In the Winning Websites series we examine strategies and tactics to get the most out of your web presence. Today's tip, is for online entrepreneurs who want to get to market successfully and build a new business from the ground up.
MVP - Minimum Viable Product - What is it?
When starting a new online business, you typically begin with an untested idea. You may have an idea that all of your friends and family has said is awesome. But you probably want to sell your product or service to more than those people. So as great as you might think it is, it's very important that you test your idea to your real audience. To do that you need something to give them for testing right? Well that my friend is your "Minimum Viable Product".
All businesses have a build out phase. An upfront investment of time and money that has to be put in before you can reap any reward. The idea of a "Minimum Viable Product" is to keep that upfront investment as low as possible, so that you can get some (hopefully) positive feedback with people spending their real money on it, before you go to far down the rabbit hole.
Here at Buildrr we like to begin a project by looking at we have to do, to get just one customer. What will it take to get the very first person to take a leap of faith on a new unproven company and pull their hard earned cash from their pocket and put it into yours.
One of the biggest problems with start ups is that they try and be too much to too many people. If you can narrow your focus to one person, just that first person and put all time and energy into getting that first sale we promise your chances of success will be multiples higher.
Not only will you actually save investment capital, you'll save time, and even more importantly you'll know whether your product or service actually fills a need. You'll also know if it doesn't! That information is invaluable, and will free you and you up to either change your idea, scrap it, or in the case of a success EXPAND! But, expand in a true and meaningful way. With feedback from paying customers you'll not have to guess about what they want, they will tell you. Either by leaving your service if you don't meet it, or with actual feedback when you ask them.
The last piece of advice, is that this is not easy. It takes an extreme amount of discipline. Once you get going you'll very quickly come up with new ideas, and little things you want to change. Those "little" things add up, and inevitably become a bigger focus than getting launched to the undisciplined entrepreneur. If you can stay disciplined, and stay 100% focused on landing just that first customer, you will feel the intense jubilation when they come and you will know how to get your second, third and beyond.
The "Winning Websites" Series is free information from the website design, web development, and digital marketing agency, Buildrr.com. For one on one personal attention custom tailored to your business we can be reached at (800) 314-8932 or online at buildrrdigital.com.