The start-up stage involves testing and refining the product while generating initial revenue, typically to secure financing. A start-up company in the technology industry may remain in the start-up phase for more than 5 years, generating potential value without revenue. Companies in education or the service sector can establish customer bases more quickly, generating revenue of $10,000 or topping $500,000 in just a few years. No matter the industry, entrepreneurs in the start-up stage are balancing several priorities and addressing their businesses’ multitude facets at once. Gathering feedback from customers, investors, and advisers is imperative during start-up.
Apply to an incubator or accelerator to develop your idea with advisers and investors.
Participate in a pitch day to develop your relationship with venture or seed- funding networks.
Join an entrepreneur mentor group to find support and sources of inspiration.
Attend industry conferences to build your network and identify potential partners.
Seek financing through peer-to-peer lenders, grants, and other alternative lender programs.
Browse other resources that may help your business while in the start-up stage.