• Start Ups
  • E-Commerce
  • Insurance
  • Gig Economy
  • Tech
  • Office
  • Taxes
  • Law
  • Funding
  • Marketing
  • Infographics
  • Podcasts
  • Videos
Sign in
Welcome!Log into your account
Forgot your password?
Privacy Policy
Password recovery
Recover your password
Search
  • About
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Privacy Policy
Password recovery
Recover your password
A password will be e-mailed to you.
TheSelfEmployed.com TheSelfEmployed.com
Your Gig Just Got Easier TM
TheSelfEmployed.com TheSelfEmployed.com
  • Start Ups
  • E-Commerce
  • Insurance
  • Gig Economy
  • Tech
  • Office
  • Taxes
  • Law
  • Funding
  • Marketing
  • Infographics
  • Podcasts
  • Videos
Home Start Ups The Five Stages Of Small Business Growth
  • Start Ups

The Five Stages Of Small Business Growth

By
John Pearson
-
May 27, 2020
0
  • 1share
  • 0
  • 0
  • 0
  • 1
Share via
    The Five Stages Of Small Business Growth

    The small business scene is booming right now and it can be an exciting one to venture into. This is because it usually involves people doing things that they are truly passionate about. When you care about what you are doing it is as if you aren’t even working. Of course, this won’t be the case because even doing something you love every day can get trite. Whatever the situation is, you have to know and understand that a lot of small businesses simply don’t make it after a mere couple of months. While there are a number of reasons for these failures, some of them can be attributed to the fact that the owners just didn’t understand the growth cycle of a small business. Luckily that is exactly what you are about to learn so you can avoid making the same mistakes.

    Stage One: Existence

    This is without a doubt one of the most challenging stages. And, it is because you will be handling most of the workload. One of the biggest hurdles during the existence stage is trying to stay in existence. This is why it is called existence. You are out there scrambling trying to obtain customers and deliver on the products and services that you are promising. If you want to remain alive and move on to the next stage, you’ll have to add new customers to your repertoire.

    Stage Two: Survival

    At this stage, you will likely have already established some kind of customer base. The biggest hurdle here is to ensure that you are making a profit and that it remains. Therefore, you’ll not only need to be looking for new customers again, but you’ll need to be motivating the ones that you already have to come back. Simply put, staying open isn’t enough anymore. You must establish systems and processes to ensure a return on investment.

    Stage Three: Success

    Once you have reached this stage, you’ll be where Blackjack Genie currently is. This means that you’ll be established with consistent profits. The question will now become, whether you want to expand or simply try to maintain the success that you’ve already earned.

    Stage Four: The Take-Off

    This is when the business really starts to flourish, even if you haven’t pushed it. You’ll now likely require an increase in capital in order to accommodate the volumes of customers that you have come in. This means that you are going to need to take on more staff, get more equipment and materials, and establish more effective processes and systems. At this point, you really have the option of going from a small business to a larger company. Just keep in mind that there is still room for failure, so you are bo no means out of the woods yet.

    Stage Five: Resource Maturity

    You’ll know once you’ve reached maturity because you’ll now be ready for diversification. Simply put, you are going to be bigger and running at a much slower pace. This does not mean that you won’t be able to react to market changes though. In fact, this is the reason for diversification and finding other related markets or products that you can potentially tap in to.

    Previous article 4 Things You Need to Know About Taking Risks in Business
    Next article Proofreading Business Documents: Why Is It Essential?
    Avatar
    John Pearson
    John is a serial entrepreneur and writer who is passionate about helping small businesses launch and grow. His work has been featured in Huffington Post, Entrepreneur, and Forbes.

    Recent articles

    Start Ups

    5 Simple Strategies to Grow Your Business This Year

    Jenny Richards - April 6, 2021
    How Influencer and Referral Marketing Make the Perfect Combination

    How to Get Started with Online Marketing

    April 6, 2021
    5 Tips For Hiring As A Startup

    5 Tips For Hiring As A Startup

    April 5, 2021
    Bringing an Infrared Sauna to the Masses – Even in a Pandemic!

    Bringing an Infrared Sauna to the Masses – Even in a...

    April 1, 2021
    8 Ways To Develop & Create New Revenue Streams In a Small Business

    8 Ways To Develop & Create New Revenue Streams In a...

    March 31, 2021

     

    Follow & Subscribe

    Newsletter Signup

    Signup to get weekly tips and advice to help make your self-employed journey easier!

    Thank you!

    Please check your email to confirm your subscription.

    © 2021 - The Strauss Group, Inc. All users of this site are protected by our Privacy Policy and bound by our Terms of Use