MATTHEW SPURR’s Post

THE 4 PRIMARY BUSINESS STAGES(phase 1) What Are the primary business stages and where does your brand lies on the spectrum? Understanding the different stages or phases of business growth is very important for every business seeking growth, this helps to track your growth progress, serve as a guide to what strategy to deploy per time, and most importantly, helps business owners resist the urge to compare their brands success to that of other brands. This article will be in series to enable us to dive deeply into each stage for better understanding. There are primarily 4 business stages and these are: 1.The Startup phase 2.The Growth phase 3. The Maturity phase 4.The Renewal or Decline phase In this post, the startup phase will be focusing on phase 1 STARTUP(PHASE 1): This is the most crucial phase for every business, it is a phase where business concepts come into reality. Its a time of multiple decision making, choice of staff, building brand identity, obtaining new customers, refining your products or services, Sourcing capital and stabilizing cash flow. Little wonder why most businesses do not scale through this stage. How far your brand can grow is determined on how good you lay your brands foundation which is the first face of every brand. Let's explore some of the factors that hinders startup growth.  1. Lack of funding 2. lack of good business strategies 3. lack of market demand 4. Market competition 5. Employees retention 6. Marketing and customer acquisition Do they sound familiar? Regardless of how Challenging this may seem, Start ups can still scale through successful with the right  practices, some of which are; 1. Secure funding: Seek out investors, apply for grants and government programs, or consider alternative funding sources like crowd funding or revenues based financing. 2. Develop a very good business plan, have a set of established goals and well defined timeline to accomplish them. 3. Differentiate your offers: develop a unique value proposition that sets your apart from competitors. 4. Build a positive work environment, offer competitive compensation packages & invest in employees developments to attract and retain top talent. 5. Invest in effective marketing strategies to build brand awareness, generate leads and convert prospects into clients. With this in mind, every startup can be more intentional about their growth and can gain the ability to scale through this phase. I hope this was helpful? Stay tuned as we discuss the growth stage on our next post. 💖💡💡

I want to go from a start-up to a scale-up business: Some keys i discovered for sustainable business expansion. Transitioning from a startup to a scalable business is a critical phase in some people's lives, or in a company's growth. To ensure long-term success, here are some key strategies we may focus on: 1. We strengthen our business model: Before we scale through, we must ensure our business model is proven and profitable. Fine-tune our operations to maximize efficiency and prepare for growth. This may stand as the foundation, we know. 2. I Leveraged technology for efficiency: Tech tools are given us not for fun but to maximize efficiency. So , i implemented scalable technology solutions that streamline operations, improve productivity, and reduce costs, making it easier to grow without overwhelming resources. 3. I Built a Strong Team See , without a strong team by our side as founders , our foundation will be shaky. We Invest in the right talent. A high-performing team with aligned values and skills is essential for executing our vision as the business expands or scales. 4. Along the line, i expanded my customer acquisition channels: Sales is a requirement for expansion for there's no organization without funds. If so then, we diversify our marketing strategies and optimize our sales funnel to reach out new markets and attract wider audiences. Sustainable business expansion requires a solid foundation, scalable systems, a strong team, and innovative growth strategies. Focusing on these elements, our startup can successfully transition to a thriving scale-up and that without any iota of doubt. Thank you, God bless you.

Here are 7 lessons from The $100 Startup by Chris Guillebeau: Lesson 1: Embrace the Idea of a Small Business Contrary to popular belief, you don't need a huge investment or a large team to start a successful business. With focus, creativity, and resourcefulness, you can build a thriving business from the ground up, even with limited resources. Lesson 2: Identify Your Passion and Skills Your passion and skills are the foundation of your startup. Focus on a business idea that aligns with your interests and expertise. This will fuel your motivation and increase your chances of success. Lesson 3: Validate Your Idea Before Investing Before investing significant time and money into your idea, validate its market potential. Conduct thorough research, gather feedback from potential customers, and experiment with low-cost prototypes to assess the viability of your concept. Lesson 4: Leverage Technology and Online Tools Technology is a powerful tool for startups. Utilize online platforms, social media, and digital marketing strategies to reach your target audience, build your brand, and manage your business effectively. Lesson 5: Embrace Simplicity and Focus Keep your business model simple and focused. Avoid unnecessary complexities and distractions that could hinder your progress. Prioritize the core aspects of your business that deliver value to your customers. Lesson 6: Build Relationships and Collaborate Networking and building relationships with others in your industry can be invaluable. Collaborate with partners, mentors, and potential customers to gain insights, expand your reach, and access new opportunities. Lesson 7: Be Persistent and Resilient Starting a business is not a sprint; it's a marathon. Prepare for challenges, setbacks, and unexpected obstacles. Persistence, resilience, and a willingness to adapt will be crucial for long-term success.

