Conduct market research

Market research will tell you if there is an opportunity to turn your idea into a successful business. It is a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.

Write your business plan

Your business plan is the foundation of your business. It is a roadmap for how to structure, run, and grow your new business. You can use it to convince people working with you or investing in your company.

Fund your business

Your business plan will help you figure out how much money you will need to start your business. If you do not have that amount on hand, you will need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need. 

Pick your business location

Your business location is one of the most important decisions you will make. Whether you are setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal/sectoral clearance requirements, and revenue.

Choose a business structure

The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.

Choose your business name and register your business

It is not easy to pick the perfect name. You will want one that reflects your brand and captures your spirit. You will also want to make sure your business name is not already being used by someone else. Once you have picked the business name, you need to make it legal and protect your brand/business by registering your business.