You don’t need to be a genius to start your own small business. You don’t necessarily need to quit your day job, or have a lot of cash saved up. You almost certainly don’t need commercial premises, extra staff, a new vehicle, or lots of expensive marketing material. So what exactly do you need?

If you have all of the following, then you pretty much have what you need in order to start your own business.

(1) A Product Customers Will Pay For.

The “product” is what your business will sell. Ideally, it should be something which you can deliver to a high standard. If your product is coffee, then it should be good coffee. If it is a cleaning service, then you need to be a better than average cleaner. If you don’t yet have a sellable product (i.e. your product is still an “idea”) then you might be best holding off on starting a business, and focus rather on developing your idea into a sellable product.

(2) Time and Energy To Invest In Your Business.

Realistically, you’ll need at least a few hours a day dedicated solely to work on your business. If you are already working full time, resist the temptation to quit your regular job before your new business can afford to pay you a sufficient wage or allowance. If you’ve been made redundant, then you might need to turbo-charge your new business venture. Don’t hold off on starting your own business, even if you’re hoping to secure another job.

(3) Determination to Learn and Succeed.

This is perhaps the most significant foundation stone of any new business. Every successful entrepreneur knows it, and anyone who has ever persisted with building their own business from scratch has experienced it. For your new business venture to succeed, you’ll need a stubborn determination to succeed. At the same time, you’ll need to be open-minded enough to make adjustments to your business strategy as you go.

The challenges of starting and growing a small business can at times feel almost insurmountable. Many business owners experience it like an expedition into an impenetrable jungle and with no end in sight. Some of the biggest challenges faced by small business owners in the start-up phase are:

(1) Managing priorities

(2) Managing cash flow

(3) Staying motivated.

One of the best tools for staying motivated is to effectively manage your businesses priorities and cash flow.