7 essential startup "steps" for entrepenuers...

1) Do your market research - Just because you build it or sell it doesn't necessarily mean anyone will buy it. The first essential step is to research your potential market. Who needs what you are offering? Is there space for your product or service in the market or is the market saturated? Is the market national? Is it a niche? Can you define your ideal customers? These are all questions that need to be answered before you even consider starting a business. Too many entrepreneurs have found out the hard way that there was not enough market share for them to capture. Others have realized that their target market audience was far too limited to make their business work.

2) Show yourself the money - You can't start a business without capital. Determine what you have, what you will need and how you will go about getting it. If you plan to seek investor funding or financing, start writing a business plan and practice your pitch. Research the costs associated with your business. Know how much money you'll need and decide where it could come from.

3) Hire a good business attorney - You don't necessarily need to have an attorney on a retainer, but you'll want to hire an attorney experienced with new businesses to help you get started. Your attorney can advise you about such things as drafting contracts, reviewing your lease and determining the right business structure. 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) Hire a good accountant - An accountant will work in conjunction with your attorney and be instrumental in determining the best form of ownership. He can also help you establish bookkeeping and other record keeping procedures that can keep you on track for years. Most important, a good accountant will help with tax planning.

5) Decide on a business structure - Personal liability, taxes, paperwork and regulations vary greatly among the different legal business structures. Your attorney and accountant will play a key role in assisting you in this important decision.

6) Decide on a business name - It may seem obvious and simple, but the name is how your business will be known to the world. The right name says a lot about your company. Make a list of potential names and narrow the list down to the one that best describes your company in a few words, while being catchy, easy to remember, easy to pronounce and easy to spell. You should also consider how it will translate to a web domain name.

7) Get all necessary licenses and permits - Along with a business license, you may need to get additional licenses depending on the type of business and local laws. you may need licenses to manufacture and/or sell specific products such as liquor, firearms or even lottery tickets. It's also extremely important to know the zoning laws before you open a business. Don't assume the zoning laws don't apply to you.