I am building a mobile app for a B2B audience. I have an MVP that I am about to launch in the app store as well as an email list of 100 or so people who've expressed interest. What are some milestones that signify the growth of a healthy startup?
Every successful business has some very crucial milestones along the way. One key difference between a bootstrapped business and a VC-backed business is the sequence these milestones happen.
As a bootstrapper, I think of these key milestones you must look for:
1. Store front/product/service launched and ready for a sale
2. First sale to a paying customer -- proof of concept
3. Revenue exceeds expenses -- profit
4. First non-owner employee
5. First founder vacation -- business runs without constant supervision
6. First million-dollar year -- established a consistent customer base and repeatable product
7. First 10-million-dollar year -- sustainable growth demonstrated, systems working smoothly
The key thing here is that profit milestone is as early as possible. When bootstrapping, that absolutely needs to happen as fast as possible, because that is what fuels the rest of the growth. With bootstrapping, your money comes from customers, not investors.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Answered 3 years ago
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