A. Seed Stage:
What to consider during the seed stage so that your business is on a robust foundation.
# Idea
What is your idea?
What will be the product or service of the business line?
Is it a new business or are you looking to develop an old business?
# Feasibility
Do you have the required skill and experience to successfully handle the business?
Do you have any idea about the financial needs of the business?
How will you finance the business?
Do you know your strength and weakness?
Do you have any idea about the financial needs of the business?
How will you finance the business?
Do you know your strength and weakness?
# Your Target market
Who will you target?
Who will be your competitors? Do you know their strength and weaknesses?
Do you think that you have no competition? If it is true, do you think the product or the service is required?
What is unique about your product or service which will attract people to buy?
Who will be your competitors? Do you know their strength and weaknesses?
Do you think that you have no competition? If it is true, do you think the product or the service is required?
What is unique about your product or service which will attract people to buy?
B. What activities to be done at start up stage ?
Finding a location, checking the suppliers, choosing the partners, planning the business, making a marketing plan, registering the business, etc.
The business owner has to decide on the number of employees required or if it is a family business then, who will look into its operations.
The business has manufactured its product or the services and it has been shared with the customers (Szerb and Vörös, 2019). At this stage the business owner may be in a position to evaluate whether the investment made at the first stage in terms of finance and time was sufficient or not.
The business owner has to invest his energy and time to market the product. The business owner needs to evaluate the needs of the customers and verify whether the business is going in the right direction or not.
The focus at this stage is to establish a relationship with the customers and establish the business in the market along with maintaining and checking the flow of cash. At this stage of the business life cycle, the business may get finance from the owners, their family members, their friends, suppliers, its customers or government grants.
At this business life cycle stage the business owner has to develop a relationship with its suppliers on how to make payments, etc. The business owner has to make strategies to deal with its competitors.
Knowing about the taxes and following the rules and regulations is an important factor (Hasan, Al-Hadi, Taylor and Richardson, 2016).
The business owner has to ensure that its product or services are efficiently launched in the market so that the people are aware about the business and its services, its location and who the owners are. During this phase the business owner may look into revising his budget.
Also see:
20 mistakes to avoid when starting your business
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