Have you ever come up with a business idea and thought, “Is this actually good?” If yes, don’t worry - Here are 8 features all successful businesses share: P.S. I’ve invested in 25 companies and sold one for 8-figures at 27, so I kinda know what I’m talking about :) 1. Is the market growing by 20% per year? - Being in a growing market means you don’t have to be the best to make money. - A rising tide lifts all boats. 2. Can you charge $100+ for your product? - Charging more gives you more margin for marketing. 3. Can you sell your first product within 2 weeks? - Getting fast feedback from customers stops you from wasting time on a bad idea. 4. Does it solve an urgent problem? - Is it something the customer NEEDS? Or is it just something they want? 5. Are there at least 5 companies making $50m from this? - This shows there’s room for multiple successful companies. 6. Are customers already paying for an alternative solution? - This means you don’t have to convince people to find new budgets. 7. Can this idea be started for less than $1000? - A lower startup cost makes the business easier and less risky to start. 8. Can you charge monthly for your product? - This means you don’t start from zero every month and it’s way less stressful. These are just 8 of the 24 essential traits that all successful businesses share. If you want the full list, and your own business idea scorecard, sign up to my free newsletter CheatCodes & I’ll email it straight to you. You’ll also get the 50 BEST SIDE HUSTLES to start in 2024 as an added bonus.

Great points to consider by all startups.

BUSINESS GROWTH STRATEGIES FOR STARTUPS: The start-up phase can be a roller-coaster experience for any entrepreneur. Navigating through this tumultuous period requires strategic planning and execution, which will determine the ultimate success or failure of the business. Here are a few strategies that can propel your start-up towards growth: 1️⃣ Develop a robust business plan: This is your roadmap detailing every aspect of your business including your products/services, target market, financial projections, competitive analysis, and marketing strategy. 2️⃣ Understand your customers: Conduct extensive market research to gain insights into customer needs, preferences, and expectations. Your product/service should provide a solution that meets their needs. 3️⃣ Create a unique value proposition: What makes your product/service stand out from the competition? Answering this question gives you a competitive edge in the market place. 4️⃣ Foster strong relationships with stakeholders: Engage and communicate with your customers, suppliers, employees, investors, etc. Their input can provide valuable insights into improving your business operations. 5️⃣ Adopt a culture of innovation: Never stop innovating. Always look for ways to improve your product/service offering to meet changing consumer needs and trends. Remember, growing a startup is not an overnight task; it requires patience, resilience, and consistent effort. As the old saying goes, "Rome wasn't built in a day". So, if you're ready to take your business to the next level, I am Edwin Dela, a brand strategist and marketing expert with over a decade of experience. I am here to help you grow and transform your business. Book a free Brand Discovery and Growth Session consultation with me at https://lnkd.in/edaDUYK8. Let's build your empire together.

