Procrastination is that bug in our system which keeps telling us that we have more time than we need, even when we know full well that we don’t! The bigger the task, the stronger the urge to delay activities becomes for some reason, and when it concerns something as seemingly herculean as entrepreneurship, the forces of procrastination may also feel equally insurmountable. The reasons may have a more deep-seated psychiatric origin, but we will get to that later on in the article.
In truth, however, starting a business is actually not nearly as hard today as it used to be, thanks mostly to the progress and easy availability of digital technology. The internet has virtually given us access to the entire world from the comfort of our own homes.
Taking advantage of that, we are going to go through a few easy steps which cover the basic aspects of starting a small business. These are not as technical as they are motivational in guiding the classic procrastinator on their path to becoming a productive entrepreneur by overcoming their tendencies with a slow, steady and methodical approach.
Find the Idea
An idea is the single most important factor that in many ways decides the fate of the business, even before you start it. Now, this may seem like the easy part, but we are not talking about daydreaming fantastical concepts here, but actually getting into market research. Research and analysis are necessary to find an idea that has the highest possibility of seeing success in accordance with your available resources (funds, experience, skills, contacts, etc.).
Dedicate fifteen minutes to half an hour every day, solely towards finding the idea you need, and then determining its feasibility with market research. Shorter, habitual timeframes make it easier for procrastinators to get things done. As you will see, if you apply the same theory of short timeframes and small workloads on any large task, be it for business or for personal growth, things will get easier to complete.
Fill Knowledge Gaps with Online Education
It can be an affiliated online MBA course, or maybe even a crash course in app development; the target here is to fill knowledge gaps in skills and information which you need to give your idea a skill-based foundation to stand on. Of course, you could very well be qualified and experienced in the specific field already, but the question is, can you gain more relevant knowledge in relation to your business idea by completing an advanced education program?
If the answer is yes, then we have procrastinator-friendly online courses which are flexible enough so that you can attend a class or go through the study materials at any time and in any place, as long as you have a connected computer/smart device with you.
The Right Business Plan is the Second Most Important Factor
A business plan is what adds real-life, commercial elements to your core business idea, so this is certainly the second most important aspect of the upcoming business’s formation. Write down a draft, while keeping the following points in mind:
- Summary – A brief introduction of the company
- Description – This is where you write about that business idea
- Analysis – Identification of target customers, competitors and ongoing market conditions
- Entity – Whether the company is an LLC (Limited Liability Company), a corporation, an LP (Limited Partnership), etc.
- Management – Organizational, details, corporate laws where applicable, etc.
- Products/Services – Whatever it is that you are selling
- Marketing – Basic marketing strategy
- Sales – Basic sales strategy
- Budgets and Funds – The present budget, the desirable budget and future budgeting and funding plans for at least 3 years
- Projections – Financial estimates in proportion to reaching various stages of the business’s development
Before finalizing anything, you will need the help of a business lawyer or business consultant to identify and rectify any legal/business loopholes that might be in there. It may not even be a bad idea to involve a professional from the beginning here, as it would streamline the process. Moreover, a business professional checking up on you from time to time will likely keep your procrastinating tendencies at bay!
Choose a Business Structure
Making a proper business plan and corporate structure that’s centred around your core idea that you will be working in does require work. However, that work doesn’t really have to be too difficult, because there are resources like howtostartanllc.com that make it super convenient for any budding entrepreneur to not just learn what is an LLC (Limited Liability Company) but also to launch a Limited Liability Company with the resources of their website directly. They offer state-specific guidance in the US, since the rules and regulations around incorporation vary depending on the particular state you choose to register your company in.
For those that are wondering, rest assured that a limited liability company is by far the best corporate structure for small businesses, especially if you do not want to be held personally liable and endanger your own assets and belongings to pay for business debts and possible compensation claims. At the same time, the tax structure won’t be anything nearly as severe as it would be if you decided to register your business as a professional corporation or a C-Corporation.
Things Should be Much Easier Now
The biggest roadblock for a procrastinator is the fact that they find it exceptionally hard to gain momentum. Also, even when they start, they lose their momentum in a few short, initial days. That, however, should not be difficult to manage at this stage because now you have a business idea that has been realized as a state-registered LLC already!
You also have a proper business plan with elements of marketing, sales, purpose, fundraising etc. embedded right into it. If you have come this far, then you have already gotten past your procrastination problem and your business is well on its way to getting started.
If you do have the mind of a businessman, a solid idea and the necessary education and experience to back it all up, procrastination will no longer be a problem at this point because you will simply be too busy in managing the many aspects of your business plan!
Understanding Your Procrastinating: It’s Important for Maintaining Momentum
In case you have not noticed yet, a majority of the steps here can be completed without stepping out of your home, which has special relevance to the procrastinator. Although not always true, a big reason why people procrastinate is anxiety. It stems from one’s perception of a specific task or series of tasks as extremely taxing/time-consuming/difficult/redundant.
This is exactly why most of us never end up even giving our potential entrepreneurial skills in managing a startup the fair chance we deserve. When you are able to eliminate unnecessary steps from the process by reducing the time and effort necessary for completing each of the steps that lead to a successful business launch, it automatically curbs that anxiety. However, if that is indeed the issue here, you may want to learn about more advanced methods of coping with constant anxiety, as dealing with pressure situations will become more and more necessary as your business slowly begins to grow.