Launching a startup is an exciting journey, but it comes with its set of challenges and critical decisions. To help you stay on track and prioritize what truly matters, I have crafted a concise cheat sheet. This checklist is designed to direct your attention to the essential aspects that will drive your company’s growth.
Cheat Sheet for Pre-Seed Startup Founders:
Revenue Target: What is your minimum yearly revenue target to cover your costs and provide you with a satisfactory margin?
New Buyers/Users: How many new buyers or users do you need to generate this level of revenue?
Ideal Customer Profile (ICP): Who will be your first buyers? Define your ideal customer profile.
Customer Problem and Value: What is their specific problem, and what value are they seeking? Be precise and avoid generic problems.
Pricing Strategy: What is their acceptable price level? How much and how will you charge them?
Competitive Advantage: What is your advantage over competitive products?
Product-Market Fit (PMF): How will you know that you have achieved PMF?
Distribution Channels: What will be your initial distribution channels?
Lead Sources: What will be your first lead sources?
Sales Metrics: How many SQLs (Sales Qualified Leads), meetings, and offers sent per week/month/quarter do you need to meet the revenue target?
Customer Acquisition Cost (CAC): What maximum CAC can you afford?
Sales Conversion: What is the necessary conversion rate in your sales process to generate an adequate number of closed deals?
Customer Loyalty and Recurring Revenue: How will you loyalize your customers and generate more recurring revenue?
Resource Allocation: What are the necessary resources to bring and sell your value offer to the market?
Additional Considerations:
Customer Feedback: Continuously gather and analyze customer feedback to refine your product and sales approach.
Scalability: Ensure your strategies are scalable as your startup grows.
Team and Culture: Build a strong team with a strong accountability culture, open to constant learning and change
Networking and Mentorship: Leverage your network and seek mentorship to navigate challenges and seize opportunities.
By focusing on these critical elements, you can create a solid foundation to bring your to the next level. Keep this cheat sheet handy, and regularly revisit it to ensure you are on the right track. Best of luck, founders!
About the author:
Agnieszka Węglarz is an experienced ex-corporate ICT manager, a long time practitioner, business consultant and mentor. She helps tech startups and SMEs to streamline their businesses with limited resources. In her workshops and projects she concentrates on practical aspects of business growth. She runs her own consultancy business and cooperates with Google for Startups as an international mentor in business modeling and growth strategies.