Starting a business seems like a Herculean task for many and some get defeated and gave up at the sheer though of the huge responsibility involved. To others, the fear of failure in business is the beginning of wisdom – they believe the greatest wisdom is never to start at all. While the greatest majority don’t even know how to start and where to start from. But starting and running a business isn’t a space science after all!

Have you have been dreaming of starting your own business and become a boss of your own but don’t know where to start from? You’ve been seeing other guys doing very well in business and you wish it could be you? Well, you aren’t far off. You can become what you desires to be in business, and the best time to get going is now. This article will help enlighten you on the practical steps and requirements you need to meet to have your own profitable business anywhere in the world.

Without doubt, starting a business is challenging, but it’s a challenge you are capable of meeting. So how do you proceed and what are the things you need to put in place? Below are some of the major requirements for starting and running a successful business.

1. Decide what Business you would like to start

There are thousands if not millions of profitable businesses you can start with varying capital requirements and experience. The type you decides to start depends on the fund and logistics at your disposal. Others depends of the experience you have. So the major steps towards starting a business is to decide which type of business to start and where to start from.

There bust be some level of experience for you to be able to decide this. People usually rely on interest to make this decision, they choose business they have some level of passion with and I think that is very important. For you to do well in business, you bust choose a business you are passionate about; business you will be very enthusiastic about and willing to give in all you’ve got to make it work.

2. Decide on the reason you want to start a Business

Having decided on the type of business you want to start, the next step is clearly decide on why you want to start a business. This will help you know your goal and where you are going. For example:-

Do you want to start a business you want to run on a part time as extra means of income stream to support your existing job?

Are you going to be on it full time, leaving every other things behind to run it and depending all your income on it?

Is it going to be a small scale business that requires low capital investment and less management and logistic experience?

Are you starting a business you intend to sell off after some time or business you’d like to run indefinitely?

Deciding on all of these is very important because it will help you have a clear vision of what you are going into and level of effort and logistic you need to deploy into the business.

3. Draw out your Business Plan

Having a workable business plan is number one step to getting your business right. You have to understand that the basic ingredient to a any successful business is good business plan. Your business might look wonderful in every look, with great product and every other things that you requires  but without a workable plan to consistently deliver quality and develop routes to market such business may not thrive. At the end, it will be like setting off on a journey without knowing where you’re going let alone having a pretty good idea of how to get to your destination.

To be successful in business, you need to plan in the first place and having a good business plan puts you on the driving seating towards your destination.

4. Choose a name for your Business

In business, name is everything. Good business name is a catalyst you need to win in the game — by all means, make sure you choose your business name very carefully. Bad business name could send a business crashing to the very dust while good business name is capable of increasing your chance to success to 40 percent.

Your name should be able to define what your business is all about. If possible, let your business name be the summary of your business. Lets assume your name is Arnold Thompson and you wants to start a restaurant business, below are your two choice names

Spicy Fried Chicken Restaurant

Arnold Thompson Food

Which of these two names you think anyone looking for testy meal served with fried chicken will readily notice..? Choose correct name for your business. I have seen people choose name that doesn’t make sense in their business, and when the business begins to go downward spiral, they’ll blame it on something else.

5. Get a Space for your Business

Space is a must (except you want to run the business in your home) before you even think of something else. The quality of office space you go for depends of your budget and the type of business you are engaging in. Beautifully well furnished office space in a classy environment is the dream of every business person. However, the cost of having that at the beginning of your business may not be realistic except you have plenty cash to experiment with.

Look for a decent place that is within your budget.

6. Register your Business

This is very important in your business to be able to meet the legal requirement of your home government. In many countries, it is required of any business to get registered prior to kicking off and process of business registration varies from country to country. Consult your local or state authority to find out the process involved and how to go about it.

Your business can be registered as a LLC, Corporation, or Sole Proprietorship. Clear advantages exist to registering a business, but in some cases registration is required for tax purposes or to be legally allowed to operate. Even if it is not a requirement in your state, you will still want to consider the advantages and determine if registration makes sense in your circumstances.

Other requirement you need to put in place.

There are still other important things you need to have before starting your business. The next article will deal with that. Share your opinion and comment.