Every business regardless of size goes through various stages of business development. While some may rapidly progress through each of them, the vast majority go through them in an orderly fashion.
Businesses originate in the inception phase. This is where the idea comes to life, where an entrepreneur hustles day and night to create their vision. This is also the phase where you must be most flexible, as there will undoubtedly be changes to what you must do to launch your business. This could be due to governmental changes, or simply changes in the marketplace.
For example, Pokemon Go. It was a big craze when it launched receiving news coverage consistently. However, several months later, it’s barely getting the same media attention it once demanded. Think about the number of business ideas, and marketing strategies that evolved because of the app. How many of them are still in usage today? This is why a business must be flexible in the inception phase, as an idea while it might be viable today could easily be a dud in a few months.
The second phase is Initial Growth. In this phase, businesses get their feet wet! This phase occurs after you have launched your business and things are taking off. This stage can be compared to when a young child first learns to walk. In the beginning, it’s a bit awkward, but soon everything is figured out. This is also the phase where a business owner begins to develop the processes needed to expand the level of success they are having.
The third phase is Momentum. In this phase, processes have been figured out, as well as marketing strategies. Essentially a business has become a finely tuned machine and is increasing the size and scope of their marketing to scale the business. Because of the systems that are in place, the scaling taking place does not cause adverse effects to customer service or fulfillment.
Lastly, the final stage is Maturation. This is the phase that every entrepreneur and business owner should be striving for. At this point, you will have the people and processes in place that essentially run the business on it’s own. This is where you are able to direct your focus to new ventures because your current business can run itself. Or you can elect to spend more time with family and friends with your newfound availability.