Becoming a succesful Business
Consuunt’s main Goal is to help you along the path from being merely a Business Idea to a Profitable Business.
Many users ask us:
- What they can expect in the coming years.
- What challenges they will face.
- What are the Steps they will go through.
Of course, each Project and Business is different.
However, we’ll now explain what we consider to be the 4 main stages of any Company.
- From Zero to being a Profitable Business.
On average, every Successful Business goes through these 4 Stages:
Now, we’ll explain you How to move from One Stage to the Next.
- And what are the Requirements.
* Check our “Entrepreneurship Templates” Page.
- There, You will find a free and opened Excel with this “Pyramid” and a useful Checklist with all the factors we’ll describe below.
1. Idea Stage
This stage is very Simple.
Any idea can be in this stage since ideas, must have no constrains.
- It is better not categorize an ideas so, be creative.
2. Seed Stage
From an “Idea stage” to the “Seed” stage, there is an entire world.
An idea is an idea; something almost empty, but a “seed” is something that eventually would grow up, becoming a huge tree.
Requirements to become a Seed
- Guarantee that there is a Real Market Need:
- You must be sure that the market need does not just rely on your personal bias.
- Be sure that the Team is passionate about the Project:
- The Team must be passionate about what they do.
- Ensure that your product is not Obsolete:
- Be sure the product will not be obsolete in few months.
3. Startup Stage
Your project reaches the “Startup” stage when it starts to behave like a Real Company.
- Even though it doesn’t have enough resources to guarantee its long-term viability.
Requirements to become a Startup
- Have the Customer at the centre of all decisions.
- Not just your Ideas, but Real Market needs.
- Have the Final and adequate Team.
- There can be changes, but the “core business” management team must be completely defined.
- Have different versions of the Product your offer in order to gain Flexibility.
- You must be open to re-define your product to satisfy New Market Requirements.
- Start using contacts for promoting the Product.
- Depending on your Product, you’ll need one Strategy or Other.
- Have the perfect Location for launching your Product.
- Both Geographically and Virtually speaking (on the Internet).
4. Market Player Stage
At this stage, basically, you are earning money.
You don’t necessarily have to be rich but, you have a profitable business that pays almost all its expenses.
Once you reach this stage, your target is to grow in Size and Profitability.
Requirements to become a Market Player
- Have a proper Business Plan.
- Controlling your Costs, Income, future Trends, etc.
- Have a proper Marketing Strategy.
- That is effective both for your Product and the Market it is in.
- Ensure a good Cash generation.
- It does no t necessarily mean to generate more money that you need, but to be able to pay most of your expenses.
- Be ahead of your Competition.
- Maybe not being the first in everything, but at least, to be the best in a Niche.
- Have a proper Price Policy.
- Have a Price Strategy, a Discount Policy, etc.
- Have Flexibility to “maneuver”.
- If the market sends you “warning signals”, you must be prepared to change the course of the situation.
- Have a good Relation with Financial Institutions.
- If one day you need a Loan, they should not have any problem.
- Keep Focus and Interest in what you do.
- Be sure that you love what you do.
- Ensure not to have any legal issue.
- You can have “legal” frictions, but not serious legal Issues that may affect your Business.
- Have an Exit strategy.
- In case you have any issue with any of the factors above explained, you should have a “selling” option.
- You don’t know what “bad surprises” may come; An unexpected illness, a Market Crash…
- Whatever it is, you must always have an escape plan.
* If you are decided to become an Entrepreneur, but don’t know exactly where to start, we suggest you to visit our “Start you own Business” Page.
If you love what you do, and also think about potential issues you could have, you are in a good starting-point.
In the Early stages, your main worries should be How to Approach the Market.
However, as soon as your Business Grow, you must ensure a Sustainable Environment where your project is able to grow both economically and qualitatively.