One frequently overlooked but very important aspect of starting a business is doing a business plan. Though it may seem daunting, making it is actually simple and can be done even without help from others.

The first step is to come up with a good business name for your business. It should be unique have  good recall, and be descriptive of the nature of your business. Having a unique name facilitates its registration with the Department of Trade and Industry. The name doesn’t need to be your brand but it has to be related to your line of business. A good name also facilitates branding because it would make people easily associate the product or service to your brand or name. Examples are National Book Store, Jollibee and Goldilocks.

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