Starting a business involves planning, making key financial decisions and completing a series of legal activities. See the most important steps below.
Conduct market research
Market research will tell you if there is an opportunity to turn your idea into a successful business. It's a way to gather information about potential customers and businesses already operating in your area. Use this information to find your competitive advantage for your business.
Write down your business plan
Your business plan is the foundation of your business. It's a road map for how to structure, operate and grow your new business. You will use it to convince people that working with you or investing in your company is a smart choice.
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 this amount, you will need to find a way to borrow the capital. Fortunately, there are several ways today to find the capital you need.
Select your business location
The location of your business is one of the most important decisions you will have to make. Whether you're building a business that needs housing or starting an online store, the choices you make could affect your expenses, taxes, legal requirements, and revenue.
Choose a business structure
The legal structure you choose for your business will affect your business registration requirements, how much you pay in taxes and your personal liability.
Choose your business name
It is not easy to come up with and choose the perfect name. You'll want one that reflects your brand and captures your spirit. You'll also want to make sure your business name isn't already being used by someone else. This is very important to avoid possible future trouble. There are ways online that can help you both choose and avoid potential synonyms.
Register your business
Once you've chosen the perfect business name, it's time to make it legal and protect your brand. If you create a business with a name different from your natural one, you will need to register in the appropriate registers of the Ministry of Development.
Get tax information
You will use your GEMI identification number for important steps to start and grow your business, such as opening a bank account and paying taxes. It's like a social security number for your business.
Application for permits
Keep your business running smoothly while remaining legally compliant. The licenses you need for your business vary depending on your industry, categories, location and other factors.
Open a business bank account
A business bank account can help you deal with legal, tax and day-to-day issues. The good news is that it's easy to create one if you have the right registrations and documents ready.
