Many issues small business owners face aren’t unique to them; yet, without having a road map or knowledge of your current location on that map, most CEOs or business owners feel lost. In part two of the two-part series with guest Brett Gilliand, co-founder and CEO of Elite Entrepreneurs, host Casey Graham opens up the map, points you to your location and walks you through the 5 Stages of Business. You will walk away confidently knowing which stage you are in, which stage you are heading next, and the exact steps are to get there.
Today’s episode of Gravycast is hosted by Casey Graham, who is interviewing Brett Gilliand, co-founder and CEO of Elite Entrepreneurs, which helps seven-figure businesses with the mindsets, skillsets and toolsets to grow to $10 million and beyond. Brett describes, in detail, the five stages of business, determined by Clate Mask, co-founder and CEO of Infusionsoft, which Elite Entrepreneurs uses extensively to provide a roadmap for small business owners. Brett and Casey discuss just how important it is to work with a business coach that can provide tools and resources to get you to the next stage.
- The first stage of business, solopreneur, is divided into two parts: side hustle and full-time, up to $100,000 in revenue. The biggest success factor for a side hustle is time, while the biggest factor for a self-employed individual is leads.
- The second stage is new employer, where the first few hires have occurred, and you’re in the $100,000 to $300,000 range, where selling is the biggest success factor. There are only 1.7 million new employer stage businesses, but there are 22 million solopreneurs in the US.
- The third stage is called a steady operation, in the $300,000 to $1 million range, where customer acquisition and fulfillment are key, and there’s a team of four to 10 people.
- The fourth stage is between $1 million and $3 million in revenue, the business reaches its capacity for the owner to hold it all together himself/herself, and it’s about putting people and systems in place. This is the point in time where the CEO needs to learn to relinquish control and transition from the superhuman entrepreneur that can do everything to the leader, who sets a clear vision and aligns and empowers a capable team.
- The fifth stage is from $3 million to $10 million in revenue, there’s a leadership team that is starting to form, and they begin to hire new people that they don’t know. The final stage is all about nailing culture, and the biggest barrier to success is not having good leaders that can help move the business forward.
Find out more about Elite Entrepreneurship at GrowWithElite.com
Download the five stages of business resource by texting the word STAGES to 72000.