#companyformation
12 Steps Guide to Starting a Business
Khalid Khan
November 29
Starting a business has never been easy but with some basic idea in mind, it will push an individual to work on it. Once again, remember to comply with the legal procedures before starting any business.

A desire for success should always be greater than the fear of failure to succeed in life. An entrepreneur who is passionate to achieve their dreams requires additional hard work and dedication. Once you start a business there are a lot of things that will come into the mind of an entrepreneur e.g. risks involved while running the operations. There are various things you need to learn before you start a business.

So, below is the 12-step guide to starting a business:

1
Examine Yourself:
The first step is to examine yourself. As an entrepreneur, you realize that it's not just money and facilities that start a business, it's your personal qualities too. Once you examined yourself, ask yourself the following questions and answer them truthfully. This will help you decide whether you are ready to proceed to the next step for starting a business:

1. What is your best quality?
2. What is your biggest interest?
3. What is your main motive?
4. What do you want to achieve?
5. How much time can you spend?
6. What could be the risks for you as an entrepreneur?
2
Selecting the Right Business Idea:
The following points are to be considered when selecting startup ideas:

Think clearly of the latest trends in technology.
Understand the root of problems in the market and think of how you can provide a solution before the startup of a business. Proper research is required to identify the problems.
Start a business that is unique and fresh.
3
Market Research:
Once you have a clear idea of your project then it's important to do the market research for your product or service. The market research will provide more insight into how your business idea will be useful in the market. You will learn if existing businesses are implementing the same business idea. Market research will help you understand the feasibility of your business.
4
Feedback:
Any individual will consider an idea flawless if they're the person who came up with it. Thus, it is always recommended to get feedback from customers and users about your business so that you can take notes of how others perceive your idea, what is to be progressed and what is to be changed.
5
Register Your Business to make it Official:
Legal procedures should always be followed to make your business official. A business must be registered to avoid facing any legal issues in the future.
Appended below are points to be considered for a new business:

Business Structure
Business Name
Registration of your Business
Permits and Licenses
Trademarks, copyrights, and patents.
6
Develop A Business Plan:
For the smooth operation of any business, it is important to develop a business plan. A proper business plan ultimately results in the success of a business.

In a business plan, certain things should always be mentioned such as the title page, executive summary, business summary, marketing strategies, and competition analysis, design and development, operation and management plan, and financial factors.
7
Requirements of Funds for Business:
A business funding request should be outlined clearly. It should mention how much funding is required for the next years and how it will be utilized; how much is required to buy equipment, pay salaries, or cover other miscellaneous expenses.
8
Describe A Product or Service:
It is important to mention the type of product or service a company sells or provides. There should be a clear indication in the business plan on how a company's product or service will benefit its customers.
9
Build A Team:
This is a time to build a strong team for the company because even though this business is the dream of an individual, its success depends on team effort. Always hire people with good talent and expertise in their field. Personal behavior is also very important as it will reflect how an individual will represent a company in the market.
10
Sales and Marketing of a Product or Service::
For any business it is important to know how much sale is generated. Increase in sales gives the confidence boost to the business especially those in the startup phase. Proper sales can only be acquired through adequate marketing strategies.

It is always recommended to obtain feedback from customers for their satisfaction. This will allow an organization to retain customers for the long run.
11
Sales and Marketing of a Product or Service: Geographical Location of Business:
A location plays an important role in the sustainability and growth of a business. There are certain factors to be considered when selecting a location - style of operation, demographics, parking availability, market competition, transport availability, rental expenses among others.
12
Growth:
Now that a business is established, to maintain it for the long term new features should be added when appropriate. Through the feedbacks of customers, a company should improve. This way, a business can attain growth in the market.