10 Things We Are Focusing On Before We Build Our Product
Okay, so we are close to starting building our product. Today’s 10 things are no “gyaan”, but rather the top 10 things we are focusing on. This is where we are spending our time & energy. Please put any suggestions you might have in the comments section below.
V1 features — We’re really trying to nail down our v1 features. As per my tech co-founder, the full product will probably come out in 3 versions. We don’t wanna wait too long and also don’t want to build something which doesn’t get much traction. We are almost there to lock v1.
Market size — The numbers are huge; lots of data points, just need to create the right story. Any VCs out there, you listening?
Customers — Beta customers, first 100 freemium, first 100 paid, corporate customers, early adopters, there is multiple lists. The sales guy (that’s me!) is busy with so many Google Sheets.
Marketing plan- The initial buzz for the product is more important than the product itself; the task is to reach the right customers at right time. Our CEO is our marketing head and she loves it.
The pitch- As of now, it looks like we will need money some 12 to 18 months down the line, but we won’t be shy to knock on those doors sooner. The 3 pitch presentations (5 min; 30min and 1hr) are already working in progress.
Team- Like any start-up, a significant time of ours is going in hiring, with the coding team just in place. We have some breathing time but I guess in the end, hiring might be more difficult than raising money. We will see in few months not too far away.
Financial plan- More numbers! We got 2 things to focus on: first, to survive the initial period with the seed; and second, to hit that top line in 1st year. It all looks good on paper but the reality might be much different. No worries though, we’re prepared.
Competition- When you are entering a 100Bn$+ market, you need to be aware, awake, and attentive; someone might do this before you or better than you… keeping an eye on those established players is important.
Keeping the house in order- We do spend a considerable amount of time in book-keeping, making sure we document all expenses and being aware of any legal formalities about our business You don’t want all this to mess up and eat your time later.
Reviews- Lastly, we review our performance every now & then; sometimes the frequent meetings are not very productive, but as 3 of us huddle up, just to review, we set new targets and monitor progress. It motivates and brings new energy and hopes.
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