How to Start a Business

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All of those need to be answered, and in addition, the most important question is whether the business is viable, is the business potentially successful, or just an enjoyable hobby. The next stage is to evaluate the idea itself, to do some market research, market research in itself is an ongoing activity and it continues once the business is up and running. Pinson and Jinnett (2006) state that it is important to evaluate the skills acquired by an individual during the starting of a business (p. 3). One should ask lots more questions while doing that market research. some of the questions are whether there is a gap in the market. Moreover, the research should try to look at the potential customers, the existing competitors and the aspects of pricing. Once the business owner has done the research and is convinced it is going to be viable and will work, the next step is to choose a business name, and it should be a priority. One should choose something that is clear and relevant to the business, ideally unique, and a website for the business because it is increasingly popular now. the domain name has to be unique. This can be done by checking who has what name and what name is available. Before one commences trading, one has to adopt a trading status. Hormozi (2004) states that during the process of opening a new business, the legal requirement will include determining the business structure and obtaining the necessary permits for starting a business (p. 282). Trading status is a variety. the common ones are a sole trader, entering into a partnership, a limited company, and limited liability partnerships. Each of these types of trading has pros and cons, and one needs to look into them and decide which one is most appropriate for the desired business. To register the business in terms of trading status or getting started, there are various institutions responsible for registration.