How Will Your Startup Get, Keep And Grow Its Customers Base?
I bet you’ve been working hard on thinking about your solution design and features. Right? But, what about your strategy to call customers’ attention towards your product or service? What about your plan to make them start and keep using it? And how will you make them buy more from you?
What Is Your Startup’s Cash Runway?
Now that you know what your cash burn rate is, you may understand this post’s question. Your Cash Runway is the amount of time your startup has before its cash ends. For example, if your startup’s cash balance is being reduced by $5,000 per month, and you have $20,000 as available cash, in 4 months […]
What Is Your Startup’s Cash Burn Rate?
Cash Burn Rate is one of the core financial metrics you have to keep in mind, all the time. Okay, but what is it? There are 2 different burn rates: For instance, if you estimate your startup will spend $48,000 in the next 24 months, your Gross Burn Rate is $2,000/per month (total costs divided by the number of months). […]
How Do You Communicate, Sell And Deliver Value To Your Customers?
At this point, you already should know a lot about your customers and your Value Proposition. Now it’s time to define how you’ll communicate, sell and deliver your value to them. Here we have some examples of channels: Your channel strategy will probably count with more than one of those channels. For example, you may […]
Who Are Your Startup’s Customers?
At this point, you’ve already done several interviews about the problem with your potential customers. Based on these interviews, you have a clearer picture of who your customers are. However, you need more than just a blurry picture of them. To move on with confidence, you must present a better answer than just “women, in […]
What Is Your Startup’s Value Proposition?
When a customer is considering buying a product, she will start (consciously or unconsciously) relating its features to a possible benefit for her life. Everything that can make her life better, she’ll consider as a value. Well, your value proposition is all the value (from your customer’s perspective) you are delivering through your product or […]
Define Your Startup’s Minimum Viable Product (MVP)
Traction will come only if you’re competent to validate three elements of your idea: the problem, the solution, and the business model. This means your assumptions about each one of these elements must be true. But, how can you know whether your idea is valid or not? By testing them in the market—i.e., with real […]
Think Exponentially When Building Your Startup Idea
Salim Ismail, Michael Malone, and Yuri Geest identified 10 attributes of what they call “Exponential Organizations” (check their book here): It means that by effectively using some of these new organizational techniques you may achieve an impact at least 10x higher than you would if you didn’t consider them. That’s exactly why I recommend you stop […]
What Is Your Business Model Hypothesis?
It’s time to translate your business idea into a business model hypothesis, which will help you better: To make the most of this learning, I’m providing you with a FREE Excel template, so you may fill it in with your business model components: HOW TO STRUCTURE A BUSINESS MODEL HYPOTHESIS? There is a widely-used framework […]
Startup Idea Assessment: Problem, Solution And Business Model
Once you are completely sure about founding a startup (and not a small company) it’s time to assess the current strength of your startup idea. Of course, this very first assessment is not a prediction of your startup’s success. Instead, the intention is to help you on thinking about the components of a great startup idea […]