One of the most important selling points for a startup is their potential market size. Market size is the amount of people in any given market segment who are potential buyers/customers. It is important for startups to determine market size before launching their product and/or service. The goal is to figure out where these customers are and then sell to them. The size of your market determines your potential sales. There are several ways to find the market size for your startup, however a common option is buying a market research report.   Market research reports are a detailed analysis of a given market and offer insight into business decisions and strategy. These reports allow you to see information about market shifts. They typically run anywhere from $5K to $20K. Keep in mind, this is a costly investment and there are other ways to find the market size. For example, you can usually find the summary of a market research report on the web which gives the market size at a high level. You can also contact the trade association related to your industry. These associations are most often located in Washington DC as they provide government advocacy in addition to industry support. The website of the association typically provides stats on the industry including market size and sector breakdowns.

Until you know what it takes to achieve success from your customers’ perspective you will just waste valuable time. – Jason Whitehead For many startups the customer is an important piece in the puzzle that is your business’s success. In order to be successful, think of the business and the customer as a companionship that will ultimately mold the future of your startup. This companionship takes time and dedication because it takes unbelievable effort to get it just right. In the beginning, it may not be clear what the majority of your customer base wants and seeks. It’s your job to find out. The key is continuing your relationship with the customer and seeking both the trials and the errors as you grow alongside your customers and clients. You must always be aware of your customer. You’ll need to get out there and figure out their wants. You’ll need to pick apart what they’re really looking for. Unfortunately, a lot of startups tend to enter into their respective spaces with blinders on. It’s easy to become so focused on the product and what your team is building that customers take a backseat to the company’s vision. However, keep in mind that you won’t be able to bring your best product to the general market without listening to the customers first. Putting the customer in 2nd place can also cost you some valuable and irreplaceable time. So, always listen to what the customer has to say, even if you don’t agree at first. Persistence is key. You’ll be wearing many hats as an entrepreneur and that’s one of the most exciting parts of running a startup. However, the focus should always remain on the customer, regardless of how many hats are worn. Persistence will drive your relationship with your customer base and your customers will appreciate the effort. They will appreciate the effort because you are working toward something that works for them. The customer is the single most important person that will propel your business and your product forward into success.

As a startup it’s good to know where you stand in terms of funding. Did you know there are several key factors that come into play? Investors will look at a number of things when considering if they’d like to move further. Key Factors Include: -Product -Monetization -Revenue Model -Competitive Advantage -Market Size -Team -Growth Rate -Customer ROI -Exit Potential It can be a lot of information to sort out, so we’ve come up with an easier way: our Venture Funding Calculator. Just answer this short list of questions and automatically get results showing how fundable your company is. The calculator provides a quantitative score of how investors, like VCs, angels, and family offices, will value your deal based on the team, product, revenue model, value proposition, exit potential and other characteristics of your startup. The score highlights where you currently stand, and what you can do to improve your score. A score above 50 means your startup has enough merit that investors will give it some consideration. A score above 80 indicates medium interest, while a score over 90 will translate to strong interest from investors. In just a few minutes, you can learn what to change to get the funding your company needs to move forward. What’s your score?

“Your audience is waiting for your stories. They have memory slots tailor-made to light up and remember you.” ― Steve Woodruff Every business has a story to tell and it is important to tell your story to the best of your ability. Sharing a personal element when it comes to your business is bound to draw people in, capitave, and persuade others to consider the problem you’ve discovered and why it requires a solution only you can produce. In addition to the problem and the solution, it’s also important to talk about the challenges you’ve faced and overcome. Sharing your story offers the chance to draw on a relatable experience giving you the opportunity to connect with those who can help you and your business to reach its full potential. Be sure to explain your current business status and where you see it heading in the future. One of the best ways to tell your story is to make it as concise as possible. This is where understanding the elevator pitch becomes incredibly important. The elevator pitch means being able to tell your story and pitch your business in 60 seconds or less. This type of pitch is ideal when it comes to making the most of your words in a limited amount of time. Another thing to think about is: If you only had 5 words, how would you pitch your business? The best business strategy involves a short and sweet synopsis. Think about 5 well thought out words that sums up your company. Remember you’re on a mission to showcase your startup and catch the investor’s attention. Tell your story and practice the ability to keep it concise.