Most of the millennials nowadays are looking to build their own startup and gain fast money. It’s a long and fulfilling journey to get your business reach its peak. It wasn’t easy for every business tycoon and magnate out there. So, in today’s episode of The Money Podcast, Rob Moore walks you through the 6 stages you’ll undergo from Startup to Scale-up.

These 6 stages, or the 6 S, are the Startup, Sales, Staffing, Survival, Scaling up, and Sustainability. You don’t want to be hitting a stone wall as you go along; learn how to tread the waters and move on to the next stage. Rob lets you in on great tips and strategies on how to do it for every phase. And, whether this business is a side project or an empire-building project, it’s best to establish first what type of business yours belongs to. Discover how these types of businesses differ and resemble on each stage.

Rob also promises to dive deeper in the 6 stages in a miniseries really soon so make sure to check out the Money Podcast on iTunes, Stitcher, Omny, or any platform you use.

KEY TAKEAWAYS

There are three main types of businesses and it’s important to know first on which type it belongs to. Know if it’s a part-time business, lifestyle business, or an empire business.
The 6 Stages from Startup to Scale Up:
- Startup Stage – While looking for fresh ideas to create a product and disrupt the market, be wise and agile. It’s always chaotic at the start so it’s okay to not have all the answers. Rob’s advice: Don’t take massive overheads – business loans, a lot of equipment, etc.
- Sales Stage – This is when we want everything to be perfect from the littlest to the grandest detail of the business. Make sure to focus on marketing and sales to draw some profits. To grow and sustain your business, finance your cash flow through selling, reinvesting, etc.
- Staffing Stage – When building your team, you could choose to go for in-source or outsource. Know the best choice for your type of business too. For example, for empire building businesses, in the source will be more beneficial by creating an office culture and having full-time, loyal staff.
- Survival Stage – A sudden culture change inside the business that can be caused by a blindside or a rapid growth. There might come a time that you’ll be disrupted by competition, regulations, or loss of interest. Be ready to manage chaos and communicate what’s happening with your staff.
- Scaling Up Stage – It’s time to systematize your business to grow it, to enter global markets or to create new products and services. These can bring bigger finances, more shareholders, and more clients.
- Sustainability Stage – You’ve done all the work – scaling, entering the prospect market, writing down the system for your staff, etc. – and your business can survive without your presence. Have a clear strategy of what’s the future or end-game for your business.

BEST MOMENTS

"Sometimes, it's okay to be naive, exciting, enthusiastic, passionate, and not having all the answers."
"Getting the people in the door of the shop, which is marketing, and getting people to buy your products and put money in the till, which is sales, are the two most important things."
"Every business goes through seasons and journeys. Sometimes, you have to stop the growth and survive through a period of time."

VALUABLE RESOURCES

The Money Podcast with Rob Moore |iTunes |Stitcher|Omny

ABOUT THE HOST

Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor and property educator. Author of global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”

“If you don't risk anything, you risk everything”

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