From time to time, we have all felt undervalued and underpaid at our job. Usually in these dreary times, we start dreaming about setting up our own business. After all, there are so many role models to look up to.

By Sophia Lockhart

Steve Jobs and Hewlett Packard both became huge Silicon Valley successes after starting their companies in a garage, with Jobs revolutionising portable music and HP pioneering the printer industry. Reading these business tips is the very first step towards accomplishing your goals.

Type of Business

First of all, you need to decide what exactly you’re going to focus on. Before doing the market analysis (which can be misleading in some ways), stop for a moment and ask yourself what it is that you wouldn’t mind doing for the rest of your life.

Whichever type of business you opt for (service, manufacture, merchandising), make sure you would enjoy what you’re doing. It may sound like one of the quotes from positive psychology books but it’s actually very practical. The more you enjoy yourself, the more time, dedication and money are you going to invest in developing your business.

Market Research

Once you had that covered, it’s time to do some thorough market research. Check which of your ideas has the potential to be the most lucrative, and go for it! Your market research should also involve finding out who your target clients are so that you could adjust your business approach.

Laws and Registration

Before moving on to the next step, it’s best to check the regularities at this stage, otherwise you may end up investing more than you had originally planned. Investigate how you can register the company, which laws you must follow and if the government is expecting any special regular reports from you. On the bright side, the government usually has a program for young and aspiring entrepreneurs, so you should definitely pay attention to the country’s support.

Bank Account

Another factor that is normally overseen at this point is the importance of having the best bank for business. Conduct comprehensive research before opening your bank account. Some banks are more flexible than others when it comes to small (or large) businesses – they may have special benefits waiting for you.

Finance and Accounting

Having some kind of capital is absolutely necessary for starting any job. Ensure you know exactly how much money you will need to invest in order to get your money’s worth. Every highly successful business man or woman will tell you it’s vital to have an excellent accountant. A good accountant can help you immensely in running your business by giving advice and managing your accounts in the best possible way. Just think of taxes, for instance.

Location and Marketing

For a lot of businesses out there, regardless of the fact whether they’re franchises, partnerships or single businesses, location is everything! This is also connected to the market research, so if you did that part right, you should know where your clients can be found in the biggest number.

Some sources underestimate the power of promotions on social networks, but we believe social media advertising is still vital for your promotion. If you play your cards right, lots of different clients will be coming your way!

People Management Skills

This is probably one of the most challenging tasks for any newbie. As a business owner, you are expected to delegate tasks in a logical and timely order. If you’re just not that used to bossing people around, you’ll have to get used to it and realize it’s in your best interest to do so. And your employees will be grateful for confident leadership.

Family vs. Career

Last but not the least, family life is something you should always put first on the list of your priorities. Actually, balancing family and career may just be one of the most demanding tasks from this list. How to remain successful while dedicating enough time to your family is something you’ll just have to figure out on your own.

Basically, that’s it. There are of course some other things to take care of, but these are the most important ones. If you do everything right, your business has a bright future.

Sofia Lockhart is a passionate writer from Sydney. What she loves writing about is technology and business and how we can improve ourselves, on a personal and professional level. Besides that, she loves decorating spaces and travelling around the globe. @sofilockhart

Startup stock photo by REDPIXEL.PL/Shutterstock