The early stages of a business are:
Planning a Business
If you are just starting a business for the first time, you don’t know what you don’t know. You may have worked in someone else’s business, or even been a senior manager in the corporate world. However, when you step outside the protection of a corporate position, you stand on your own in front of your market. This is character building!
For first timers, it will be harder than you imagine. This is not to put you off but to prepare you as the rewards are there for those that persevere. So how can you prepare yourself? The best advice is to read Dr Greg Chapman’s best selling small business book: The Five Pillars of Guaranteed Business Success, available at any book store or here. It not only explains what you should expect, it also contains a case study of how a new business started and how it grew.
Of course you should also prepare a Business Plan. For a substantial business requiring significant investment, this is essential. Learn more about the right approach to developing a business plan here.
For those planning a micro-business, The Five Pillars Business Success Program range are low cost and most suitable. Read here the real life Case Study of one first year micro-business owner and how his business changed in its first year.
For further information on the Lifecycle of Business request a Free Preview copy of The Five Pillars of Guaranteed Business Success.
Case Study of a Start-up Business
This Case Study is of a real business in its first year of operation. The owner, Alan (not his real name) was a member of the Australian Business Coaching Club. This study was written in real time and posted over the course of a year on The Australian Small Business Blog.
The first part of The Business Start-up Story starts:
To Be or Not to Be? That was the question a client of the Australian Business Coaching Club was asking me last year. Alan (not his real name), wanted to know should he leave his job to start his business, or continue working 40 hours, and try to start-up his business in his spare time.
More …..
Business Start-up Story Part 2 is HERE
Business Start-up Story Part 3 is HERE
Business Start-up Story Part 4 is HERE
Final Part of a Business Start-up Story is HERE
Note the comments in the stories are straight from Alan to Dr Greg Chapman forwarded unprompted during his mentoring program as a member of the Australian Business Coaching Club. Alan requested anonymity as he, understandably, did not wish his clients to know he was a Start-up!
For further information on the Lifecycle of Business request a Free Preview copy of The Five Pillars of Guaranteed Business Success.
Infant Businesses
If you have just started a business, you are just beginning to learn what it is you don’t know! Businesses at this stage are either operating at a loss or perhaps a small profit, if you don’t include the owners’ wages. (Profit should actually be measured AFTER the owners’ wages.)
At this stage the business is concerned about survival, and how to get more customers. Unsurprisingly, this is where most businesses fail. In infancy, anyone can be your customer. Anyone with money. Even if they don’t they can still be your customer. You are just not that fussy!
What business owners need is an understanding of how their business should be structured and how to get the phone to ring or customers to walk through their doors!
Here are some solutions for customers at this stage:
Dr Greg Chapman’s best selling, internationally recognised book: The Five Pillars of Guaranteed Business Success. This book forms the foundation of the Five Pillars Business Owner Success Program range which are low cost and highly affordable for businesses on a tight budget but still want access the same strategies that Dr Greg Chapman provides to his 6 - 7 figure turnover clients.
These low cost programs are guaranteed to produce quick results utilising smart marketing strategies which require little outlay.
For further information on the Lifecycle of Business request a Free Preview copy of The Five Pillars of Guaranteed Business Success.
Business in Youth
Businesses enter this phase when the owners no longer need to look over their shoulders all the time. This is an exciting time. The business is not just surviving, it is growing, sometimes exponentially.
However, the business owners don’t feel that they are in control. Their results are erratic. It can be great one month then lousy the next.
They know the business of basics that no degree will prepare you for. But now they are impatient. The owners ask:
- How can we control our growth?
- How can we receive a predictable level of enquiries and sales?
- How can I make my business more efficient so things don’t take so much effort?
At this stage of a business' life, the owner understands not everyone can be their customer. And even more importantly, they don't want everyone to be their customer! But, how to choose? The answer is to have a Marketing System- not just ads that get the phone to ring.
Owners are now starting to look at how they can improve the operational aspects of their business. In the past this was not an issue, as they weren't that busy with customers. But it is an issue now!
The business is growing quickly, even if somewhat erratically.
Year on year, business is good, although there seem little consistency and predictability of profit. Marketing efforts may produce good results, but are volatile. What is missing is a systematic approach to producing and managing sales.
Businesses at this stage are still, typically on a tight budget, but a short term consulting program designed to boost their markeing could be a valuable investment. Empower Business Solutions call this a Marketing Medical, a consulting solution where a comprehensive review of the marketing strategies is made of the business and detailed recommendations provided to dramatically boost the business’ sales.
Other highly affordable advice is available through the Five Pillars Business Owner Success Programs which make accessible the same strategies Dr Greg Chapman provides to his 6 - 7 figure turnover clients.
Hear how the first business owner Increased His Fees by 400% in this first Business Coaching Case Study of a business at the Youth stage in its Lifecycle
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“Dr. Greg Chapman of ‘The Australian Business Coaching Club’ delivers nothing short of excellence in Business Coaching, Advice and Support. It is evident through the quality and integrity of Dr. Greg Chapman’s programs that his knowledge and experience in business development are second to none. Through implementing Dr. Chapman’s formula for success I had Amazing results! In just a few months of working with Dr Chapman I have been able to increase my chargeable hourly rate by a massive 400%.The exciting thing is, the clients I now work with don’t have an issue with price point, they recognise the value in my services and happily engage." |
For further information on strategies for the Youth stage of the Lifecycle of Business request a Free Preview copy of The Five Pillars of Guaranteed Business Success.
When I read your book, I thought you were writing about us.
At some points I laughed, pointing out to my husband - this is what you do, and other times, I felt like crying. I finally understood what was happening in our business and what we needed to do..
Sally & Michael
Business Owners
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