Are you thinking of starting a business?
Every year, many people dream of quitting their full-time jobs and starting their own successful enterprises. Often, these people have big visions for their businesses, and they hope that they’re able to channel their dreams into something profitable and impactful.
But sometimes, these people worry about how long it will take them to get their new company up and running. After all, quitting your full-time job is a risk, and you don’t want to go too long without making a paycheck.
So, how long does it take to start a business?
We love supporting people who are establishing their own businesses, and below, we’ll go into how long it takes to start a company.
Keep reading to learn more!
How to Start a Business
So, have you wanted to begin creating a business?
If you’ve wanted to venture out and build a brand and name of your own, you probably want to know the fundamentals of getting started. Let’s go into the steps of starting a business below.
Define What You Do
Before you set out to create a business, you should know the basics of what you want to do.
Of course, organisations always change and evolve, but successful business owners begin with a vision. They know which central service they wish to provide, the client needs they plan to meet, and who they believe their target audience is.
To get this part of it right, you need to do a lot of research. Make sure you’ve thoroughly ensured there is a demand for your products or services and that you know which demographics are looking for the solutions you provide.
This can take up to a few months, depending on how much research you do.
Get Your Domain
What is your domain?
It is the name by which your company is known on a public level. It will go on all of your official materials, your advertising, and your website, so make sure you choose wisely.
When selecting your domain name, make sure it remains memorable, fits with the tone and personality of your brand, and communicates what you do. Run it by a friend, loved one, or colleague to see if other people think it’s a good name.
How long this takes depends on you and how much time you dedicate to finding a domain that works.
Find a Business Location
Where do you plan to work? Every business needs a specific location.
These locations range from an office in a high-rise to a desk in your home. Think about what you can afford and what type of building would best suit your needs.
Make sure you take into account any renovations you would need to make on your potential office and ensure it fits within your budget.
Finding a business location can take anywhere from a few weeks to 2-3 months.
Get the Proper Licenses and Permits
When you start a business, you often need proper licensing and permits.
Check with your local government to see what kinds of additional documentation you need. The requirements vary from location to location. Obtaining these documents often takes you from a few weeks to up to a month.
Your business also needs a seller’s permit if you plan to sell products.
You also need to register your company with the local government.
To do this, you will need to select the type of business you want to have, so make sure that you know which type of company you’d most like to create.
Completing this process takes about a month, including the time you take to decide which kind of company you would like to create.
Determine Your Funding Needs
Now, you need to determine how much funding you need and how you will get the funding.
This often takes a long time; in fact, it can last up to many months. To get started, do your research on what your overhead costs will be, including any shipping charges, product costs, utility and rent bills, and employee salaries.
All of this information should then go into your business plan. Your business plan consists of an overview of your entire company, including a detailed explanation of what you do, your organisational structure, your expenses, and your marketing plan. This usually takes quite a bit of time.
The exact amount of time depends on how much time you can devote to putting the plan together.
After you’ve created your business plan, you should use it to try to get investors or a bank loan.
This gives you the funds you need to start your company. Often, this also takes a while, as banks and others who invest in your business will want to know how they will make their money back. While many wonderful new businesses launch all the time, newer companies are also unproven, so you will need to convince them you’ll be able to repay them.
How Long Does It Take to Start a Business?
So, how long does it take to start a business?
We recommend giving yourself a large amount of time to start your business. After all, this is the foundation of what you’ll do, so getting it right is important. Starting your company will probably take you at least a year or two.
It often takes even longer for a company to become profitable. After you launch your company, you need to work on raising business awareness and gaining your clientele. It takes 2-3 years for most small businesses to turn a consistent profit.
Ready to Start Your Business?
So, have you asked yourself, “How long does it take to start a business?”
If so, we hope the article above answered your question! It usually takes a while for businesses to get up and running and turn a profit. Still, if you have a dream and believe you can make it, the handful of years of work are worth it!
Have questions? Want more advice? Contact us today!0