Business Life Cycle - 7 Stages and Importance Featured Image

Types of Businesses:

Sole proprietorship

Partnership

Corporation

Co-operation

Franchise

Stage 1: Planning and mapping

  • The scope and coverage of your business- in terms of the product or service offered.
  • The monetary investment you will be capable of arranging.
  • The work-force required to carry out the required production, execution, or sale
  • The quantity or quality of the business, that is, which of the above-mentioned category will your business fit into.
  • Management strategies and work execution

Stage 2: Launch

Stage 3: Growth

Stage 4: Survival and sustenance

  • Supervising the management of business
  • Frequent analysis of the functioning and the income table
  • Making timely revisions in sales, production, and marketing methodologies.
  • Evaluating employees performance on a regular basis
  • Being aware of the changes in the market and the evolution of business supporting technologies, government schemes, and public notions.

Stage 5: Expansion

  • Your business is doing pretty well
  • You have cleanly charted out new ideas and work-plan
  • The market is conducive; monetary support is sufficient
  • Probably the competitors are experiencing lose
  • Or simply when you get the chance to do something bigger, better, or greater.

Stage 6: Maturity

Stage 7: Pack up

Conclusion

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