What should be our next steps?
We are a small startup mobile app company. We have successfully completed our business plan; we know what direction we want to take - however we don't know what our next steps should be. We need funding, mentoring where do we go for help?
3 Answers
You next step should be to create first version of you application.
You don't have a business plan, all you have is a document with the title "business plan".
An actual business plan would include, well, a plan for how to start your business - including actual steps you have to follow.
Here are the steps I follow when I think about introducing a new product (I don't really know what you are trying to do, so this may of may not be relevant for you):
- Do some initial market research - your big idea might be not-sellable, so you should try to validate the idea is good before you waste too much resources on it, getting some sort of positive feedback (e-mail signups from potential customers, for example) before starting can reduce risk - but don't spend too much time in this step (If you can do step 2 in under a month you can skip this step completely).
- Build the prototype/first version - pick just one feature, preferably the feature that makes you app better than the competition and implement just that.
- For bootstrapped/self-funded company start selling you first version, use the feedback and money from customers to see what the customers really care about and make the product better.
I personally think that self-funded is the way to go unless there isn't any other choice and because I have no expiration what so ever with outside funding I can't really say anything about it.
-
+1 for building the prototype highlighting the one feature which sets you apart. The app doesn't need to be the whole shebang, and I agree that it doesn't need to be pretty, but it should definitely function well. – Adam 14 years ago
-
+1 For you have a document with the title "business plan." - Have you tested your idea in the market? Have you made some strategic decisions about direction? That's what your business plan should be about - based on data from real world conversations and tests. Not just your best guess. When you have this type of plan, then it becomes clear what you need to do next. – Susan Jones 14 years ago
Ditto what Ross said. You need to actually build the app -- even a primitive, ugly version of it. Seeking funding with no prototype and no revenue will be next to impossible and suck up all your resources for the next year. Build a prototype and sign up some customers, and you may discover you don't need the funding at all.
