Phase 1: Determine the viability of your business. First you need to be honest to yourself and your business partners (or co-founders). Your new startup must be something you can make a profit by delivering to your end customers. Ask yourself questions like who is going to buy your product? Run the initial numbers with a calculator: Will customers pay plenty money so you can cover your cost (to develop the product)? Will you even make a big profit out of it?
Phase 2: Create a business plan. Actually type out the plan in your computer or laptop. Many times, it is too easy and convenient to tell yourself that you do not need a business plan. But creating a business plan with financial goals forms a good base for habit. This will force you to think through all the details before buffing to anyone about your new business (which may not even work from the first place).
Phase 3: Pick a business name that you like and would make sense to your new business. Depending on the industry your business is in, the choice of the company name may vary.
Phase 4: Get to know the pros and cons of the company legal structures, and decide on the structure that would suit you the most. Never leave anything without legalized. You should always go through the company incorporation in Hong Kong, even though it may be troublesome at first. One reason behind doing this is that you may not be the only person who owns the company i.e. Your company may have co-founders (or key business partners) who also own part of the business. Also, the second reason is a longer one. Think for the future when your company is going to expand further, not only in the Hong Kong market, but the Asian regions, and even the international markets. When you expand, you will always need more capital than you and your business partner can pay for. A good approach at that point is to look for some angel investors who would be willing to add funds to your business (for the growth). Only when your company is registered legally in Hong Kong, investors are likely to invest in it. The choices of a suitable company legal structure are there: Limited company, sole proprietorship, partnership, and more.
Phase 5: Register a domain name. In these days, most businesses would need to have an official company website. Having a domain registered is important for the website.
Phase 6: Figure out where to get the money for your business expansion. As we have mentioned previously, at some stages the business will need an external investor to provide sufficient funding for the growth.
Phase 7: Get family behind you and back you up. Running and managing a company takes a lot of time. Sometimes it is a lot of overtime work, and you always end up getting no weekend breaks. Spend time to communicate with your spouse and close family members. Make sure they do understand you are up and ready to work at your startup plan.
Keyword: company incorporation in Hong Kong