Assaf Ben-DavidMentor, Entrepreneur, Lawyer, Public Speaker
Bio

Experienced Startup Mentor, Commercial lawyer, Lecturer & public speaker. I've helped over 300 entrepreneurs & 100+ startups. Taught tens of courses and given hundreds of talks. Founder of the Legal Clinic for Startups.



Recent Answers


Hi,
First of all, well done for all the amazing things that you've already done. This in itself is already a great achievement.
You are correct about the processes that you need to do and if I understand your question, you want to know how you can recruit the relevant professional with a limited (or not) budget.
The most common method is the use of equity (shares/stock). some professional, if they believe in the potential of the business, are willing to either work only for equity, or for a combination of a reduced fee and equity. As to how much equity, this depends on the potential of the business, the value of the service provided and other criteria.
If you're interested, I can connect you with a professional who can help with the sales process, and I can help with the business and legal side. I would need to hear more details about the business and industry - if you're interested and have an investor's deck or exec' summary, you're welcome to send it.
Good luck
I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david


I would need a lot more details to properly help you with this, but in general the first stage is to understand who your target market is - this isn't always who will use the software, but who will be paying for it. Depending on who this is, you would decide how to target them. For example, if it is the COO of the hospital, then you would try find a mutual connection, get an intro, and do a demo (cold emails probably won't work).
If, on the other hand, the person paying is the patient, then you would go about it entirely differently.
The method also depends on the country, type of service, cost of service etc.
Bottom line: I'm happy to help, but you need to provide a lot more details.
Good luck
I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david


Hi
Great question.
The real answer (that not many people are willing to say), is this: you go outside, raise your thump towards the sky, imagine a nice number, and that's the valuation. It's called the thumb valuation.
But seriously, there is no "official" accounting method to evaluate a startup that is not already selling, and even then the sales don't necessarily indicate the value of the company.
In any event, some of the below are good indicators of value:
1. Do they have a patent?
2. Have they already developed the technology? Is it working?
3. Do they have sales or traction?
4. How much is each sale/signup/download costing versus how much are they making (going to make) from each of these users?
5. How long has the team been together? If they're offering a technological solution, is the CTO a member of the team, or an external company?
6. Are there any similar companies providing similar services? If so, check how much money these companies have raised so far and at what value, or research their sales/results so far (I am happy to teach you how to do so - almost all the information is available online).
7. If prior investments have been made, check how much he/she invested each time?
8. Do your research on the market and potential.
You then take all the above, and reach the value of the company, based on which you are asking the investment for.
9. There ARE some companies that do startup evaluation, but these are relatively new (about 4 years) and usually use most of the above methods.

I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david
Good luck


Hi
First of all, the fact that you are talking about market validation is great. I've seen so many startups invest time and money, only to find that no one wants/needs their product, or that they only want a certain aspect of it (whilst the startup spent money developing a whole bunch of other features), or that the clients aren't willing to pay the requested price - making the business not profitable. So you're already one step ahead.

Also, the sooner you validate your product, the better! That said, the version you are validating needs to be representative of the end product, or else the validation isn't reliable.
So, how should you validate it? The best way, is to see whether people are willing to pay for your product/service.
This is how you find that out:
1. Create a business model canvas (which is what all startups should start with before creating a business plan),
2. Setup a Wix or Wordpress website (this can be done for free / very low costs) or if your venture is a mobile app, then create what’s called a Clickable Prototype (“CP”) (a visual of the app in which the images change when you click – you can do so using the Apple Keynote tool or Microsoft PowerPoint). On the website, or the download page for the ‘app’, don't forget to include the price of the product/service, and enable people to order it (YES, even if it doesn't really exist yet!). I am happy to explain how this can be done whilst still being fair to your potential customers (the people who click the "buy/download” button).
3. Determine your target market/customers.
4. Spend a small amount marketing what you created.
This way, after only spending a very small amount, you will be able to know (assuming that you did it correctly):
a. Do people like your product.
b. Do people want/need your product (not the same as 'a').
c. Are people willing to pay for your product? (this being the most important stage)
d. How much are they willing to pay? (you can check this by having 2-3 landing pages with different prices on each).

