How to start a business

Group Members: Abdul Mutaal Aashil, Syed Yahya Tariq, Mohaddis Khan &
Mashal Zehra
Business is defined as any organization that uses all the factors of production
(known as resources) to create goods and provide services to satisfy wants and
needs.
The following are the basic steps needed to start a business:
1. Conduct Market Research
Market Research is a way to gather information about the market you
want to start your business in. Market Research will basically tell you if
there’s an opportunity to turn your idea/vision into a triumphant business.
Market Research includes the following:
 Demand
 Size of Market
 Pricing
 Location
 Market saturation
 Economic Indicators
The methods used for Market Research include:
 Questionnaires
 Surveys
 In-Depth Interviews
 Focus Groups

2. Write your business plan

A business plan is the foundation of a company. It's a roadmap on how to
build, operate and grow your new business. You use it to convince people
that working with you or investing in your business is a clever choice.
It includes the following:
 Services and Activities of the Business
 Expected Income of the Business
 Expected Costs of the Business
 Location of the Business
3. Fund your business
Your business plan will help you figure out how much money you’ll need
to start your business. If you don’t have that amount on hand, you’ll need
to either raise or borrow the capital. Fortunately, there are more ways
than ever to find the capital you need.

4. Source Of Products
To start a business you need to go through the options of making,
manufacturing, or sourcing your product. If your business is home-based,
then your product shall be handmade and you shall go through legal
requirements to rent a studio or office but if it is designed in a third-party
facility you’ll need a manufacturing partner.
As far as service-based businesses are concerned they have their own set
of complexities and it varies with different types of services provided
such as delivery, education and healthcare etc.

5. Decide your Business Name

Choosing the perfect name is not easy. You want something that reflects
your brand and captures your spirit. Also, you should make sure that your
company name is not used by someone else.

6. Register your Business

Once you have chosen the perfect business name, legalize it and protect
your brand. Register your business with the federal government of the
country you are operating in.

7. Apply for Licenses and Permits.

Keep your business running smoothly by staying legally compliant. The
licenses and permits required for your business vary by industry, state,
location, and other factors.

8. Open a Business Bank Account

A small business checking account can help you deal with legal, tax, and
everyday issues. The good news is that with proper registration and
paperwork in place, it's easy to set up.
 9. Market/Advertise your Business
Plan how you are going to get attention towards your business. You can
advertise on social media so that more people get to know about your
business or hire a marketing consultant so that they can branch out your
business name to the world

These are some of the ways a person or a group can start up their business.