Small Business Column: What you don’t need to be successful

In this week’s article Kehlan Kirwan looks at some of the things you don’t need to build a successful business – the latest tech gadgets, an office, an accountant.    

Lots of people know what makes up a great business, but what can your business do without and still be successful?

Success, of course, is relative and what you may consider successful could be very different to that of the business person on the other side of the street.

Money: Bootstrapping is just another way of saying your business has no money. In recent years what has become more evident is that successful start-ups are the ones that haven’t a penny to their name.

It’s what you learn that gives you the edge, along with a streamlined business with the ability to offer customers the benefit of a good product or service with a price to match.

In the beginning it’s your passion that matters most.

The latest tech gadgets are an utter waste of time when you start out. You don’t need that piece of tech that everybody is talking about right now.

You need a decent laptop and a good phone. Done. Both allow you to stay mobile and work from anywhere.

Technology is a good thing, but it can also be a big drain on your business if you don’t need it.

Forking out loads of money on something that’s just for show is pointless. This time next year when you’re a millionaire, go ahead and get whatever you want.

Right now though your most important thought is attracting customers and you won’t find them in that shiny new tablet with the aluminium body that makes you coffee and breakfast in the morning.

Location: You don’t need an office. You don’t need to be in a populated area. You don’t need to rent space.

We are now living in a global village in which anybody from any part of the world can be contacted or found. You can sell products from the remotest parts of the world and develop business from your sitting room. Location is no longer important to what you do. Your place on a map is not your place in the world.

An accountant: If your company is raking in so much money that you need an accountant then kudos to you. But unless you become very successful very quickly the chances are you do not need an accountant.

Keep an eye on everything you spend and check your bank account regularly. Get into the habit of checking receipts and filing them. It is only very recently that I’ve used the services of an accountant in my business and that was the first time in four years. You should know what’s coming in and what’s going out. When it comes to finances never let anything lapse. When you have control of your finances it becomes easy to maintain an efficient financial structure.

Most of this is about getting rid of preconceived notions about just what it is to start a business. If it’s not essential, then you don’t need it. When time comes for moving up the ladder with your business you’ll be better off that you started bootstrapping. In the end it’s not what you have that counts, it’s the passion and ideas that will bring you what you need.