Stages of Business Growth
As you develop your business plan, it is very important to consider what your business will look like, how it will be financed, and how it will operate at each stage of growth. For the purposes of this course, we will consider five basic stages of entrepreneurial growth:
- Seed or Concept Stage
- Start-Up Phase
- Early Growth
- Steady Growth
- Maturity
When you approach potential lenders or investors, they will expect you to be able to explain how your business will look at each of these stages of growth. Some of the questions you will need to answer about each stage include:
- What products/services will you be selling?
- What will manufacturing and operations look like?
- What type of facilities will you need?
- What level of staffing will be necessary?
- What type of distribution system will you have?
- What percentage of the market will you reach?
- What level of sales revenue do you expect?
- What type of financing will be necessary to reach your goals?
In the following pages of this lesson, we will explain each stage of business growth in more detail and help you begin to develop a vision for how your company will move from stage to stage.
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