Successful businesses are built through careful planning. Before committing a significant amount of money and other resources toward your business, critically analyze your idea, and create a game plan. You should complete the following:

Find a Business Location

Do you know where your business will be located? Whether you’re opening a brick-and-mortar establishment, starting a business from home and/or using a virtual office — your business location informs the type of licensing and permits you’ll need as well as your business’s growth potential.

Conduct Market Research

Have you gotten to know your market? Before you write your business plan, conducting thorough market research is crucial. This can involve conducting surveys, doing search engine optimization (SEO) research, or holding focus groups. The goal of market research is to better understand your target market and competitors in order to craft an effective business plan.

Choose a Business Name

What will you name your business? When naming a business, you’ll want to choose an available name that follows your state’s naming rules and resonates with your customers.

Once you feel confident about your answers to these questions, it’s time to move onto your business name. Your business name is the cornerstone of good branding and a successful business. Use our Business Name Generator to find the perfect brand name and website.

Plan Your Business

A business plan is a written document outlining what you plan to do as a business and how you plan to do it, in a concise way. It also is a Selling/Strategy Document that conveys the excitement and purpose of your business to any potential backers, bankers and stockholders.

A Business plan helps you think through every aspect of your business, so you’re twice as likely to succeed.