As a woman entrepreneur working primarily on your own, you know what it’s like to be the face of your business and work solo to build up brand-YOU. Sometimes we forget that although we work on our own as the solo-preneur in our business, we are not alone in this endeavor. (Especially in British Columbia, in which 98% of businesses are deemed small business.) It’s easy to get caught in the trap of thinking that everyone else has this business-building thing figured out, and we are the only ones struggling to make it work.
In reality, we are all walking the same path and for the most part, the business-building path is quite predictable. Every business goes through five basic stages of business development, in the business lifecycle. At each of these stages, business owners experience a particular set of challenges and obstacles. It’s not dissimilar to the education system, in which the progression from elementary school to University follows a formal evolution. One has to learn particular subject matter, before being able to progress to the next level. At each level, there exists a common set of lessons that one must complete and challenges to overcome, before graduating to the next stage.
A business is an entity that needs to be created, built and led, in order for it to be sustainable and successful. It comes from doing the work to lay the solid foundation, putting the framework in place to support your vision, and using the right tools to strategically grow. You wouldn’t build a house without a vision of what you want it to look like when it’s completed, without the architectural drawings to support reaching that goal, without the construction crew to make sure it’s structurally sound, or without using the appropriate tools to get the job done, right? Building a business is no different.
These are the 5 stages of business development:
- Creating visibility for yourself and your business, educating the targeted markets so that they know you exist.
- Developing credibility for yourself and your business, showcasing your expertise or competence in doing the work that you are selling/offering to your markets.
- Reaching profitability in your business, at which point your market is targeted, engaged and closed on a business offering.
- Sustaining that profitability in your business on a consistent and predictable basis, month-over-month, year-over-year.
- Scaling your business to leverage your supporting resources so that you don’t have to do it all yourself, and moving away from trading your time for money.
Most of my clients are stuck in the first two stages of business development, and are struggling to get to consistent profitability. (Note: revenue is not the same as profit)
Take the time to reflect on which stage of business development you are in. If you are suffering in your business and if feels harder than it should be, it means that something isn’t right with the fundamental business framework, what you are working on and more importantly how you are doing it.
If you feel that you are ready to stop tolerating the business you have and create the one that you want, I encourage you to reach out to me. The tools that I teach are part of a proven business development framework designed for women entrepreneurs to quickly grow their business to 6-figures and beyond, by working smarter not harder.
Can you figure out this business-building thing on your own? Maybe. Will it take longer? Probably. Will it be easier if you work with me to get it done? Yes. Book a 45-minute complimentary business consultation. I will help you diagnose where your business is stuck and lay out a plan for getting you headed in the right direction.