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Having no money puts you at a disadvantage in some respects which is why I have decided to share with you today how to use Minimum Viable Product (MVP) techniques which is your easiest en-route to funding/investors – to startup with little or no capital.
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Many times you’ve asked yourself how will you start building your idea when there is little or no capital. The truth is, there are many founders who have started as broke individuals with no capital but are making waves now which I believe you can also be part such success. However, it depends on you to action after the receiving this knowledge.
Minimum Viable Product
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MVP is a development technique where new product is introduced in the market with basic features to get the customers’ attention and response before releasing the final product. Final product is released only after getting sufficient feedback from the initial user.
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MVP technique helps Startups in making the final product much better. A basic version could be of any product, it could be a Car, Website, App, or a laptop. By introducing the basic version, you will gauge the responses from consumers or buyers.
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It could be a consumable product, daily use product or even a service provided. The idea is to start small and then take cues from the users as to what exactly are they expecting from the product; getting feedback from the consumers which will help in making the desired changes in the final product. So, what are the techniques to get started?
Sell Before Your Product
I earlier said something about basic version of your products, it is advisable that you sell your solution to customers, before you put in hundreds of hours to build your final product. You should find a way to start by laying out your product instead of investing time and money on developing something that people don’t want.
Contact your target market and pitch them on your idea as if it’s already built. When addressing customers, how can they visualize the final version of your products. Note if people are really interested in what you are building and if so, don’t hesitate to ask for money. It’s good to accept pre-order for your product, it’ll help and provide some flexibility.
Through different business models like pre-order or subscription, you can have your customers buying your products in advance which can actually fund your entire project.
Start Local Operation
About developing your product, it is necessary to start and solidify your operation.
It is essential you have signals of traction to show when approaching investors which you can’t have except you start a local operation. Make sure you have customers paying you recurrently so that you will have strong signals of traction to show an investor.
After starting your operation, it’s time to fine investors. You prepare your pitch and at the same time, make sure you prepare the usual stuff like executive summary, slides deck, business plan and budget.
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