Start-Up Phase ($100K to $250K)
The title of this phase may seem misleading if you’re transitioning from the Micro Biz / Side Hustle Phase. However, the distinction lies in the fact that if you are approaching or have broken into the $100K annual revenue range. You may also have lept into this category by either buying a franchise or acquiring an existing company with proven systems and processes, which would align you more to the Start-Up Phase. That said, there’s still plenty of work ahead.
At this point, you’ve made several sales, fulfilled products or services, and established the outline of a business model. You are now beginning to develop repeatable processes to achieve consistent results. This is where the real work starts.
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It’s important to note that approximately 25% of businesses fail or shut down within their first year. If you’ve made it to this phase, congratulations you have likely made it a year or are about to! However, without the right systems and processes, you risk joining the next 25% of businesses that fail within the following few years. The primary focus at this stage remains on marketing, sales, and client fulfillment, but now you must establish scalable and repeatable systems. Below is a breakdown of the 6 Core Competencies and the key objectives in each category.
Your 6 Core Competencies
