There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:
A clear business idea:
A business plan:
Sufficient funding:
Legal and regulatory compliance:
A support network:
A marketing strategy:
A strong online presence:
A team:
These are all important but the one that has major effect on the success in business is finding a business that we have strong knowledge and comfortable performing with. It is also great if we start a business that we have a strong passion so that we can't get tired of it. Most businesses failed despite of all the needed factors in hand is because of lack of passion. They get easily tired and give up when things got tough. We also need to know the right equipment in order for us to minimize cost of production and or service maintenance.
Also, it is important to know when to ask for help. Creating a business is one tough project. As a starter, we might not have enough knowledge so asking for advice is an essential part of establishing a business.
You can read more advice here:
https://startups.co.uk/strategy/7-important-factors-to-consider-before-starting-a-business/