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Stage 1 – The Idea or Concept

In this stage, the “business” is not really a business – it is merely an idea in the mind of the prospective business owner. He/she has a dream or a vision. Their idea or concept may be well thought out or could still be in the formative stages.

Stage 2 – The Plan

By now, the future business owner has started to develop plans for their business. The ideas and concepts have been transferred to paper. Information gathering is underway for things such as the legal name, location, marketing, financing and the acquisition of the necessary equipment, furnishings and inventory. Professional assistance (accountant, lawyer, coach, consultant, marketing firm) may have been retained.

Stage 3 – The Launch

At this point, all of the necessary research has been conducted. The planning is complete. All of the requisite legal and registration documents have been finalized. Financing, if required, has been secured. The business owner is ready to open the doors.

Stage 4 – The Young Business

This stage of development usually last for the first 2-3 years after the business starts operating. The business is still trying to find its niche or position in the marketplace. Often there are financial, marketing, customer and employee issues that the business owner had never anticipated when he/she first started planning their business. This is usually an eye-opening period for the first time business owner. If a business is going to fail, more than likely it will occur during this stage.

Stage 5 – The Growth Business

The business has now survived the first 3-4 years of operation. It has a loyal customer base. Marketing programs are yielding some results. The business is generating a small profit. The key for a business owner at this stage is to increase revenues, attract new customers and improve profitability.

Stage 6 – The Established Business

A business at this stage has been in operation for several years. Systems, processes and procedures are in place. The challenge for the business owner is to continue to grow the business and to continue to improve the overall operational effectiveness of the business. Growth could occur through new product development, distribution agreements for products for the existing market(s), new channels of distribution or acquisitions. Operational effectiveness could occur through continuous improvement of manufacturing/quality programs, employee training, new technology, new IT systems and the development and implementation of organizational procedures.

Stage 7 – The Mature Business

This business has been in operation for many years. For the most part, the business runs relatively smoothly. The company has become recognized as one of the leaders in its industry. It has a reputation as a provider of quality products and services.

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