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 team:
Agreed, these should get you to the finish line but I feel we have so much cost going into the business even before we are fully operational which shouldn't be the case! We are a profit making business and not some nonprofit organization and costs should be minimized at all costs!
Another point I would add when creating a team, sometimes let us minimize on getting family on board as they might not put 100% into the business or will misuse resources knowing very well that you have a soft spot for them and they will easily ask for forgiveness when they screw up.
A support network:
A marketing strategy:
A strong online presence:
Things such as a strong online presence/ support network happen with time as a bond is created with customers who in turn engage with other alternative platforms the business uses such as Instagram, Facebook, Twitter etc ... the most crucial part is usually getting set up!