Questions

How can I audit my startup idea regarding technically, business model, revenue model, marketing strategy, etc.?

Hi, Currently am currently working on my startup idea, with in 2-3 months am about to release my product in the market, I want to make sure whether am going in the right direction or not? I want to audit my startup idea regarding technically, business model, revenue model, marketing strategy etc.....

7answers

The key to understanding if you are going in the right direction from a product standpoint is to get it in front of users - so if you haven't let some of your potential end users spend time with the product, or at least put the concept in front of them to solicit feedback - that would be priority one if I'm in your shoes.

As for auditing the other aspects you've referenced - Clarity has experts that can provide feedback on these across the board. In fact, you're likely to find experts in each area that also have experience with a concept or product similar to yours - which allows for a higher degree of specificity and context. I'd suggest searching keywords related to the topic area as well as your industry / product category. This is an extremely common use case for conducting Clarity calls.

Good luck with your pending launch! Happy to help you identify experts as well as a plan for engaging them in a way that will help you achieve your objectives.


Answered 4 years ago

I find it's always best to start with a very clear set of goals in mind. What would a successful product launch mean for you? Then reverse engineer from here...

e.g.
How much revenue would you like to make?
Based on that, how many units do you need to sell?
Based on that, how many people need to be in your sales funnel or how many people need to open your emails?
Based on that, how many people do you need to opt-in or register for news?

Working backwards like this has always really helped me and is what lead me to focus so much on growing my email list and using MailChimp to deliver content (because I know this is where the sales come from).


Answered 4 years ago

I agree with the other responses to this question. I'd like to suggest that you look seriously at developing a lean business canvas. Through this, you'd start to see a variety of hypothesis that you need to validate through the discovery interviews. I'm currently going through a Venture School program that is guiding us through this exact exercise. Two books that are highly recommended are Business Model Generation Book and StartUp Owner's Manual. I would also recommend searching for the Strategyzer videos on YouTube. All of these are filled with excellent information about testing your assumptions related to a startup. It will also outline how to pivot and iterate to further develop your ideas, leading to a higher likelihood of success. Good luck! Happy to discuss further if you have other questions.


Answered 4 years ago

You're in the right place. Start booking calls with experts in your industry -- or areas of your business plan that you feel are weak.

Congratulations and good luck with your venture!
-Shaun


Answered 4 years ago

The best means I know of is to use a Critical Factors Assessment available from the non-profit Canadian Innovation Center in Waterloo http://innovationcentre.ca/ under Tools. It was designed for exactly the purpose you seek.

By the way simply posing the issue augers well for you success


Answered 4 years ago

I hope you have validated your startup idea with your target market (and not just friends and family). If you have spent the time validating, you should have a pretty good idea that this is a great startup idea. What type of validation have you done on your startup idea? Did you know that 9 out of 10 product ideas fail and the number one reason is the wrong product was built? Validation is the key to success. I hope that if you are a few months away that you have done a lot of validation and pivoted as needed to make sure you are building a solution that truly fixed a pain point so you know you are building the "right product".

What type of pre-launch marketing activities have you been doing? Hopefully you have been growing your market along the way so you already have folks waiting for the launch. If not it's better late than never.

When looking at the financial model I like to identify at the risky assumptions in the model and assign a pessimistic value, most likely value and an optimistic value. This will give you an idea of the revenue range and the impact each risky assumption has on the outcome.


Answered 4 years ago

Assess/review the technical and economic feasibility of the idea.
Assess/review the sustainability of the startup you are going to create to exploit the idea.
Assess/review the "business plan".
Assess/review the opportunities.
Assess/review the risks.
Assess/review what the competitors are doing.

You can assess/review all such aspects yourself or, even better, you can ask a third party to assess/review them for you... it can certainly help catching the opportunities and handling the risks while following your business plan...


Answered 4 years ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2019 Startups.com LLC. All rights reserved.