Though I am a student now, like any reasonable University undergraduate or graduate, I start thinking about my own startup. So, I think that these tips will be useful not only for me but also for other young people living in Ukraine. Creating a company from the ground up is not an easy task. It is very easy to lose money in the early stages or not get an investment. However, if you gather a strong team, develop a good development strategy and work hard like a bee – then business will start moving in the right direction!

7 steps to start your business

Conduct market research

Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.

Write your business plan

Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.

Fund your business

Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.

Pick your business location

Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.

Choose a business structure

The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes and your personal liability.

Choose your business name

It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.

Register your business

Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.