Start Me Up: Tips for Getting Your Big Idea off the Ground
While big in America, start-up culture doesn’t seem to have quite as much traction in the UK. Sure Dragon’s Den gets the viewing figures but it is little more than reality TV panhandling and doesn’t offer any insights into how to get the next Facebook beater off the ground. Here then is a quick guide to how to build your empire from scratch.
First up. What is the problem you are trying to solve? What possible solutions are there? What key metrics do you need to measure to see if what you are doing is a success? What is your unique value proposition? What advantage do you have that cannot easily be replicated? Who are you targeting? What will it cost? How are you going to make money from it?
Solve genuine problems. Don’t just come up with a list of features and don’t just offer a workaround to common problems offer a complete solution. Interview potential customers and find out what their problems are? What would be your solution? Everyone has that one great idea but it’s execution that counts.
Minimize your total time in getting something in front of potential customers. Launch as quickly as possible in fact you need to be even quicker than that. Your first step is your Minimum viable product, MVP in start-up lingo. This is always less than you think. It could be just a one pager with a sign-up form or a blog outlining your big plans. But you need to get something, anything, out there in front of your potential customer base.
Waiting until something is perfect is a recipe for failure. Things will never be just right and you’ll tinker forever over things that are just not important at all. You ain’t gonna need it is a mantra programmers follow and you should too when cutting features from your product. That’s right, you should always be thinking about what to get rid of next rather than what your next great feature is. Less is more. Keep it simple stupid. You need to find the one feature that customers LOVE. You’ll know you’ve found it when they complain that you’ve taken it away.
Iterate rapidly. Launch your MVP. Measure the analytics. Test your assumptions and trust in the data. Make the changes you need, optimise your product and launch again. Rinse. Repeat.
Fail Fast. You need to know if your product is succeeding or failing. This is why it’s essential to iterate and not go with the big up front product that is perfect. If you do and it fails you’ve thrown away months of work. Get the MVP out there and measure. If it fails start over again with the data you’ve got in hand.
Don’t feel guilty about making your product pay to play. It can be a big mistake to offer up all your work for free in the hope that someone might pay for it down the road. By charging money you’re telling people you think it’s worth something. By giving it away you’re telling them it’s not worth anything yet. Maximise your user acquisition, make your current customers happy and they’ll work as your viral marketers. You also did remember to set up your Twitter and Facebook accounts right ?
Don’t let customers get away. If you’ve converted someone through a signup you have their details. Follow up. Send them a personal email asking why your product didn’t meet their needs, what problems they encountered. If it’s viable then consider it for the next iteration.
Once you have found a fit between your product and customers you need to transition to growth and riches! Possibly. If you do make it to be the next Mark Zuckerberg just remember who gave you the advice…