Insights On The Five Stages Of Small Business Growth
26 Oct 2021
News
Even during the best of times, starting a small business is tough. During the Covid-19 pandemic, it became a quest for survival. While roughly one-third of small businesses were closed amid the lockdowns, many have reopened their doors or launched anew as consumer demand roars back.
Each of the 31.7 million small businesses in the U.S. has its own unique flavor, challenges and path to success. Some never expand beyond a single founder; others could scale to become the next unicorn. Along the way, many founders will face common sets of challenges as they reach new levels of success.
For that reason, we’ve decided to bring you some real-life examples that illustrate the five stages of small business growth: existence, survival, success, take-off and resource maturity.
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The Royse City, TX Community
Royse City is home to a growing number of young professionals and families. The average age within the city is 32 years old, and the educational attainment is higher than the national average. This has led to a population that is active, educated, and earns around $90,000 per year - far more than the national average. With 15,000 new homes in some stage of development, the city’s growth is expected to continue for some time. As it does, investments are being made in parks and recreation and the local school district.
Housing Costs Less
Abundant Shopping
Low Cost of Living
Open Spaces