Your 9 Most Burning Startup Questions, Answered

Your 9 Most Burning Startup Questions, Answered

Simon Jenner

Monday, 8 February 2021

Bright Insights for Startup

Posted in:

Startups

As a founder, one of the most useful traits you can hold while building an MVP for your startup and launching your business is a passion for learning. The market is moving faster than ever, meaning the answers to your daily questions are changing, especially as you progress through the different stages of your build. 
This ever-changing world presents the need for flexibility and a willingness to learn as you build. Although, a baseline to your most burning questions can be a game-changer when first getting your footing.
Here are the answers to the 9 most important questions every founder will come across throughout their founder’s journey. 

1. How can I be confident that my Big Idea is a good one?
If you’re asking this question, you’re already off to a brilliant start.
Business Case Validation should always be your first step after having that lightbulb moment when a Big Idea hits you - and should certainly be completed long before you start to build an MVP for your startup. Essentially, you need to do some market research.
Who does your Big Idea solve a problem for? Is the problem really big, like a broken bone, or something that will resolve itself shortly, like a papercut? Are there any competitors in the market working to solve this same problem? If so, what makes your Big Idea unique?
These are all questions you need to take some time to answer. You’ll achieve that confidence in your idea once you’ve properly validated it.

2. Should I build a mobile or web app?
Another excellent starting point, though the answer really depends on what your Big Idea is.
At MLabs, we recommend starting by building a no-code MVP for your startup to test your idea and see how it will perform once it goes to market. This approach is significantly cheaper than traditional app development for startups and will also allow you to make your Big Idea tangible in just a matter of weeks.
Ultimately, the decision between mobile and web will depend on the solution you are offering, the channels users will utilise to access your product, and how often users will need to access this product. 

3. What is the best way to fund my Big Idea?
Chances are, any early financial resources you require will need to be bootstrapped or come from friends and family. This is one of the reasons we advocate for founders to use no-code, as there will be significantly less costs associated with building your startup's MVP. Once you have a viable MVP, your options will broaden to include investors and venture capitalists.

4. When should I start collecting funds for my startup?
Simply put, right now.
Funding is not typically a fast process. Set your expectations low from the very beginning because your investor outreach efforts, scheduling meetings, presenting your pitch, and negotiating could take upwards of a year or longer. You might have to self-fund your startup for a while.
However, be sure to not sell yourself short. The last thing you want to do is sell equity in your startup too early and limit your finances and future growth,

5. How can I make sure my product is different enough from my competitors?
You likely have a unique selling point (USP) in mind already from your business case validation stage, although there are quite a few ways to differentiate your Big Idea in its relevant market.
Consider your pricing or segmentation strategy. Who are you trying to sell your product or service to, and at what is their financial situation? Dive into a target audience analysis to learn everything possible about your consumer. Put yourself in their shoes - what would entice you to buy this product or service instead of competitors’? Are there any special promotional strategies you can capitalise on?

6. Who do I need to work with to build my startup's MVP?
This is perhaps our favourite question. Look no further - we can assist with all of your startup needs. At MLabs, we work with founders of all kinds to build their startups' MVPs with no-code technology. We’ll either build your MVP for you or teach you how to use no-code to build it yourself. Rest assured, our No-Code Bootcamp is designed for non-technical founders just like you.
Or, if you’re not into saving money and time, you could consider hiring a traditional coder. We recommend you look for someone with prior startup experience, especially if you are a brand new founder. This is your time to be picky - your success may rely on it.

7. How do I monetise my Big Idea?
Begin your approach to monetisation by taking a look at your competition. How are your competitors pricing their products and services? Are you trying to be competitive with their pricing, or adding enough value that consumers will pay more to be your customer?
There are a few common revenue models that you can utilise in this step. You might choose an on-demand model, where you will earn money for each transaction in your app. If you are interested in establishing a membership for your consumers, your transactions might occur on a monthly or annual basis. The marketplace approach allows you to collect money by facilitating transactions between customers and suppliers. These are just a few - there will be a perfect revenue model for your startup to utilise.

8. Where do I go to find a co-founder or team members?
In this day and age, the internet is your best friend. There are countless online communities and freelancing websites available to you with the click of a few buttons. Confidence in your Big Idea is key within these groups. Post your founder’s story and you’ll likely find many individuals who are eager to work with an entrepreneur such as yourself.
Or, perhaps you have people from your past that you know you get along with professionally. It never hurts to reach out to them. Worst case, they might not be interested in working on this project with you, but you can still pick their brains for any improvements you could make. 

9. What is my best approach to sell my startup?
By the time you get your startup off the ground, you’ll have many avenues for finding a potential buyer. You might explore some direct and indirect competitors, but ultimately, your best bet will be private equity firms and independent investors. Just like with finding team members, a brilliant resource for finding a buyer is through online communities. 
Although, it’s important to note that you don’t need to sell your startup. You can make the decision to build your startup's MVP and get out or commit for the long haul.

Building a startup from the ground up is no easy task. You are sure to encounter hurdles and impromptu questions along the way, but keep in mind that your founder’s journey is an invaluable learning process. 
Our MLabs team is at-the-ready for all of your startup needs. Hop into one of our No-Code Bootcamps to get your startup on the path towards success, and we’ll be there to answer any questions you encounter in your journey.

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