2 last important points:
a) In order to rule out external factors like an unattractive landing page or advertising campaign, and assuming you have the time, create multiple landing pages / advertising campaigns, with different designs.
b) During the above process, don't forget to check how much it costs you to get each user/customer to click the "buy" button. If for example each click on your promotion/advertisement costs you $2, and only every 10 people who click go on to the "buy" page - that means each sale is costing you $20. Then check what your average profit per sale is, and then you'll know if your service/product is worth pursuing (obviously there are additional factors like return customers, referrals etc, but you will get a good estimated/validation of the idea/business).

Does something like this exist? Many people would use LinkedIn for some of the features you mentioned. For example, when flying to city X, I would ask: "Does anyone know any people in Y industry in city X" - and in most cases people get connections.

Good luck

I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david


Hi
Sounds amazing. Although I am an attorney, I do not work in India. That said, I have an amazing attorney in India who I am sure can assist (I do not know his fees).
If you're interested in an introduction, feel free to reach out (free of course).
Good luck


It really depends under which legal jurisdiction you are. The tax laws are very different in each country.
Very generally speaking, every income needs to be accounted for, but what you could do is transfer the money to your corporate account and register it as a founder's loan to the company (which may or may not be paid back to you in the future). You just need to take into account that you still may need to report the source of the income (even if you didn't have a company then) and pay taxes for it (if applicable in your case - again, it depends where you located, how you're registered with the tax authorities, and what the amount is).
* Disclaimer: the above should not be seen as legal or tax advice as this is impossible to give without knowing all the details. You should always consult with an accountant or lawyer. I can try connect you with one if you let me know your location and budget.
Good luck

I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david


Hi,
If you mean for someone to check - then I'm happy to help you with this. I've helped hundreds of entrepreneurs prepare their pitch and pitch deck.
If you mean investors - then you have 2 options:
1. You can search for all the available investors online, and send your deck to the relevant ones.
2. I can help you select and send to them. The value here is that I can provide you with a list of hundreds of VCs, help you select the relevant ones, and with the sending of the peck.
Either way, I advise that you don't just send the deck and hope for the best. The process needs to be methodical. You should create an excel file and track who you sent to, when and if you got a response. You should also preferably send the deck only to VCs/investors that invest in that type of product/service, and tailor your email/message to each VC after reading up about them. Nothing says 'amateur' like just sending off your deck.
Good luck
I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david


Hi
The best way would be to have the creator/artist sign a waiver and transfer of rights. This is an agreement between you and them (it's about 1.5 - 3 pages long) in which they clearly state that they are transferring all the rights to you and waiving any future claims.
I advise having a lawyer draft this for you* (yes, I also draft these documents), or if you don't have any money, I am sure you can find some free or cheap templates online from one of the website that provide legal documents.
* the reason I advise using a lawyer/attorney is because this type of document isn't too expensive, and you need it to be tailored to your specific needs.

Good luck
I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david


Hi
It really depends on the type of startup, but very generally speaking, you would need:
1. A One Pager and/or Pitch Deck (presentation).
2. To perfect your pitching skills (online).
3. An MVP (Minimal Viable Product) or at least a POC (proof of concept) to show some data/numbers.
As for actual funding channels, you have:
1. Friends and Family.
2. Crowd funding.
3. Angel investors.
4. VC firms.
5. Bootstrapping (funding yourself) - probably less relevant in this case.
6. Government grants (some countries, like Europe)
Good luck
I've successfully helped over 350 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david


Hi
You can offer them:
1. equity (options/shares).
2. % of future profits.
3. Find someone who doesn't have much experience and is looking to expand their portfolio.
4. Make them a co-founder?
Obviously, designers in 'developing countries are cheaper.
Good luck


Contact on Clarity

$ 2.92 /min

5.00Rating
Schedule a Call

Send Message

Stats

207

Answers
Calls


Access Startup Experts

Connect with over 20,000 Startup Experts to answer your questions.

Learn More

Copyright © 2020 Startups.com LLC. All rights reserved.