Starting a business is easy. Succeeding is another story. To start a business, all you really need to do is register and pay for it. To succeed, however, you need strategy, insight, and these five unexpected components:

1.    Planning Project Knowledge

The steps you take to start a new business have been stated over and over again. One unexpected step that isn’t often included in these guides, however, is updating your planning project knowledge. No, you don’t need to know about how to create an office, but instead you should make a visit to your local council to see what new projects are in the works. This way you can actually plan ahead and choose great locations for your new office or retail store before it becomes incredibly expensive.

2.    Legal Expertise on Your Side

Another component you need to have as a business is legal expertise. In most cases this will be billed hourly, but as you can imagine this can make budgeting a nightmare. Instead, it is best to use a company like Harper James Solicitors, who have an Enterprise service package which will allot one hour of legal expertise a month, with these hours accruing if you do not use them. Its subscription model means you can budget better for legal advice and save up hours for when you truly need them.

3.    Your Business Model Written Down

Partnership agreements are incredibly important to have formalised, but that isn’t the only part of your business model that you should have written down. Work with your legal team to ensure everything is set in stone.

4.    Strong Employee Benefits

Strong employee benefits are key to acquiring a talented workforce, especially if you are just starting out. You won’t have the reputation or resources to hire great talent, but if you allow them to work on flexitime, work from home, or have access to other easy benefits you can entice them to work for you instead of a competitor.

5.    Data Programs That Help Devise Forward-Thinking Strategies

Sustainability and the circular economy are going to become more mainstream as the public pushes for governmental legislation. What this means for new companies is that a sustainable approach is necessary to thrive in the future.

A great way to absorb the costs associated with this sustainable mindset is through big data, so keep track of your data to reduce costs from the start. By trying your hardest to improve your business in this way you avoid the difficult transition periods ahead and can instead use it in your favour when marketing to the masses.

New businesses need to survive long enough for their business model and idea to be successfully proven. This is known as “proof of concept” and once you have obtained that proof you can then work on expanding your operations and even acquiring more outside funding. Until then, however, you will want to focus on these five components to help you succeed.