1. Make the name easy to understand, spell, pronounce, remember, and find in the telephone directory listing.

2. Project your business image in the name. Include words such as service, speed, quality, skill, low cost, experience effectiveness, etc., in the name depending on what you emphasize in your business. The type of product or service you provide, such as cleaning, catering, or consulting, should also be included in the name to help the customer remember who you are.

3. Remember that periods, spaces, and first words such as "an" or "the" will change alphabetical listing of your business in directories. Acronyms or abbreviations can confuse the customer looking for your name in a listing.

4. Terms such as "corporation" or "incorporation" should not be used unless your business is incorporated.

5. Do not select a name similar or identical to that of another business. It will confuse the customer and anger the other business. When you have an idea for your business name, you will need to make sure no other business is using it.

1. Know what type of business you would like to start and learn all you can about it.
2. Appraise your business strengths and weaknesses. Be strict and objective.
3. Conduct thorough research of potential customers, your trade or industry, your competition, your licensing and tax requirements, location, and name.
4. Determine type of business organization (ie. Proprietorship, Partnership, or Corporation)
5. Evaluate possible site locations. Check physical condition, suitability, traffic flow, parking, utility requirements, and cost.
6. Prepare a comprehensive business plan - include your action timetable.
7. Decide on your business hours.
8. Secure necessary capital. (Bank loan, budget to save, borrow on insurance, etc.)
9. Obtain needed facilities, equipment, furnishings, signage, supplies, stock.
10. Recruit personnel. Establish job descriptions and training program.
11. Print business cards, stationery, invoice or statement forms.
12. Register name of business (your assumed name) and/or file articles of incorporation with the Securities and Exchange Commission of Pakistan.
13. Secure any necessary permits, licenses, or zoning variations. Check with both local and federal licensing agencies.
14. Register your business with the Securities & Exchange Commission and obtain Tax (Sales & others if applicable).
15. Register for Income tax number.
16. Establish bank account (separate from personal account). Shop for the bank and services that best suit your needs.
17. Issue news releases. Publicize your new venture.

A business plan is a blueprint of your company, presented in standard business format that is logical and well documented. A good business plan is also: 

You will know when your business is in trouble, if;

• You cannot pay your bills
• You are not keeping business records
• you need to keep borrowing money from the business, just to get through the day.

Usually one should choose that line of business that one is skilled for and interested in. One should review their options and if possible, try to contact and meet those people who are already in that business. This will assit an entrepreneur to guage the true realities and facts of the business on ground. For opportunities for women in Pakistan, Click here

Accounting and bookkeeping are immensly important in any business. Without records you cannot know how your business is doing. At a minimum, records are needed to substantiate:

• Tax returns
• Your request for credit from financial institutions

But most important you need them to know where your business is headed, to run it successfully in order to maximize profits.

The principles of determining market share and market potential are the same for all geographic areas. First determine a customer profile (who) and the geographic size of the market (how many). This is the general market potential. Knowing the number and strength of your competitors (and then estimating the share of business you will take from them) will give you the market potential specific to your enterprise.

Business Planning is an important feature for starting & running a successful business. Some tips that could come in handy at the planning stage are:

• Clearly define your business idea and be able to briefly explain it. Know your mission.
• Be clear of your motives & examine them. Having a passion for owning a business especially for this business would make you overcome hurdles that would come your way.
• Be willing to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.
• Be well aware of what is going on around you, in terms of analysing your market, including products, prices, promotions, advertising, distribution, quality and service.
• Do not hesitate to ask questions. Keep an open mind to the responses you receive.
• Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Be alert, ask questions, and visit your local business support institutions like SMEDA, EPB, WCCI, etc.

(Contacts of business support institutions are available in "Business & Support Institutions Section of WIN)

A Business Plan is a bankable document and covers all aspects of the proposed business idea. In essence it is the "First Base Document" of your idea, written down in words, clearly explaining the business and it's prospects. Business Plans can be developed by professionals that provide these services. However you can write your own business plan keeping the following in mind:

• Let go of short sightedness. Take the long view and do long-term planning. Map out where you want to be five years from now and how you plan to get there.
• Write the plan yourself, it will help you understand and learn your business better.
• Your business plan is a living document. Review it regularly to make sure you are on track or to adjust it to market changes.
• Share the plan with others who can help you get where you want to go—such as lenders, key employees and advisors.
• Always remeber that though in the short run you may pay higher prices, but in the long-run it will sustain and grow your business. 

Writing a Business Plan is important for your business. Given below are some tips for writing a sound Business Plan:

• Write a comprehensive business plan inclusive of financial and marketing plan.
• Your marketing strategy should be built around your strengths, your competitor's weaknesses and your customers' desires.
• Test the reality of your business—know why it will work and how you will make it work. Think your business through step by step.
• Allow at least two hours every week for thinking and planning. Do not allow anything to interfere with this time. You run the business. Don't let it run you.
• Establish an annual operating plan. Review it and update it monthly with appropriate employees.

• Budgeting is a useful tool—a written financial plan that helps you set goals and measure progress.
• Start by coming up with a realistic sales revenue target. 
• Based on past experience, estimate your cost of goods sold (e.g., 70 percent of sales) and subtract it from the sales revenue to come up with your estimated gross margin.
• Forecast variable expenses (items such as travel and commissions that vary according to the level of sales) and fixed expenses (items like taxes and rent that stay the same, regardless of sales). Subtract these expenses from your gross margin to arrive at your estimated net income (before federal taxes). 
• Break your annual budget into quarters and monitor your progress every three months to detect problems and make corrections.
• While estimating your budget, be realistic.

While starting and running a business one often does not think of a business exit strategy. It is always useful to have such a strategy chalked out.

• Plan your exit when you start the business. Will you sell your company, pass it on to children, or take it public?
• Take time to understand how your chosen exit affects business planning. Will family members need to be trained to replace you, for example?
• Consider the cost of each strategy—loss of the ability to keep financial information private if you sell or go public, for example.
• Be aware that your investors will have their own exit strategies. Be prepared to discuss their desired timetable for exiting your business, how they see it happening and their expected return on investment.
• Plan well ahead for a satisfying life when you leave your current business. Consider starting another business, teaching, volunteering—or becoming a philanthropist.

(Following tips have been taken from SCORE)

• Lead from the front. Always be there when you are needed, irrespective of time and place.
• Be there. A successful business can slip when an owner is not there at least part of every day, keeping in touch with how things are going.
• Set an example for working hard.
• Don’t confuse “hands-on” managing with micro-management. Set objectives and offer guidance, but don’t make employees do every little thing your way. Gauge what they do by the results.
• Understand your business down to the last detail.
• Stay in touch with “stakeholders”—including customers, employees and suppliers.