4 Ways To Know Your Business Has Outgrown the Startup Phase
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4 Ways To Know Your Business Has Outgrown the Startup Phase

No business is an overnight success. All companies, even multi-billion dollar ones, were a startup at some point, and your company is no different. As a business owner, you’ve taken a chance by putting your ideas, products, and services out to the world, and that is commendable. Now, the goal is to grow and expand! The length of the startup phase can vary for many companies. Here are four ways to know your business has finally outgrown it.

You Have a Strong and Solid Team

Most startups start out with a handful of people and a big idea. This team is usually the foundation of your company and those responsible for learning many tasks and wearing hats within your organization. Maybe you found yourself, the owner, handling all of the social media marketing as well as product development. Maybe your CFO also handled payroll and HR responsibilities. Once your company finds itself hiring specific people for specific job, and the business is running seamlessly, you will start to see that you are outgrowing the startup phase.

You’ve Developed a Product or Service & Business Plan

Having a great idea is exciting, but executing it takes hard work. Once you see that your company has developed its products and services, has inventory, and has a execution plan, you are on the road to growth and expansion. You are now finding yourself adding to your lists or products and services and focusing more on research and development for bigger and better things.

You’ve Learned Your Market & Your Products and Services are Selling

At one point in time, all your busines had was a dollar and a dream. At this point, you have proven sales and are hopefully making tens of thousands in revenue due to learning your market and successfully marketing your products and services to your customers. Once you see a demand for what you’re selling, you should recognize that this is a sign of moving on from the startup phase.

Your Risks Have Decreased and Your Company is Independent

One of the greatest signs of growth is the ability for your company to stand on its own and be completely “self-sufficient.” At one point, you were wary of taking risks, loss in revenue, cash flow issues, and maybe even needed to rely on others to stay standing. Once your company is no longer sweating the small stuff, covering expenses with money left over, and you have the team to do all of the jobs that need completion rather than outsourcing, you are on the road to success!

Excel Capital Management is here to help with all of your business funding needs – especially for startups. Check out our Startup Loans page to learn how we can help your business continue on the path to success, growth, and expansion, and APPLY NOW to learn what you qualify for.

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