What to Achieve in Your First Week as a Business Owner

Needless to say, there’s plenty of information out there on how to prepare your new business. Now, it’s so important to do all the key preparations; there’s no doubt about that! But with that said, it shouldn’t only be the preparations that get the attention; even your first week deserves a lot of attention, too. Generally speaking, as a new business owner, the first week sets the tone for your venture's success and lays the foundation for future growth. Sure, there are things you’ll be learning, like how to not make your professional SM into something personal, but other things too, just the whole nitty-gritty. 

While you don’t have to achieve 100% success (because you’re still in the start-up phase), it’s still a good idea to achieve what you can. Sure, there’s no doubt that the path ahead may seem daunting, but approaching your first week with purpose and intentionality can set you on the right track toward achieving your business goals.

Again, the goal is to have a purpose and try to achieve that purpose, not get everything down perfectly. But what can you focus on during your first week to ensure a successful start to your entrepreneurial journey? Well, here’s what you need to know!

Define Your Vision and Mission

All right, so this was already mentioned a bit above, but it still deserves some attention. What you’ll want to do before diving into the day-to-day operations of your business is take the time to clarify your vision and mission. This means that you’ll want to reflect on why you started this venture, what sets your business apart, and the impact you aim to make in your industry or community. Really, give yourself the chance to just articulate your core values, goals, and aspirations, and make sure that all of these align with your vision for the future. Sometimes, just starting that first week on the right foot will help you go for success, so just think of it like that. 

Take Care of Legal and Administrative Tasks

As boring as this is, you really need to make sure you do this basically the second that you register and create your business, and this usually happens the first week of its existence (not operating in business, but just existing). This might include filing an EIN application, registering your business entity, obtaining necessary licenses or permits, setting up business bank accounts, and securing insurance coverage. These are just some examples, but these all NEED to be done, preferably no later than the first week. 

Just go ahead and try to familiarize yourself with relevant tax obligations, employment regulations, and intellectual property considerations, and seek professional guidance as needed to ensure you're meeting all legal requirements. Again, these are boring, and sometimes the information can be confusing, but you have to do them. This is going to be the foundation that pushes off any potential risks. 

Create a Business Plan

Your first week of business isn’t when you make a sale; it’s when you create the concept of your business and try to do what you can to bring it to life. So this is one thing that every business owner absolutely needs to have- you can basically see this as a requirement! This isn’t about being fancy or taking your business too seriously, but this is your roadmap.

You can’t get anywhere without proper directions, and this map is going to help lead your business to success. You’ll want to look into outlining your objectives, strategies, and action steps for achieving your goals. This will probably take up a lot of time during your first week because this isn’t something that ChatGPT can help you with, and templates for this isn’t a thing either. Only you know your business, and only you can bring your business to success the way you’d hoped for it to become.

During this first week, you’ll want to consider the market research, competitive analysis, target audience demographics, and even financial projections. You might also consider seeking input from mentors, advisors, or industry experts to ensure your plan is comprehensive and realistic. 

Establish Your Brand Identity 

You need to keep in mind that your brand is more than just a logo or a name—it's the essence of your business and the promise you make to your customers. Use your first week as a business owner to define and establish your brand identity, including your brand story, values, personality, and visual elements. Develop a compelling brand message that resonates with your target audience and sets you apart from competitors. Now, you need to understand that you don’t have to create a logo, font, colors, or even just a general brand kit during this time. It’s more about getting ideas and inspiration for what you want your brand to be. Within a week's time, you can then start narrowing down what you want from your brand.