heads:
3. How you solve the problem
4. Market analysis and finances
Under ‘Objective’ section, state a clear vision of idea, Intellectual Property which you want to monetize, your newly developed process or any other business worthy activities.
Under ‘Problem’ segment you should outline problems which you intend to solve, like being an Artist you have realised that there are huge demand of art work as home decor but middle class Indians are staying away from this because of high priced art works which is beyond their reach, that’s the problem you intend to solve by launching an online Art store which will offer budget artwork for home decor.
At last but not the least, under the cap Market Analysis and Finances can be processed quickly if you run a quick survey on special interest Facebook Groups, these groups are very vibrant in nature and you can expect prompt replies to your queries which will help you to understand the market better and outlining the same in your business deck. The finance part can be easily calculated since you are already into the thing which you intending to commercialise.Examples: If you intent to provide a Business of professional networking services. Then you should be a professional networker yourself to implement this model that too within 60 minutes. That’s
another reason for which I’ve mentioned the term intellectual property as a business. It means if you really own several IP which can be a Patent or Copyright then it becomes easier for you to jump start your business by leveraging your existing IP, suppose you are a hobbyist artist then you can start an online art shop today that too in one hour whereas your special treatment to artworks and all your IP can really play a role of differentiator. But remember one thing; this model won’t work if you have no model yet.
Online Launching of your new Business (20 mins)
Before that you have to select a name of your business which can either be a brand name or name of the entity, if you really have something in mind then it’s great otherwise it’s better to avoid specific brand names, just register your business website which can easily be discarded later on. Keep the name as your surname or personal name e.g. subornoartwork.com.
Now login to http://godaddy.com and check domain name availability, since it’s your first name so chances of getting domain name is high, book a domain name with dot IN extension which is also very cheap in comparison with other premium extensions, they also provide awesome discounts for first time users. Now look for a package on CMS platform which is highly customisable right from your desk.
Now that you are ready with your Domain and Web package, let’s start creating your website keeping a simple one page overlay. Now fill it with a pre-build theme and minimum content which is as followings;
Just name it→Describe it→Price it→Describe yourself→ Update your contact details
And you are done, click on Go Live.
Legalities (15 mins)
It’s important to pay attention to your Business’s Legal Registration right from the beginning.
So in the next 15 minutes you have to decide by yourself which way you want to be legalised. If you already own an entity and want to merge into an existing one then you don’t have to do much except calling your CA for furnishing few formalises, but if you don’t have any existing entity yet or you really want to start afresh then you can go for a Proprietorship, A general Partnership or a Company with a legal Trademark(™) applied for.
So now just login to http://Taxmantra.com http://Taxmantra.comThey are a professional service provider, known for expertise in business entity formation, Trademark Registration and Taxation solutions. Their team of CA, CS and Lawyers can assure you about discarding your legal burden in less time and money. So all you have to do is shoot them a quick message via their website’s
contact form and rest assured that you are done with your business legal formation and Trademark applied for.
Make you first Sale: (in just 15 minutes)
Take this straight away; you can’t sell an aeroplane for the first time in 15 minutes. So what else you can sale? May be a chartered private jet service! Let’s discuss more on things which are scalable and saleable too, in just 15 minutes.
Let’s see what you can sell in 15 minutes. You can sell ‘Services’ in 15 minutes because it’s easier to sell services than a full fledged product of your own.
In most of the cases, it’s advisable to ask for payments even before the product or services are ready to be consumed. But I’m no way going to advise you something like this rather I will reverse the theory. You deliver first even before a promise of receiving payment. It works every time.
But productization is mandatory
Let’s say that you are a designer, you make awesome logo designs. So instead of offering your services for logo making you make something generic that too almost instantly or using few of your stock designs to exhibit in your newly launched website, remember that those designs should be generic in nature so that it can go with any random brands as their brand identity.
Now go to your Google contact list, Jot down few names as your first potential customers viz. your friends, relatives, colleagues, ex boss or anyone else. Now that you already know them personally so it won’t be hard for you to find out grey area in their existing business. Suppose you know someone who’s still using an awkward looking logo for his business, offer him a better one from your old collection or make something unique instantly and send, the offer price should be competitive to compel him to treat it as an offer which can’t be refused. Hence, you have your first customer.
By this logic you can also become an affiliate marketer of any big brands where you just have to utilize your network because you already have associated yourself with a well established brand, so the burden of convincing sale pitch is no more required.
Now that you have Business MODEL, A Brand, A proper Marketing channel and existing paying Client/Customer too and all that in only 60 mins so just imagine what else you can do in next following hours.
Now why don’t you try manufacturing under your newly launched brand name?