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3. Early Stage

Your business has endured the initial stages of the business lifecycle and is currently in its growth or survival stage. The business is consistently generating revenue and adding new customers. The recurring revenue will help pay for your operating expenses and open up new business opportunities. This is when you need to fine-tune your business model and implement proven methodologies, sales model, marketing model, and operations model before expanding your venture for the mass market.

Some challenges you’ll face are:

  • Dealing with Increasing Revenue
  • Dealing with Increasing Customers
  • Accounting Management
  • Effective Management
  • Market Competition

Source: SHEEN CHEN | SMALL BUSINESS