There are thousands of businesses you could start, with more emerging daily thanks to new technology.

Yet despite the vast universe of possibilities, there are 10 essential steps you need to take before starting a business, any business.

1. Do your market research. Just because you build it or sell it doesn’t necessarily mean they will come.

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.

Others try to boil the ocean by going after too much and not having enough of a focus. Create a solid business plan by doing your research.

2. The only ships that sink are partnerships.

Partnerships can turn out to be a blessing or a curse. For every thriving partnership there are thousands that end up dissolving, dysfunctional or worse – in court.

Performing basic due diligence can keep you from ending up in bad partnerships.

So, have you done your homework? Are you ready to trust your financial security on someone else’s personality, work ethic and business acumen?

Before you jump into partnership – ask the tough questions.

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.

How long can you go without making an income? Whatever you think the ramp up time is before you start getting paid – double it.

That is typically the length of time before you will see a paycheck.

Better yet, include your salary in your business plan. Investors and lenders will be glad to know you won’t be detracted from your business goals by personal financial problems.

4. Hire a good business attorney. 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.

The best way to find a good attorney is by referral or through networking. I have had the same attorney – Dan Doyle – handle all my critical business transactions for the last seven years.

He plays a critical role in my business structure and could not imagine doing business without his expertise. 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.

If you are in a partnership and the company dissolves the necessary action steps have already been laid out in the partnership agreement.

Your attorney can advise you about such things as drafting contracts, reviewing your lease and determining the right business structure.

They 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. Your accountant plays a key role in the structure of your business advisory board.

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.

7. 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.

I recommend not using your own name in the company name especially if you have future plans to sell your company. You should also consider how it will translate to a web domain name.

You’ll also need to do research to see if there are similar business names and similar domain names.

When I named my two companies – TouchPointe and Event Complete, I first searched availability for the domain name.

Typically if the domain name was available the name was available. Always trademark.

Many professionals, such as contractors and real estate agents, need to be licensed in the states in which they work.

Additionally, you may need licenses to manufacture and/or sell specific products. Research all licenses applicable in your county and your state.

9. Create a website. Another member critical to your advisory team is a technical expert to launch your website and graphic designer to design your logo and look and feel towards the website.

I have used Lance

Perkins for all my creative work for the last seven years.

10. Start a business during a recession. If you can launch a successful business during a recession, you’ll be well positioned to grow when the economy starts to recover.

Many have started businesses after work hours until their business got off the ground.

You’ll have the steady income from your existing job to pay your expenses and can focus on making your new business profitable.

In addition many businesses can be started right from your home. Don’t waste money on an office space or retail storefront before absolutely necessary. Use your kitchen table, home office, or garage as office space.

My first partner got us into a 5,000 square foot lease day one – and it only added to the day to day stress of starting a business.