Now, in stage 5 of the small business roadmap, it’s time to get into the nitty gritty: can this business idea of yours actually make enough money to support you in a meaningful way?
This is a stage most of us are not well prepared for, typically diving in without any knowledge of the metrics, the movements or the models.
That’s what we break down for you into 7 steps in this conversation, taking you from “I made a dollar,” to your Freedom Number™ (the amount of money you need to make your full time living from your business).
You could have access to the best investors and the brightest business minds in the world. They still couldn’t tell you if your idea’s going to work with certainty.
This money step is where the checks, balances and bounces prove your idea has heart enough to live on it’s own or if it needs some more tweaking. Enjoy the conversation!
(PS: If you’re not already, subscribe in itunes so you can get the next episode like direct deposits.)
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“Stage 5 takes you from “I made a dollar!” to your “Freedom Number””
The real meat of each of these items is in the conversation. The items below are meant as simply a placeholder while you listen to the episode.
- Gather and analyze customer feedback and sales data. We talked about the power of surveys here: Hey, Could I Ask You a Few Questions? The Art of Surveys (FS094).
- Define and implement metrics that matter. ()How The Wrong Metric Sinks Your Business)
- Decide if you’re going to bootstrap or raise money?
- Based on the metrics you’ve picked and the performance of your MVP, adapt, iterate and/or compliment your product or service.
- Based on the metrics you’ve picked and the performance of your platform, grow and adapt your audience.
- Rinse and repeat to grow revenue to get to your freedom number.
- Pivot or persevere.
“About a month after we started Y Combinator we came up with the phrase that became our motto: Make something people want. ”
The Roadmap Episodes:
- Clarity (episode 100)
- Connection (101)
- Planning (102)
- Build (103)
- Money (104)
- Scale (105)
- 4 Updates (106)
The Top 10 Mistakes in Online Business
Every week we talk with entrepreneurs. We talk about what’s working and what isn’t. We talk about successes and failures. We spend time with complete newbies, seasoned veterans, and everything in between.
One topic that comes up over and over again with both groups is mistakes made in starting businesses. Newbies love to learn about mistakes so they can avoid them. Veterans love to talk about what they wish they had known when starting out.
These conversations have been fascinating, so we compiled a list of the 10 mistakes we hear most often into a nifty lil' guide. Get the 10 Most Common Mistakes in Starting an Online Business here »