Once you get your business up and running, there is no looking back. All you have the time to worry about is to keep the business running smooth and see that you don’t face any glitches. But sometimes you get so involved in the little things that you forget to look at the significant change you caused in the bigger picture.
It might not be readily evident that your business has grown, which is why you have to look at some details to see where your business stands.
What Makes A Startup?
Before you head out to answer questions about whether your business is a startup or not, it is necessary that you understand what a startup exactly is. There are many notions of a startup, and it depends on various factors too.
While some believe that there is an upper limit to the number of employees you have, others think that a business loses its “startup” status once it finds the right product it wants to sell and successfully establishes the foundation of the product in the market.
But one of the easiest ways to tell whether your business has grown is by answering this question, ‘With its current resources, will your business still be around for the next four years?’
If your company needs to last the coming years, it needs to be able to sustain itself, both financially and in the market. This doesn’t necessarily mean that your company is making a substantial profit, but just enough to run without any losses. If the answer is yes, then you can rest assured that your company has successfully grown. However, once you’ve crossed this stage, you can never go back to being a startup business again—Just like how you can’t ever be a teenager again.
Other Key Points
If you’re still unable to tell whether your company has crossed the finish line for a startup, then there are different ways you can gauge the maturity of your startup business.
One of the most significant indicators that your business has grown is the revenue. Every business has a gradual and natural transition process for its income. So, the only way to tell exactly if you’re making progress is by tracking your monthly revenue.
People Seek Your Business Out
When you first start your business, you’re doing everything in your power to make it famous. You look for different ways to assure your customers that your product or service is worth trying. And then one day you realize that you’re not doing any of this anymore. Instead, people are coming to you with requests and buying your product. These people include not just your customers but also business partners, clients, investors, etc.
Also Read: 10 Quick Tips to Improve Your Small Business
Most entrepreneurs say that they experienced a significant growth when people started to share their experiences with your business and products or services with other people. At this point, all that matters is whether you made an impact in someone’s life.
You Can Go On A Holiday
Managing a startup business is almost like taking care of a child. You have to put in long hours of hard work, and you can end up skipping holidays or a dinner with your family. Once your business kicks off, or you lay a solid foundation for your business to work on, this is when you get to sigh in relief.
At this point, you could take even a week off, and you’d know that when you return, everything would still be in place. This is possible mostly when you have a team in your area to take care of any of the issues that arise.
You Love What You Do
One of your biggest wins comes when you realize that you’re living off of money that you earn by doing what you love. And this also incredibly helps you with your business. You wake up every day thinking that you’ll again do something you like and bring in more enthusiasm and confidence. And if your employees share the same passion towards your business, then it’s an even bigger win.
This morale helps your company grow faster and yes, help you sustain even if you’re going through tough times. Because at the end of the day, all that matters is a satisfying career.
Now that you know whether you are still a startup business or not, you have new found goals to accomplish. If your business is ready to become an enterprise, then it is essential that you give it the right resources and platform to grow.
Several e-commerce software solutions in the market let you establish a website that made people from all over the world to look at your business. As enterprise companies have more significant needs, these software solutions provide you with the necessary bandwidth for you to expand.
One such solution is Shopify Gold, which is perfect for an enterprise or a rapidly expanding business in India. Several features under Shopify Gold like a fully hosted website, a fully customisable template, unlimited inventory storage, and 24/7 customer service let your business grow not just in India but also globally.