Hello, business enthusiasts! Today, we’re going to delve into the three stages of business development. This insightful knowledge is brought to you by Dr. Erica Jordan Thomas, a former teacher, principal, Harvard graduate, and the founder and CEO of EA JT Education Group.

Stage 1: Experimenting (0 to $250k in Annual Revenue)

In the initial stage of your business, you’re in the “experimenting” phase. Here, your focus should be on defining your business model and pricing. This stage involves a lot of trial and error, and you’ll need to answer four power questions: Who do you serve? What problem do you solve? How do you serve them? And what do you charge?

During this stage, you’ll likely rely heavily on your existing network and referrals. It’s not about having a flashy website or a large social media following. It’s about understanding your service model and pricing.

Stage 2: Growing ($250k to $750k)

Once you’ve established a clear business model and pricing structure, you move into the “growing” stage. This stage is all about mastering your marketing message and growing your systems. You’re also starting to build your team.

In the growing stage, you’re focusing on the infrastructure of your business. This could involve automating your sales process, onboarding clients, or even bringing on a bookkeeper. The goal is to grow your business so you can serve more clients.

Stage 3: Scaling ($750k to $1M+)

The final stage is “scaling”. This is when you’re ready to pour gas on your business. You’re multiplying the number of people you’re impacting and serving. At this stage, you’re shifting your identity to a CEO. You’re thinking about HR, finance, and building a company that’s ready to scale.

In the scaling stage, you’re building a company. You have a CFO to help you predict your cash flow. You have a full-time executive assistant. You’re building a company that’s ready to scale.

Remember, each stage of business requires different strategies and focuses. Understanding which stage you’re in can help you make the right decisions and seek the right advice. So, what stage is your business in?