You need everything

Many small businesses think if they have a great service or product (or even worse, a great idea for a service or product) then they will succeed. They might go out and raise some money and think once they get that, they are good to go.

The reality is quite different.

They need to have the legal parts taken into consideration.
They need to have the sales and marketing figured out
They need to have the bookkeeping/accounting ready to go
They need to have plans for how to scale (lot’s of customers sound great but not if you aren’t prepared for them)
They need to have backup plans for when a key member of the team goes away

I’m sure there are many other things they need but these came to my mind right away. If they haven’t figured these things out, they will struggle in the beginning and it wont get much better later on. Inevitably, they will need more money as they go and at that point, giving them more money is most likely a case of throwing good money after bad.

Having good marketing, or good legal, or a good idea isn’t enough. You need to work toward putting together the entire package

Have a great day!

Lawrence

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