Building a successful startup business isn’t simple or quick!
You are going to need to change a lot as you go along. Over time, you’ll learn what customers need, what they value, and what they’ll be willing to pay. The business you start out with will be unrecognisable against the business you end up with.
However, although some iteration will be required you want to avoid having to ‘go back to the drawing board’, which is expensive, demotivating and wastes a lot of time you could have spent with your family!
There are a number of reasons entrepreneurs find they have to ‘go back to the drawing board’:
- After starting to build a product/service that addresses a real market need, they realise that although it might work financially, they will need to do things they don’t want to (like working weekends / evenings or maybe travelling a lot).
- They come up with a business idea, and find a customer willing to pay, but then realise they aren’t passionate about the business or about talking to their target customers.
- They define a target market that doesn’t really exist, so later struggle to find their ideal customers in sufficient quantity.
- When approaching target customers they identify a different customer who may provide a bigger opportunity (e.g. Business rather than consumer, SME rather than startup, Corporate client rather than SME, Large number of consumers rather than few corporates) – the idea then needs to change as the target customer has different needs.
- They start with an idea, but struggle to find a customer willing to pay for it, so have to scrap it and come up with a new idea.
- They get customers interested in the product, start to build it, but then later find that customers aren’t willing to pay enough for it to cover costs.
To avoid this, complete the ‘6 Steps to Your First Sale’ in the right order, without skipping a step!
You’ll find each of the above 6 reasons are addressed by each of the 6 steps:
So, are you now ready to make progress with the 6 Steps to Your First Sale? Get my free training video and checklist here to help you.