If you are starting a business in Minnesota, then it is a good idea to understand the stages of business growth. At Dunlap & Seegar, PA, we work to help you through any stage of the process because each stage brings with it distinct challenges that you must overcome to get to the next stage.
All businesses begin with an idea. According to Entrepreneur, this first stage is when you are developing the idea of your business to see if it will even work. At this point, there may be a lot of challenges that you are dealing with concerning the plausibility of your idea and how to make it a reality.
The second stage is the actual business startup. You will be putting your ideas into action and working on forming your business. You will need a lot of guidance during this stage to ensure your business is legally formed. There will be a large amount of paperwork that needs to be completed and forms that will need to be filed with state and local agencies. You also have to get your actual business ready to open and begin serving customers.
The next stage is where you will establish your business in the market and even start to grow it. Your business will be in operation and, hopefully, making money. You may need assistance on occasion if issues come up or you are trying to expand your business. There are many decisions to be made at this stage to plan for the future of your business.
The last stage is when you are considering closing your business. You may sell it or simply liquidate it. You will need to decide on your exit strategy and formulate an exit plan, which will likely require quite a bit of legal paperwork regardless of what path you choose. To learn more about business formation, visit our website.