A Start-Up business is a fledgling business that is still trying to get it’s bearings and develop its core system for serving customers. This is the proverbial “napkin” stage. There is a great idea – but the business doesn’t have a foundation underneath it yet.
Your phase isn’t determined by how long you’ve been in business. You may still be in start-up phase even if you are in year three of your business. Although, you don’t see people stick with a business in start up phase past 5 years. Usually, by then, they’ve either given up or have settled for a business/hobby.
So, how do you know if your business is in the start up phase? Here are some start up phase markers:
- No clear definition of what the business is or what it offers.
- No defined systems for how you work with your clients, lead generation, visibility strategy, revenue creating activities, etc.
- No visibility. The business is unknown in its industry.
- Inconsistent cash flow, client loyalty and products and services.
- No credibility because of undeveloped business.
To move on to the next phase, your business needs to have the following plans in place:
- What the business does. (What change are you providing)
- Who the business serves.
- What the business is selling.
- How is that product/service being delivered.
- Plans developed:
- Business Plan
- Profit Plan
- Marketing/Visibility Plan
- Sales Strategy Plan
This is one of the hardest phases to move out of because you have no momentum. Want a little push? Take our assessment and see where your business is and possibly win a free strategy session with Michele – http://decisiveminds.com/assessment