2. Start up stage

You’ve decided that your business idea is worth pursuing and have now made your business entity legal. In this stage, you’ve finished developing the products or services that your business has to offer and will begin marketing and selling. During this stage, you will be making changes according to the feedback from your first paying customers and market demand. You will need to learn and adjust your business model to ensure profitability and that it meets your customer’s expectations. By adjusting your business model, you’ll be able to set your business on the right track.

The Challenges:

  • Managing Cash Reserves
  • Managing Sales Expectations
  • Accounting Management
  • Establishing Customer Base
  • Establishing Market Presence

Main pic: Freepik