Some will tell you “you need a Business Plan”, others may say “form a limited company”, but what do you really need? There is one absolute necessity, without it you could be standing in this exact same place for years.
Start with an idea. No, start with a passion. No, start with a product… All important starting points. There are as many great starting points as there are entrepreneurs, and then some no doubt.
Personally, I am a planner. Sometimes to the point of paralysis. And I start a plan with an end in mind. Some people find product ideas easy, whether they are inventing widgets or offering their own skills as services.
I also believe that having a passion for what you are doing is important. It makes it so much easier to face the challenges that inevitably arise.
Oh, and as for the structure, sole trader or limited company…certainly important but not a decision you have to make yet.
So what is the number one, most absolute necessity for a successful start to a business?
That either sounds obvious or indeed impossible, without a product etc.. Let me explain.
You have an ‘idea’ of something you think could be a business. This is not the start, yet.
Now go out and find someone, at least one person, who is prepared to pay you money for this idea. If this proves difficult or impossible, your business hasn’t started, yet.
You may have to re-visit your product offering. Work with those who showed the most interest until you find the formula that works for them, the solution to their problem, the product they are prepared to pay for. You still haven’t started your business, yet!
Now find some more, who are also willing to pay for your offering. People with the problem you are solving and the money to pay to solve it. People firmly committed to pay for your idea.
Once you have some real prospects, you can start your business. You can take the money there and then and give them your product, or you may need to manufacture or source the product. But this is done on as firm a commitment as is reasonable in the circumstances.
When you receive the first coin you have started your business.
Don’t delay delivering the product, fulfilling the orders. But now you can plan, structure, resource and even finance your business.
We have lots of resources for this start-up phase, planning guides, tips and ideas on how else to go to market, practical guides on running a business. If you would like some help, do shout…we will be happy to share some thoughts with you. Contact Us…