6 Crucial Stages Of Business Every Start-Up Should Know

“It’s not about ideas. It’s about making ideas happen”

Let’s imagine a scenario. There are 2 people- Mr. X and Mr. Y

Mr. X has a strong start-up idea. He is in hurry to get his idea launched into the market expecting a boom in the market. He just looks for investors that can help him in this start-up journey. Even few get ready to invest. But alas, the business is not going in the direction as expected!!

On the other hand, there is Mr. Y who has a similar kind of idea. But he moves slowly and gradually to shape his business. He follows every step that a start-up needs to follow. He gives enough time to his business to nurture, flourish and grow. The outcome- MORE THAN EXPECTED!!

Wondering How?

The steps he chose for his business finally worked!

Come, let’s discuss more on it!

Every business or every start-up have their specific needs and requirements. It’s said that- Planning to give your career a new dimension of success through start-ups and the entrepreneurial journey is a bold move; but as you step into this journey, you need to understand that every business has its lifecycles. There is nothing like quick success or any shortcut to achieve the zenith of success in this field.

So here we are sharing 6 crucial stages of business every start-up should know! Let’s dive into it-

Stage- 1: Ideation

Your business, your idea, your creative thinking!

The first stage is the ideation stage where you need to identify a need of your customers that have not yet been served or a problem that hasn’t been addressed yet. Add value to your business by catering to such untouched needs with unique solutions and services.

Things you need to do is-

1. Carefully research your target audience

2. Look if your offering is a product-market fit

3. What kind of problem does your offering solve?

4. Determine if people need your product or service

5. Is your idea already in the market or being sold by any existing company?

Getting answers to these can help you survive in your business for the long run!

Stage- 2: Validation

This stage is dedicated to your product and research on where you can build your minimum viable product. Briefly stating, this stage involves putting all your ideation into actual practice.

Things you need to focus on in this stage is-

1. Create a trial product or prototype

2. Develop process

3. Build a team

4. Secure funding

5. Streamline your business model

This is how you can set up a strong base for your business!

Stage- 3: Launch

The launch stage is the “Tell the World” stage where you can share your offering- products or services. After thorough research, building prototypes, identifying audiences and all, you can now launch your product in the market.

This stage is dedicated to-

1. Introduce yourself to the industry

2. Connecting with potential clients

3. Building relationships and partnerships

4. Growing network

5. Organizing face-to-face meetings

6. Going on social media

This stage is all about turning your business towards the real world where you connect with real people, real customers and get the most honest feedback too!

Stage- 4: Refinement

The next stage is the refinement stage where you receive feedback from a few early customers and you continue to refine your product or service accordingly. This stage involves some brainstorming along with research sessions.

All you need to do in this stage is-

1. Brainstorm on how can you improve your offering

2. Research on customer experience

3. Concentrate on expanding the reach of your products

4. Make your business process more efficient and more streamlined

In short, you need to focus on your business products as well as business processes too!

Stage- 5: Establishment

The next stage involves focusing on individual customers, their specific requirements and feedback as well. You need to listen and cater to the needs along with handling customer acquisition.

This stage involves-

1. Boost your marketing with aggressive approach

2. Get aggressive with your marketing approach

3. Push your business deep into the race

Briefly stating, this stage ensures your offering is fully aligned with customer needs and is thoroughly optimized!

Stage- 6: Scale

Once everything is done successfully, all you need to do at the end is scale and grow your business!

All you need to do is-

1. Grow your customer base

2. Increase your offerings

3. Elevate your company’s marketing and strategic planning

Just increase your conversion rates and grow your business through leaps and bounds!

Summary

Planning to own a start-up and be a founder of your own company is not a big deal. The success lies in the approach- how you are progressing towards your business. The above-mentioned 6 stages can help you with your successful entrepreneurial journey!

What are your thoughts on this? Do let us know in the comments.