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Is it going to be the Ready customers. Product Development plan. Useful contacts for starting and running business. Keeping in mind starting from scratch with limited capital.
For me, none of them.
The first thing is a well-grounded strategy. Afterwards, it is communications and contacts.
All you have mentioned are important but for small business you need money and people, stand by so you dont struggle. I am sure you must have done your market survey so you will know what and what products the people need so you do not get frustrated at the beginning of your business or go through a liquidation process. Remember business is good, only when it is planned well. Good people, good amount of money, good connections and planning and the sky is your limit in the the Business field.
Know the in and out of your business
Know how to market your business or brand your businesss,keep existing customers happy while making new customers and offer value for money,lastly have a statement of account for your business and manage cash flow properly.
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First think about the plan (expenses,land,resources.....)then create a new strategy in your own views (don't compare with existing) execute step by step procedure , look for what customer what really needs and do surveys regularly.
1) Validate your small business
Do you have customers for your solution. If you don't have a solution, you are wasting your time. Get15 paying customer (actually collect money from them) before you start building the business.
2) If you pass step one, then start building the core business and related online channels. Tell those15 people to stay close until you are ready to provide them with the product or service. They will if it's worth it.
People tend to spend so much time building the idea they have in their mind then going out and doing the real research. Don't waste your time. Find those first15 then build. You'll be a whole lot more motivated.
Hope that helps and good luck!
Warm regards,
Rami El-Ashi
Twitter: @ramyelashi
The right product, in the right time and place. calculate your risk and develop a strategy to generate an affordable generic development. You should also set a cut off plan just in case things do not evolve as expected.
Must have below to consider starting a new business:
1) A competitive product / service;
2) Understand the customer base and how to approach them and sell the product;
3) Analyze the market competition;
4) At least6 months revenue, cash flow, and profitability projection.
A course in small business management
