The turn by turn “roadmap” of business construction. Again, with so much information available it’s really helpful to have a consolidated outline of the business building process. The “7 Phases Of Building A Business” gives an accurate and thorough overview in an easy to follow format. (See Terms and Definitions.)

Phase 1 (Before the startup)

  • Have they been in business for themselves before
  • If so, how many times?
  • If no, how many businesses have they worked at before.
  • Lifestyle or for profit business?
  • What is the business idea?
  • Check for business alignment. (Make sure someone allergic to dogs isn’t starting a dog grooming co.)
  • Exit Strategy (Always run business ready for exit)
  • Other benefits of business
  • Personal development aspects of business
  • Giving back

Phase 2 (Building your foundation)

  • Business Flowchart & Business Plan
  • Product identification
  • What’s/who’s the target market
  • Identify end user
    • Buyer can be different than end user
  • Identify distributor
  • Figure out the market size: TAM/SAM (Total available/served available market)
  • Competitive analysis
    • Who’s the competition
      How are they marketing to YOUR market
      Check for other businesses not in your industry that are targeting the same demographic
  • Where do we find data about that demographic

Phase 3 (The Product)

  • Develop the product specifically for your target market/demographic
  • How is the product going to be used
  • Where is the product going to be used
  • Why is the product going to be used
  • Why would they use your product versus a competitor’s?
  • Figure out the value proposition to the end user
  • Sourcing of product
    • Manufacturing
    • Component sourcing
    • Using existing technology to build your own product.
    • Dealer/distributor network
    • Shipping & 3PL Shipping (Third Party Logistics)
    • Packaging
    • Identify distribution channels

Phase 4 (marketing)

  • Create value proposition to end user and different VP to different users & or buyers *Gift factor
  • Create marketing campaigns for each market segment.
  • Create materials/Marketing platforms
    • Website
    • Brochures
    • Newsletter
    • Social Media – Facebook/Linkedin/pintrist/twitter/instagram

Phase 5 (sales)

  • Sales platforms
    • Brick & mortar store
    • Wholesale
    • Retail
    • Online
      • Direct Sales
      • Affiliate Sales
      • B2B/B2C
    • Factoring
    • Terms – to/from

Phase 6 (Management)

  • Staffing
  • Leadership
  • Company Culture
  • Cashflow Management/Spreadsheet
  • Employee Handbook
  • HR (Human Resources)
  • Training
  • Internal Growth (Promotions from within)

Phase 7 (Investment)

  • Fundraising
  • Growth Strategy
  • Structuring for outside investment
  • Receiving outside investment (SEC)
  • Business valuation
  • Exit Strategy*
  • Business Flowchart*
  • Business plan*

*Intentional duplicate item

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“Sustainable business enhances our existence, not only through the generation of commerce, but more so from the personal development aspect that is inherently linked to the ancient practice of trade.” – Kraig Smyth

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