1. Pick a venture you are interested in and have knowledge of. Research it some more. It is best if you start a business in which you already have some experience. This way you can use your knowledge about the industry, your training and skills as well as take advantage of the network of contacts that you have established for years being in that industry.
2. Market Research - The first basic step is to do a market research of your potential customer. Who will buy your product/s? Can you define your ideal customers? You have to make sure that you have a substantial market share for the product/s or service/s you are offering.
3. Business Name – Write down all the possible business names you can think of that suits your product or service. Choose the one that best describes your company in a few words. Catchy and easy to remember words are those with not more than 3 syllables in it and is easy to spell. You should also consider how it will translate to a web domain name. Make sure also that your proposed business name is not on the federal or state trademark list. The right name says a lot about your company so choose wisely.
For the availability of your business name check the ff:
• County clerk's office – if the proposed business name is on the list of fictitious or assumed business name
• Secretary of State or other corporate filing office – for corporations; and limited liability company (LLCs) where owners are called members not partners or shareholders and the number of members are unlimited and may be individuals, corporations, or other LLC's.
• Internet/domain names - for online businesses. (continued on next post)
"I made $4,259 in the first 45 days! Slow Economy? What slow economy?" Michael William, New York
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