Five Stages of Business Growth for Small Businesses and Solo Entrepreneurs and How You Can Take Your Business to Your Next Level of Increased Revenue
You have probably seen or experienced what we call the feast or famine syndrome and it looks something like this:
If you have experienced this or you're thinking- "this is what I am currently going through, and I don't know how to fix this". Don't worry as this is normal. It is a typical growth phase for most businesses. As you can see from the graphic, there are typical stages most small business go through before they can evolve into bigger businesses. Stay reading for a detailed explanation of the five different phases of business growth and some tips and tricks to be on the lookout for in your own business:
The Five Stages of Business Growth
So, a typical business essentially has the potential to go thru these 5 stages. Now a lot of businesses get stuck at somewhere in stage 1, a few move on to stage 2-3 and fewer move beyond but let's give you some context here…
Stage 1: The Solo Entrepreneur, Where Most Of Us Begin…
The first stage of this image is where we typically all get started as solopreneurs. The characteristics are that you typically generate between 0-100k of income per year. This is where you do it all, from marketing, to sales, to fulfillment, to customer service. At this stage, typically you're in very reactive mode, and you are just getting by. You may be moving from fire to fire, or sometimes at this stage, entrepreneurs will move from thing to thing looking for that bright shiny object to solve these feast/famine one step forward, two steps back types of problems.
This is where you are busy just making it. You put out one fire and another pops up. You land a client then spend all your time fulfilling, that when that's done, you have to go hustle to get more clients. At this stage you are doing everything you can to stay afloat and/or you can't seem to break through to the next income level.
Stage 2: The New Employer Stage - You Have Broken Through!
The 2nd stage is where you are what we call the new employer stage. You have crossed through and your income is more stable, you have more than likely passed the 100k income level per year and you more than likely have some predictable revenue going on.
Now that you have some predictable revenue, you start to put some systems in place and have either brought on an equity partner, or additional help in order to become more strategic verses always in reactive mode. The partner or help you bring on is typically to fill in the gaps in your business. The challenge now becomes you have more expenses in the form of an equity partner or employees or contract work. You need to generate more revenue and for the revenue stream to not only be more predictable, but growth oriented.
Stage 3: Continued Growth
The 3rd stage is really a continuation of growth from the 2nd stage- we call that steady state of operations. This is where you need to put in more sophisticated systems such as marketing systems, sales processes, customer service, marketing automation. Your income is now anywhere from 300k- high 6 figures and the next goal in sight is learning how to become a 7 figure per year earner. The challenge is going to be in picking and implementing the right systems. Trust me when I tell you it’s a beast to do this.
Stage 4: A Million Dollar Per Year Business
The 4th stage is the 7 Figure biz- Congrats you have made it, the machine is a well-oiled, well running machine. A lot of businesses get stuck here because the challenge is delegation and now you have to look at either new markets or new product lines to grow.
Stage 5: Moving Beyond A Seven Figure Business Should You Chose To Do So
The 5th stage is where you are a mid 7-8 figure a year business- not all businesses get here or want to get here. Now your challenge is to develop a company culture, keep everyone bought into fulfilling your dream. You will need to look at new offerings, as well as new markets, new employees, new regulations, etc.
If you are struggling, can't get traction, and still find yourself in feast and famine mode, Then the fundamental question is:
- How do you move beyond that?
- How long have you been at the stage you are in now?
- Have you been struggling to move beyond?
- What has prevented you from moving forward?
- What have you been doing up to this point?
- What do you see as your main challenges?
- Is it serving you and your business well?
What we have found thru experience that to take a business from earning very little, or no income to finally earning consistently, there is some major work involved. If it were easy, everyone would be doing it. If you ask yourself why can't you get any traction, why is it always the same 1 step forward and 2 steps back, the first thing to do is to take an honest look so that you can fix things.
What if you had access to a complete marketing, sales, system- a real business building system that helps you achieve all of those characteristics of a successful business- focus, sales, marketing, fulfillment, personal growth, mindset, systems, and skills…
How far could you really go? What could you really achieve? The LinkedIn Marketing Blueprint is a great place to have at one place all the systems needed to build a 7-figure per year business.
If You Would Like your copy of this Complete LinkedIn Marketing Blueprint so you can generate more leads and put those systems in place which will help you stop the feast famine cycle, click below to gain instant access.