1. A Business Idea
Ideally your idea should be related to something you have experience doing, enjoy, and do well. This reduces the learning curve and allows you to focus on learning how to run your business.
2. A Living Business Plan
Most of us intuitively know we need a business plan and have a fairly good idea of the components that need to be included but it’s tough to know exactly where to start.
I’ve found that using the process to think through all the aspects of the business we’re going to be in and how our backgrounds have prepared us to be in this business can get us off to a good start.
When completed, your business plan should include a business description, your story and how your background will contribute to your businesses success, a competitive analysis of businesses operating in your market, your marketing plan, operating plan, and financial plan.
3. A Prototype of the Product or Service
Building a prototype of the product or service your going to deliver allows you to walk through the steps to insure the process is replicable and that you understand your costs.
4. A Back Office
Your back office is everything you need to keep your business running. It’s the forms you need to take orders, your method of understanding your current financial position, and what you owe in taxes.
5. A Business Owner who is Set Up for Success
Your personal financial house has to be in order, you have to know how to manage your time, and you need a process for managing the day-to-day information… but most of all you have to get out of your own way.