The first step in starting a business is to identify why owning a business will be both a profitable and a rewarding experience. To make this determination, you will need to prepare a business plan that identifies sources of capital, potential markets for your product or service, detailed projections of cash flow and expenditures, and a reliable source of labor. You will also need to understand how to name your business and how to protect the copyrights, trademarks and patents your enterprise may use. Return to Business Basics & Types