Stages of a Start Up - How entrepreneurs can expect - Part 1

When you were starting your business, no one said it would take two to four years to become an "overnight success", right? This is because no one really knows how long it takes to become financially successful in a new venture. It tends to be different for each, according to your abilities as an entrepreneur, your budget, start-ups and your willingness to take risks.

Over the years I've noticed a distinct "start up path" with my coaching clients. It can be a rough path, sometimes a jungle, but getting there is half the fun. In this article, we are going to investigate the stages of a start up entrepreneur. We'll take a look at what a hypothetical entrepreneur can expect and what to watch out. We will examine some "if" and lay out a business path that may or may not choose to follow.

Year One - How your name out there

At this stage a child is the owner of the business. You are learning who you are, what you're good. You are the person with the "big idea" and you begin to recognize that you may be able to make money at it.

You may decide to keep your "day job" for the first year to provide income while you're building your business. Learning to be patient is essential at this stage, it is likely that doing a lot and not getting much in return in terms of income. But that's ok. You may have to save 6 to 12 months of living expenses to increase your income when you leave the safety net of your day job.

So you begin to experiment with company names. We investigate the legal entity for your business, depending on whether you have partners or go it alone. It prints the first business card. Not the best example of a cohesive brand, but will do for now. You can use your phone as your business telephone number. Your home computer becomes your office computer.

You begin to develop your 30 second commercial. It 'sa bit shaky, but gets the point across. You start the circuit networking to build awareness. You want to hit the ground running and you're a bit 'disappointed that the revenue does not roll in as fast as you thought.

He landed a few clients. You are euphoric, but wears off quickly. You go ahead. It is getting pay and long hours of work, but you can not recognize at this point. How can someone who works so much doing so little? Oh well, go ahead.

Year Two - Growing the Garden

At this point they grew a little 'to become an adolescent. We are getting better at what you do and the word is getting out. Are you still working like crazy, but is starting to make sense.

You acknowledge that you will need a better brand if you are going to attract the best customers, so if you are smart to hire a professional designer and brand make a review. It re-run your 30 second commercial and begins to look more like you. It comes with a slogan of great benefit driven and excellent copy on the market alone. You redesign your site and re-create your marketing materials, based on new knowledge and get out there again to sell yourself.

When it's time to get a paycheck, you must establish a reasonable salary for someone in a similar position. Do not be greedy though. Keep your modest lifestyle, with an eye to the future. We are building a business empire, but you will need to reinvest the profits for a while 'time.

One begins to understand that growing your business is a little 'how to be a gardener. We are building relationships that the seeds of plants that grow in vineyards. Over time, the flowers will bloom on the vines. Some strains may take longer to bloom than others and may need supplemental fertilizer and TLC. Eventually, however, many varieties bloom with elaborate intricate flower producing strong business relationships that benefit your company for many years.

At the end of this stage to raise your taxes, which has a big impact on your profitability. Do you realize that it is better to pay the higher end market. You can lose a customer or two, but you will have more money in the bank and more free time to enjoy your personal life.

- Suzanne Muusers -

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