Sort out the Business Plan
The first step in starting the business is to make a business plan. Sort out the type of business and the limitations attached to it in the prevailing market scenario, and make a list of the steps, you gradually want to take in a bid to grow the business. Every phase should have a timeline, and a contingency plan, in case something goes wrong. All the tangibles like natural disasters and family grievance should be catered for in the plan.
Orient yourself with the niche
Being a mechanical engineer, it may be easy for you to start an auto repair garage, but if you plan to run a grocery store, then there will be some rules of the trade which need to be understood thoroughly. Survey the market, and understand the operational procedures, trends, protocols and the sources which can be exploited.
Choose a Business Location
This is a critical decision which requires a lot of homework. If you are in the business of supplies, your place of operation should be at a central location, making it easy for you to access the customers and reduce the overhead costs. In case you have a retail shop, it should be at a place where there is a large public inflow. Remember, the importance of the business location changes with its type.
Finance Your Business
It is not always possible to personally finance a new business. If that is the case, look for various government-backed grants to start with. Plan the finances well in advance; you should not be applying for loans just a few weeks before you plan to launch a project as these things do take a lot of time to get processed.
Select a business name and get it registered
The name which you select for the business should be original and catchy. As soon as you sort out the name, get it registered with your state government. Also apply for a domain name and web hosting service for your business website.
Sort out the tax requirements
An important step which needs to be taken before your get started is to fulfill the taxation requirements. Get a tax identification number for your business and enlist yourself with the state tax department. Ensure that you have catered for the local taxes as well.
Obtain Business Licenses and Permits
Decide whether you want to operate as sole proprietorship, partnership, Limited etc. and obtain all the requisite local, state and federal permits.