I presented all new material at Take Action Get Profits this year. The participants found it very helpful so I wanted to share some of it with you in series of blog posts. This post looks at the very first stage of any new business – the Start Up phase.
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:
o What the business does. (What change are you providing)
o Who the business serves.
o What the business is selling.
o How is that product/service being delivered.
• Plans developed:
o Business Plan
o Profit Plan
o Marketing/Visibility Plan
o 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 – https://decisiveminds.com/assessment