Questions

Our Financial analyst spent a week and prove that our idea has $15 Billion TAM.It is a Freelancers platform but in focus niche. What`s next? Start MVP

We are planning to create a business plan and a pitch deck. We have started putting a team of UX/UI resource a Fullstack Developer, and a scrum master. What`s next?

3answers

Hi
First of all - good luck.
Second, the TAM is less important, the SOM (relevant Share of Market) is the important piece of the TAM, and this is much smaller. Either way, not everything that shines on paper shines in real life, or as mike tyson said: "everyone has a plan until they get punched in the punch" - in this case, business plans often don't survive reality.
1. My advice: unless your service is something that already exists in the market and has been proven to work, I would wait with the business plan (BP) and instead create a Business Model Canvas. If you want to write a BP nonetheless, I would be happy to review it for you (I even teach a course on it).
2. Stage 2: create an MVP / validate your idea. I am happy to explain to you exactly how to do this. Doing this properly, will save you a lot of time and money down the line. [see more info on validation in one of my previous answers: https://clarity.fm/questions/6423/how-do-you-do-market-research]
3. Improve MVP + create deck + write BP (only if you need investors which I assume you do because you mentioned the deck). I can happily give you comments on your deck, refer you to someone who creates beautiful decks at reasonable prices, and help you prepare your pitch via online video chats.
4. Create (almost) final version of product.
The MVP is the most important stage. It doesn't even have to be a working product to first check the demand in the market.
I've successfully helped over 300 entrepreneurs and would be happy to help you. After scheduling a call, be sure to please send me some background information so that I can prepare before - thus giving you maximum value for your money during the call itself.
Good luck


Answered 3 months ago

Great to hear!

CUSTOMER DISCOVERY
Your first step is to talk to customers to determine if this is something they would want. The best way for you to find out if your market has interest is to talk to them early and often.

MPV
Once you've determined there's enough interest from the market your next step is to make an MVP. The simplest possible version of your solution that will still appease your customer. Once it is ready, bring it to them and have some early customers try it out. Get feedback very early in the process! Don't build too much before getting lots of feedback.

IMPROVE PRODUCT
As you're getting feedback continue to improve the product. Be careful not to build too many features just for one customer.

PITCH DECK & STORY
Once you have enough traction, you can share you story with investors. There's an entire process involved with finding investors as well as constructing a pitch deck and a story. I've worked with many tech companies who have raised money to do that.

Feel free to call if you have any questions in your journey!


Answered 3 months ago

Hello.
An earlier answer of mine on similar subject may also be useful.

https://clarity.fm/questions/6349/answers/20321/share

TAM is a useless number here. What is more relevant is what is the immediate market size that you can operate in - say in the next 3-5 years - Total Capturable Market - TCM.

Right now my sense is for you to to create a value proposition or positioning, and then develop a prototype, validate with design thinking principles, define scope, develop MVP, get paying customers, and then execute per the plan recommended in the link above.

I think you are trying to jump from an idea and TAM to an MVP without going through the stepping stones to the same.

Hope this helps. Bye.


Answered 3 months ago

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