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With the nonstop improvement on technology and the good old-fashioned inventiveness, business opportunities also continue to rise. But despite the huge possibilities of starting up your own business, it is important to take note of these important steps.

1. Perform your market research- There is no assurance in everything. You can’t be sure that other people will patronize what you sell. Researching your potential market is the first important step that you should do. Identify your target market. Determine if what you will offer will have its place in the market or if there are already numbers of businesses offering the same product or services that you would like to engage in. Determine where do you want to sell your product; is it just local or you will go on national? Be sure that you will have enough market share to capture before starting your business.

2. Show me the money- Capital is the key to start a business. Depending on what type of business you would like to start, determine your assets, the things that you will need and the processes that you will have to undergo to have the things that you will need. Writing a business plan is necessary if you have a plan to look for investors or seek a help of financing companies. Determine the total amount that you will need to start the business and where can you get this money.

3. Employ a good business lawyer- Through referrals or networking, you can hire a good lawyer who has experiences in dealing with new businesses that can help you start your business. You can seek the lawyer’s advice with regards to contract drafting, reviewing the lease and identifying the appropriate business structure. According a senior partner at Hedgerow Mergers Acquisitions, Chris Talis, “A good attorney will know what it is that you are trying to do and help you structure your business in a way that will be beneficial to you.”

4. Employ a good accountant- An accountant who will work with your lawyer will be an instrument on identifying the best form of ownership for your business. An accountant’s most important responsibility is to help you with regards to tax planning. The accountant can also help you set up procedures that can keep you on track for years such as bookkeeping and other record keeping. Talis said that it also important that your accountant understands the state laws and is familiar with startup ventures.

5. Choose on a business structure- Business structure determines personal liability, taxes, paperwork and business’ regulations. Your lawyer and accountant will assist you on your decision on the business structure. Your business can be sole proprietorship, partnership, corporation, “S” corporation or limited liability corporation (LLC) depending on how many owns the business.

6. Choose the name of your business- Your business will be known to the world through its name. List down the potential names of your business. Narrow your list to the names that best describes your company until you can come up with the best name. It should use few words that can be easily remembered, easy to pronounce and easy to spell out yet still catchy. The name’s translation to a web domain should also be considered. Before the final decision on the name that you will use, do a research first to determine if there is a similar business name and similar name of a domain.

7. Obtain all required licenses and permits- Depending on the type of business and local laws; you may need to get additional licenses aside from the business license. Knowing the zoning law is also important.

These steps are not the complete steps in starting a business. There are other important steps, but following these seven will put you in a confident and business- ready position.