Calling all entrepreneurs and wannabe entrepreneurs. We’re starting a new series where will explore each of the stages of starting up a business, brining you some of the money moves, experience and lessons you might go through with each. We’ll be exploring one stage each week, although this week it’s all about understanding what the 7 steps are.
The seed stage is when your business is just a thought or an idea. At this stage it’s still very very new and may be considered as the 'conception' stage of the business.
Your business has been born, congratulations. It now exists in legal terms. Products or services are in production, and you have your first customers.
Your business is now a terrible toddler, it’s growing and it’s growing fast. Revenues and customers are increasing with many new opportunities and issues. Profits are strong, but competition is surfacing.
And it’s now just reached adulthood. Sophisticated, established and well respected.
Your business has now matured into a thriving company with a place in the market and loyal customers. Sales growth is not explosive but manageable.And the plus side is that business life has become more routine.
If you’re still with us on the 'cycle through the years of an adult' malarkey, your business has just left university. It now wants to branch out. This life cycle stage is characterised by a period of growth into new markets and distribution channels. This stage is often where the the business owner will gain a larger market share and find new revenue and profit channels.
Okay so it’s now late 40s, it's becoming a lot slower with age and gets tired easily. In business terms, changes in the economy, society, or market conditions can decrease sales and profits.
Here we have it, it’s retirement age, it’s is a big opportunity for your business to cash out on all the effort and years of your hard work.
So, how do you navigate each stage money wise? Stay tuned for more on the series!