30-Day Small Business Challenge

Day 1:

First thing’s first! You don’t want to waste time trying to build something someone has already tried (or succeeded) to create! Take this first day and look through the filed patents. You may need some help with combing through everything. There are U.S. Patent libraries in many states, but you can also search online. Once you pass your preliminary search, you can hire a professional to look more in-depth, depending on what you find.

Day 2:

Do you have a business plan? If not, start doing some research and write up a rough draft for one today. We’ll come back to it in a few days to refine it.

Day 3:

You’ll want to protect your ideas for the future. Look into trademarking, copyrighting, patenting, and so forth concerning your intellectual property and don’t forget to look into intellectual property insurance. It may sound silly or like something you don’t need but, if you don’t have that insurance and someone walks off with your idea and puts their name on it, it becomes theirs solely in the eyes of the law, and you may lose your shirt.

Day 4:

Decide which business format is right for you. Today should focus on research into the different types of business registrations. S and C corporations, Limited Liability Company (LLC), and Limited Company (Ltd) are just a few examples of the different types of business formats that help protect you and your assets if something ever happens with the company. There are also differences in how the business and you are taxed throughout the year depending on which format you chose.

If you don’t already have a unique name for your business, today would be a good day to work on that. Don’t forget your elevator pitch! This pitch would be a 10-30 second ad for your product or service that you could give to someone on an elevator ride. Let your mind do most of the work today. Remember: Rome wasn’t built in a day and your business won’t be either!

Day 5:

Now that you’ve looked into your intellectual property being insured, and what kind of business will work best for you, it wouldn’t be a bad idea to get some insurance for your actual company. This insurance can include but is not limited to, inventory, any physical space you do your work, vehicles used, even self and employee coverage.

Day 6:

Today you can start setting up the face of your business. Do you have a logo? If not and you have the skills, try creating a few today. Choose a color pallet and a mascot if one is appropriate. Try writing the name of your business in different handwriting, block letters or script, and working the logo into the handwritten signature. If you are not artistically inclined, do a quick search for graphic designers in your area to help you out.

Day 7:

If you need some help getting your product from concept to tangible, today you should find a local prototype designer such as Beyond Design Inc. in Chicago or Kaleidoscope Innovation Product Design & Development in Cincinnati. Once you have a physical prototype, come back to the challenge and pick up here.

If you already have a prototype or are providing a service, set up some beta testing today. Get a few folks to try it out and give you their feedback. Start to identify your weak points and figure out possible solutions.

Day 8:

Today you should make sure your product or service is complete. It’s better to have something that is finished that something perfect; changes will come along the way. Take your product through its functions. Make sure that, when you get to the end, you’re where you want to be.

If you’re providing a service, run through the entire process start to finish and make sure you have everything you need for every step. Touch everything you will need. If you make a mental note to get something, you may not have its opening day.

Day 9:

While you’re looking into the legal side of things, make sure you don’t need any permits or licensure. Even online businesses can be subject to specific licensing and regulatory practices. It’s also not a bad idea to check and see if your business might qualify for a tax exemption.

Day 10:

Come back to your business plan. Read through it. Do you still agree with everything? If not, make changes to it today and begin to implement those changes. If everything still measures up, go through it with a fine-toothed comb and make sure you’re set up to meet all of your goals.

Day 11:

If you don’t already have the funds to start your new venture, look into getting a business loan and credit card. Make a list of potential investors and look into crowdsourcing. Go ahead and set up any online sources you can.

Day 12:

If you’ve never worked in sales, take today to watch a few videos online and read a few articles about selling yourself and your product or service. Practice in front of a mirror, film yourself and watch it back. Have a friend help advise you. They may see something that you miss. Pitch to them, practice, practice, practice! Soon it will become second nature.

Day 13:

Use today to research pitch decks. These, in brief, are typically PowerPoints with 10-12 slides that you might send digitally or present in person to new potential investors. There are several references on do’s and don’ts out there. With a brief online search, you will find one you can utilize. Once you find one you like, go ahead and work on this presentation.

Day 14:

Have a friend over to work on your pitch deck today. Again, film yourself and watch it replayed. If you have a large screen or a blank wall to project onto, set your camera up at an investor and pitch to it. Have your partner help you find and correct the weak points.

Day 15:

If you plan on having investors in your business that are not business partners, do some research today on the different kinds of investors and which type might be best for you. If you find something that looks promising, do a few web searches. Many investors specialize in a field, and you may find someone who would be just the right fit. Check out the “pitch decks” on day Piktochart before reaching out.

Day16:

Before you launch, it is crucial to have your finances straight! Make today about getting your tax ID and checking on bookkeeping and accounting. If you have employees, they will need to be paid promptly. If you have suppliers or shipping costs, those bills can pile up quickly and sneakily. Moreover, everyone knows Uncle Sam will come after you if you don’t pay the piper!

