Of course, there is not an official list, and scholars disagree about some of this, but you can at least argue that each of the following is necessary:

• A source of fuel, most likely one like coal that is portable (as opposed to water power where mills could only be located on rivers).
• A means of transport to get raw materials to factories and finished goods away.  So this means railroads, especially.
• A certain level of technology -- to be able to build the machines.
• A certain level of agricultural production -- to make enough excess food to feed the factory workers.
• Social values -- this is very controversial -- some scholars say that you have to have the "right" kinds of social values.  They say this is why Japan industrialized quickly and China did not, for example.