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Last week we spoke about the 3 Types of Entrepreneurial Overwhelm and I promised that we’d discuss the “3 Stages of Business” and how to know where you are and what to do.
The 3 Stages of Business:
- Foundation and Get Clients: Your focus is to generate revenue and get clients while you’re building the visibility and credibility foundation of your business.
- Add Leverage: Now that you have several clients, it’s time to build in some leverage so you’re not doing everything all the time.
- Increase Profits: You have a pipeline of clients, you’ve incorporated some leverage into your business and now your focus is on increasing profits and truly making your business hum.
Sounds simple, right?
The issue is that so many business owners jump to Stage 2 or 3 without either building a Foundation or Getting Clients.
How many colleagues do you know who “want a membership program” and try launching one when their last several programs didn’t fill or they announce a product and have very few sales?
My guess is “too many” and it’s because they ignore the Foundation and 1st Stage of their business.
What often happens is that Stage 1 business owners want to achieve success quickly: become profitable, earn 6 figures, host a high level program or offer high level consulting services, all when no one knows who they are or whether they’re even going to stay around.
Stage 1 business owners are often easily seduced by those who cater to opportunity seekers: simply because you’re so anxious to generate revenue. As a result, you end up in debt with very little to show for it.
A Stage 1 business owner is defined as someone who needs clients. Period.
If you’re wondering, or worried, about where your next client (or mortgage payment) is coming from, you’re currently in Stage 1.