The word business is thrown around often, but sometimes it is hard to define exactly what it means. Some would say that a business is an organization while others would say it is an enterprising entity. The truth is that a business can be either one of these as long as it is involved in commercial, industrial, or professional activities.
In essence, a business conducts activities where the production of goods or services are offered for a profit. This is not to say that a business cannot be non-profit because it can be as long as it has charitable operations that collect funds for specific goals.
Some would argue that a business starts with an idea, but most would probably say that a business forms after it has been developed into a business plan that can actually be put into action. Business plans, of course, are made up of both strategic intentions and an overall plan involving everything from logistics to overhead costs.
A business name will have to be registered with the state before the business is officially launched. The business name is often referred to as the DBA (doing business as) name. This is a crucial step so that a business entity can begin to use its own tax identification number and form its own legal structure.
Keep in mind that, depending on the type of business that is being opened, additional licenses and permits will have to obtained.
Businesses can start as small operations, even something ran from within a house. This can grow in a few years or remain the same. Businesses can have either a physical location or be purely online, and it could also be a combination of the two.
In short, there is freedom in forming a business, though it does take hard work and meticulous planning.