The development stage is about getting everything in place to begin selling. You will be designing your offering, creating a legal entity, obtaining needed resources – people, equipment, location, financing – getting everything in place so you can “open your doors.” And you will be doing specific action planning for operations, marketing and sales.

Key activities at this stage may include:

  • Identify business partners
  • Brand the company
  • Develop a website
  • Develop your product/service/app 
  • Find an office or place of business
  • Create the legal structure for the business
  • Research and obtain necessary licenses and permits
  • Research your market and customers 
  • Establish partnerships
  • Research and obtain financing
  • Research and obtain necessary business insurance
  • Open a bank account for the business
  • Find an accountant and lawyer
  • Assemble an advisory board
  • Set up your accounting system
  • Make financial projections
  • Build a marketing and sales plan
  • Build an operating plan
  • Refine and develop your business plan