If you’re an aspiring entrepreneur and you want to start a business, some of the biggest challenges you’ll face are: 1) knowing what to do; and 2) keeping your momentum.

This month, we’re outlining a program that lets you start a business in just one week! By just taking a few hours each day (in an evening if you’re currently working), it is possible to start a successful business in just one week. We’ll show you exactly what to do and by doing it in a week, you’ll easily maintain the momentum you need!

We’ll walk you step-by-step through the things you need to do each day and we’ll wrap up the month with some additional advice and pointers to show you how to make your business successful and to turn it into an empire!

START A BUSINESS IN A WEEK: DAY 1

Step 1: Figure out what you want to sell: Obviously a week is too short to set up a factory and start producing products, but in one week you can create a business that can sell some products or services and we’ll give you some ideas below.

The best place to start thinking about your business is with this piece of advice: “figure out what you love to do and then figure out how to make money from it.” To do this, take a piece of paper and fold it in half, listing in one column all of the things you’re interested in or can do well. It could include:

• Hobbies
• Interests
• Passions
• Activities you like to do
• A work-related skill
• Industry certifications you possess
• A trick you’ve discovered or a technique you’ve developed

Once you have a big list, then move to the other column and list these products or services:

• Ebooks
• Coaching
• Consulting
• Ad-revenue
• Outsourcing
• Subscription-based information
• Training
• Help desk

These items are 8 popular and effective ways to monetize products or services.

And now, just mix and match! Perhaps you have a hobby that you can write an ebook about. Maybe you have an industry certification that you can offer pay-per-call help desk services for. Maybe you have a skill that you can train others in.

And that’s just the starting point. There’s no reason why you can’t select more than one monetization method. But at least you have some direction. You may need to narrow it down. If there are several that interest you, choose one and run with it (but keep the others in a safe place because you might want to repeat this process later).

Step 2: Do some research: Now it’s time to see what the marketplace is like.

1. Go to Google and search for similar products or services. Take note of who is selling what, what the details of the product or service are, and how much they are charging. Record this in a big chart.
2. Go to the Google Keyword Tool and type in some of the keywords related to your subject matter and industry. You’ll find new ways to search for competitors (so go back to Google and search again and add to your chart). You’ll also see what the comparative global search volume is for the subject (that gives you an approximate number of people who are looking for your product or service) and you’ll see how competitive advertisers are (which tells you how popular your product or service is based on how much advertisers are marketing those keywords). Take note of these keywords because they will play an important role in a few days.
3. Go to Google Trends and type in some of your keywords to see what search trends are like on the topic. You might find that it is seasonal, or tied to the economy, or getting more popular, or getting less popular. Sometimes Google tags news items in the trend line, so read the news to see what is happening and how it’s affecting the trends. Your research here might prompt you to make adjustments to your product or service
4. Do some reading, both in the subject matter of your product or service (that is, your hobby or your interest) and on the topic of your monetization method. Google these and see what people are writing about them. Just an hour or so of reading will give you a clearer picture of what’s going on online in these topics.

That’s enough for one day. Check back later to read what to do on day 2!

[photo credit: Joe Lanman]