We are a food discovery startup which tells its user the best dishes to have in a restaurant. The initial growth and retention for us has been quite low and we have not been able to make a single $ in revenue yet. From the initial customer interviews, we were quite optimistic that the product has great potential, however, things are turning out to be opposite of what we anticipated. At what stage should we take the business decision to continue/discontinue the product?
Screw it, let's do it.
If you believe that your idea has the required potential to become a niche player, then find ways to continue it, by keeping your costs low. If you think its an amazing idea, don't stop. Once you take a pause, you stop forever. It depends on how much convinced and committed you are.
1. Do a paid pilot with a set of end-consumers and see if people are willing to pay for this kind of service.
2. If they don't, try and create a value for the restaurants or hotels and charge them.
3. In both cases, if they like the product but are not willing to pay, then you haven't created enough value for them. Take feedback from them and work towards adding more value. Go back to them and re-do the pilot. Success is inevitable.
Answered 6 years ago