Seize the Future: Master the Art of Go-to-Market Strategy for StartupsAs an entrepreneur, building momentum towards becoming a success is no longer just an ambition; it's the blueprint for your start-up's present and future. The go-to-market strategy you deploy today is not merely a plan - it's your calling card to the market and a springboard for your revenue growth.Strategic positioning, clarity in communication, and a robust network are your allies in the battle for growth and relevancy. But without a concrete and thoughtful go-to-market strategy, you're standing on sands of uncertainty.Envision your market with precision, target your ideal customers, create a compelling proposition, and reach out with innovation. Water sparingly - investing wisely in a focused approach rather than in broad, unfocused swipes.Forge relationships and build an audience that appreciates the value of your offering. A brand that echoes loud and true, a message tailored and impactful - these are the secrets to your structural growth.As your startup's beacon, let your personal branding always reflect your endeavours, values and mission. A well-crafted narrative invites trust, fosters loyalty and cements your status in the industry.Achieving success in today’s fast-changing business environment demands agility, tenacity and foresight. As you dive into your go-to-market strategy, remember that it's not the platform, but your strategy and determination that will lead you to the pinnacle of success. The future belongs to those who prepare for it today, so let’s dare to create it - together!

Product vs. Business Quite often I see when it's about startups people speak about the product. But the product (no matter how good it is) is just one piece of the puzzle. If you want your startup to succeed, then you should pay attention not only to the product. Once you bring your product to the market, it's no longer about the product. It's about the business. You need to market whatever you do. You need to account for your profit and expenses. You need to have people supporting and assisting your customers and so on and so on and so on... So many things that are not related to the product in any way. And all these things are crucial for success. If there's no proper marketing who will know about the product? If there's no accounting how would you know whether you make any profit (or when you need to fundraise to avoid getting bankrupt)? If there are no people to speak with customers how do you know whether the customers actually like your product or maybe have some problems? So while, for example, getting product-market fit is important, it will do you nothing if you are not thinking in terms of business. If you are thinking and operating like a business, then even without having a perfect product-market fit you can still get some sales and get some data, which would allow you to better adapt your product to the market. But if there's no business, then even the perfect market fit would mean nothing. So start building a business, not the product. Focus on getting to the market fast to get real customer feedback. Use that feedback to adapt the product to the market. You will quickly if there's money in what you do or not. And if there's no money, then just change. A successful startup is a business, not a product.

Equity vs. Revenue Share: What’s Best for Your Startup? Deciding whether to offer equity or revenue share to key team members is a critical decision that can significantly impact your startup’s future. While it's tempting to use these incentives to attract top talent, doing so without careful planning can be costly. Here’s a strategic approach to consider: 1. Set Clear Goals: Before offering equity or revenue share, define clear performance goals. This ensures that any shares given are earned through direct contributions to your company's growth. 2. Implement a Vesting Schedule: Protect your startup by implementing a vesting schedule. This means that equity or revenue shares are earned over time, which encourages longevity and commitment. 3. Conserve Your Equity: Be cautious about giving away too much equity early on. Retaining more equity allows you to maintain control over your business and ensures you have enough resources for future growth phases or investment rounds. Offering equity or revenue share can be a powerful tool if used correctly. However, it’s crucial to weigh the long-term implications to ensure it aligns with your startup’s strategic goals. Has your business navigated this decision? What strategies worked for you?

𝐘𝐨𝐮𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬, 𝐘𝐨𝐮𝐫 𝐅𝐮𝐭𝐮𝐫𝐞! Most business startup plans are overwhelming. You should avoid them. So, how do you separate the good from the clutter? It’s simpler than you think. At The Biz Channel, we focus on 3 core business owner needs: → success-driven → image-obsessed → efficiency-focused The TBC 360 Degree View Jump Start Plan taps into these critical drivers: Success-Driven: Every entrepreneur wants an edge to fuel growth. TBC’s Jump Start Plan gives you: → Legal formation and licensing to set you up for credibility → AI-powered market research to understand customer needs and industry trends → Financial projections to ensure you’re on the path to profitability Image-Obsessed: Perception is everything in today’s market. → Custom branding and logo design that define your business identity → Professional social media setup that elevates your online presence Efficiency-Focused: It’s not just about saving time. It’s about simplifying the process. → Website setup, domain registration, and social media integration—done in one step → Ongoing support and mentorship so you can focus on growth The 360 Degree View approach takes the complexity out of starting your business, offering speed, strategy, and support all in one package. Ready to launch your business? Start with the Jump Start Plan for just $99 → https://lnkd.in/gEZux5am