First of all, “Congratulations” on reaching the MVP (minimum viable product) stage with your startup! This is an exciting time as you are likely on the verge of launching your product or service to the market and beginning to generate revenue.
There are a few key things to consider as you move forward with your startup at the MVP stage:
- Focus on customer validation: It’s important to validate your product or service with potential customers to ensure there is a market for what you are offering. This can help you refine your MVP and make any necessary changes before launching to a wider audience.
- Seek feedback from early adopters: Early adopters of your product or service can provide valuable feedback on what’s working well and what could be improved. This can help you fine-tune your MVP and make it more appealing to a wider audience.
- Build a strong team: As you move forward with your startup, it’s important to build a team of skilled and dedicated individuals who can help you bring your product or service to market. This may include hiring employees or working with freelancers, contractors or a non-executive director.
- Develop a solid business plan: A business plan can help you define your target market, set goals, and establish a roadmap for achieving those goals. It’s a good idea to spend some time developing a solid business plan before moving forward with your MVP.
- Start generating revenue: Once you have a solid MVP and a plan in place, it’s time to focus on generating revenue. This may involve launching your product or service to the market, seeking investment, or seeking partnerships.
But what happens if you run out of money or simply don’t have any funds at your disposal? Well, this can be a challenging situation, but there are a few things you can do to try to get your business back on track:
- Seek additional funding: If you are in need of additional funds to support your startup, you may want to consider seeking investment from outside sources. This could include angel investors, venture capitalists, or crowdfunding platforms.
- Cut costs: Take a close look at your expenses and see if there are any areas where you can cut costs. This could involve negotiating better rates with suppliers, reducing employee expenses, or finding ways to streamline your operations.
- Increase sales: If you are already generating revenue, try to find ways to increase sales. This could involve marketing efforts, offering promotions or discounts, or finding new ways to reach potential customers.
- Consider a pivot: If your current business model is not working, it may be worth considering a pivot to a new model that is more sustainable. This may involve changing your product or service offering, target market, or business model.
- Reach out for help: Don’t be afraid to seek help if you are struggling. You may want to consider working with a business coach or mentor who can help you find ways to get your startup back on track.
You may also have heard that many businesses are seeking more than passive investment and are opting for an Investing Non-Executive Director; this is one of the most powerful ways you can move your start up to the next level and with many advantages.
So, what are the advantages that investing non-executives bring?
For a start, they can provide both financial and strategic support to your business. Some of the potential advantages of working with an investing NED include:
- Access to funding: An investing NED may have access to financial resources that can help fund your startup. This can be particularly useful if you are in need of additional funding to support your business.
- Expertise and experience: An investing NED can bring a wealth of expertise and experience to your startup. They may have industry knowledge and business acumen that can help you navigate the challenges of starting and growing a business.
- Network and connections: An investing NED may have a network of contacts and connections in your industry that can help you find new customers, partners, or investors.
- Strategic guidance: An investing NED can provide valuable guidance and support as you develop and execute your business strategy. They may be able to help you identify opportunities and challenges and suggest ways to overcome them.
- Oversight and accountability: An investing NED can provide oversight and accountability for your startup, helping to ensure that your business is on track to achieve its goals.
It’s worth noting that working with an investing NED can be a significant commitment, as they will likely be involved in key decision-making processes. It’s important to carefully consider whether an investing NED is the right fit for your startup.
Contact me at firstname.lastname@example.org to get your Investing NED search under-way.