Day 17:

Write up some contracts today or hire someone to do that for you. You will need an agreement between you and your employees if you have any, you may need a contract between you and your clients depending on what your services are, you might want to consider an agreement between you and a long term supplier, and, if you have any investors, you’ll want one for them, too.

Day 18:

If you have business partners, take today to sit down with them and work out how you will split up the assets and what will be fair for everyone. Have a blank contract where you can write in the agreement or be prepared to create one today and have everyone sign it.

Day 19:

Do some research on your competition today. Who are they? Are they in the same industry as you or is it a similar product? What do you like about the way they do things and is there any way to put a positive spin on that to benefit you? What weaknesses do you see? Do you have any of the same flaws and can you correct them?

Day 20:

INVENTORY! You need to have THINGS! If you are selling a product, stock up now! Make as many as you can hold; make at least two of everything. If people want something and you don’t have it as soon as you open, they may not come back again to check for it despite e-mails, text reminders, and the like. If you are selling a service, print off some coupons today. Have them on hand to either give your customers directly when performing the service or sent in an e-mail after. If you have a physical storefront, get a display stand and place your coupons somewhere folks can see it. They may try you out if they “get a good deal” the first time.

Day 21:

One of the most sorely overlooked and misused marketing tools in our society today is social media. It is essential that you can connect with your public on these platforms. Depending on your product you may need to utilize the top three. These are Facebook, Twitter, and Instagram. Instagram is more photo heavy so if you don’t have a very visual product, Twitter and Facebook are probably your best bet. Take today to set up the accounts for your business with them. There are business tools on both that you can familiarize yourself with as you go.

Day 22:

Picture day! You will need visual aids for your pitch desk, business cards and advertising, website, storefront, and social media accounts. If you enjoy taking pictures, go out and take some around town. Local flavor, recognizable landmarks, and unique images from around town always resonate with residents and will encourage a warm beginning to your relationship with them. If you don’t take your own pictures, consider searching for a local photographer who may already have some images you could buy or search for images in the public domain online. Be sure you have the right to use them. If they are copyrighted and the proper permission/citations aren’t given, you could wind up in some hot water legally.

Day 23:

If you have the skills to build your website, do that today. If you don’t have those skills, use today to check out some competitors’ sites and find a couple of things you like. Then find someone who has the skills you need and show them your examples. They will build you a straightforward site and then you will be able to go through it with them to tweak and change.

You will want your site to be top ranked on Google search. Consider using an SEO tool to optimize your profits

Day 24:

Content Creation Day! Creating content can be “leg day” for your brain but don’t let it overwhelm you. Today you will need to focus on what you want to present to your customers. If you have a physical store, what is your style? Do you have a theme? Can you incorporate your logo, color pallet, or business name into your décor? If your store is strictly online or, if you have a website where you will sell also, you need to consider the same things while additionally creating written content for your site.

Again, don’t let this overwhelm you. You likely don’t need much. Write the essential information in a bulleted list and then turn your list into a short paragraph. If it gets to be too much, consider hiring a freelancer. They do that kind of thing for fun.

Day 25:

If you are a confident public speaker, take today to write some brain teasers to help you with your pitch deck. If you struggle with public speaking, get some friends together in a comfortable but public place, such as a coffee shop or college commons, and give them your pitch. Then, do it again. And again. The best way to become a confident public speaker, which you will have to do at some point during your growth, is to practice speaking to a familiar group in public.

Day 26:

Up to this point, we have focused a lot on the internal workings of, and start-up aspect for, your business. Now let’s look outward. What about your customers? Make a list of demographics today. Who is your target audience? Where are they located? How do they get a hold of you? Do you have/want/need a business phone/phone number? How about e-mail address or physical address? Throughout the day, think about how you have contacted businesses similar to your own and what you like the best.

Day 27:

You’re getting close to your launch, now! Start thinking about marketing. Where will your services be most helpful? Where would your product be most used? Would a flier be an appropriate method of marketing? How about a poster or a billboard? Do you have any online ads and whom would you like to show these? Do you have business cards? There are hundreds of different methods of advertising. Take today to look at your demographic and potential client base and think about the best way to reach them.

Day 28:

Research places that will help you create advertisements and get them where you need them. If you can do this yourself, take today and print off your fliers or call in your billboard. Hit the bricks on this one and start getting your word out there! A handwritten launch date on your cards and leaflets can add a warm, personal touch.

Day 29:

Before you open, make sure you are ready for your customers. Have a pre-opening test run with a few friends or partners and have them try to find weaknesses. If you can, correct these. If they are simply the way things are, create an action plan for how to deal with the issue when it arises, as it almost certainly will.

Day 30:

GRAND OPENING!

Congratulations! You’ve completed the challenge and are ready to open your doors! Good luck!