- KredX Editorial Team
- 24 Sep 20
- business

Typically, a lot of careful planning and assessment goes into starting a business. Individuals who intend to start a venture must make it a point to think about all the aspects pertaining to starting a business sustainable. For instance, they should pay attention to planning, implementing and managing stages to construct a business model with plans for long-term growth.
5 Steps To Start A Business
By following these 5 necessary steps, one can lay the foundation of a business -Step 1 - Develop A Business Plan
In order to start a business that is profitable and is based on a sustainable business model, individuals need to develop a comprehensible yet feasible plan of action. Such a plan will factor in all significant aspects of a business including production, product, price, promotion and market strategies. It will also include the allocation of resources and outlining managerial roles.Step 2 - Choose A Business Structure
Individuals should next proceed to choose a legal structure for their business. Based on the chosen legal structure, factors like the following are decided -- Registration requirements
- Tax amount and rebates
- Personal liability
Step 3 - Complete The Registration Formalities
Once the structure is decided, individuals should proceed to pick a suitable name for the company. The name should be impactful enough to capture the essence of the brand or its vision. Subsequently, to protect the brand, one must get the name of the business registered with the government and complete all the associated requirements. Nevertheless, before moving onto the registration phase, one must find out these few things -- Whether the company name is available in the state.
- If the outcome of the trademark search is in favour of the proposed company or not.
- Once the final name is decided, a trademark should be filed for it.