The Ultimate Cheat Sheet On Startup!

Starting a new business venture is exciting, scary, all that and more. Right? The journey of a thousand miles starts with a single step, they say. But what should that first step be? Here, we’re going to give you a quick cheat sheet, map out that first step – and the next one, and the […]

  • Starting a new business venture is exciting, scary, all that and more. Right? The journey of a thousand miles starts with a single step, they say. But what should that first step be?

  • Here, we’re going to give you a quick cheat sheet, map out that first step – and the next one, and the one after that.

  • The Idea. It all starts with the idea (or ideas.) What made you decide to start your own business today? Get those ideas down on paper. We strongly suggest starting with a lean canvas, a simple one-page plan that lets you see everything in a glance, weighing the costs and benefits together with the possibilities. Once you’ve decided what you want to do, don’t forget to apply for any relevant trademarks and copyrights.

  • Market Research. Even the greatest product in the world needs an audience, and you need to know where it will fit in the current marketplace. What need – or want – will your idea satisfy? How are similar products faring? Who is buying them? What are the demographics related to your product – and how will that shape its overall design? Before you begin that first design phase, you should have a clear picture in mind.

  • Customer Engagement. Don’t forget to ask potential customers what they think of your great idea. Even if your potential customers are members of your local community, ask what they think, ask what ways your idea is great – or not – and could be better – or not. If you don’t want to give too much away, you can still be subtle about it. Quietly query the potential marketplace and/or quietly observe relevant conversations, taking careful note of what people say they really want. Ultimately, however, the choice is up to you. People don’t always know – or say – what they really want, after all.

  • Prototypes & Product Design. At some point, you will need to get serious about the idea. That means moving from an abstract concept to a functional product. At minimum, a prototype should perform all of the basic functions of the final product. It gives you a chance to work through design realities, explore materials and costs, and finally to show others what your idea will look like when it becomes reality.

  • Getting the Team Together. Once you have your idea fleshed out and ready to go – or perhaps even sooner if you’re doing this all as a team, it’s time to think about who is going to partner with you all the way. Choose these people carefully, based on relevant expertise, yes, but also on shared vision. Even if you are a one-man show, consider networking as a way to find emotional support and business savvy. No one should go this road alone – and sooner or later you definitely won’t be.

  • Investors and Where to Find Them. Getting investors can feel like a Catch-22 situation. Investors, it may seem, only want to invest in successful businesses who therefore don’t really need money. That is not necessarily true. If you have vision and commitment, especially as seen in hard work and personal investment and a sound business model, you might be surprised. That said, people aren’t going to come to you with money – and they (probably) aren’t going to offer money to a vague idea no matter how hard you ask.

  • Try. Try Again. Last but not least, setbacks will come. There will be moments when that great idea doesn’t look so great, when that supplier lets you down, when that investor walks away shaking their head. The secret to success is not to give up. If you’ve done your research, if you’re sure your idea will fit a niche, don’t let momentary setbacks get you down. These things will happen. You can depend on it. You can also depend on your research and your idea that lets you know sooner or later you will get this product out there – and people will buy it.

All of this can seem daunting, we know. Good news: you aren’t in this alone. Wherever you are in the development of your business plan, whether you’re just getting or started or you’ve hit an inevitable snag, you need the right business partners to help see you through from concept to market – and beyond. contact us today, and let W3 Business Minds help with your startup!

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Burning Cash: The biggest Problem of Startups & How to Solve it

Some of the biggest, most famous startups are known — or even notorious — for spending venture capital infusions lavishly on offices, employees, and equipment. Generally, those startups fall into one of two categories: Fast-burning failures, or companies with a known quality product that use some of the cash their massive funding rounds to attract […]

  • Some of the biggest, most famous startups are known — or even notorious — for spending venture capital infusions lavishly on offices, employees, and equipment.

  • Generally, those startups fall into one of two categories: Fast-burning failures, or companies with a known quality product that use some of the cash their massive funding rounds to attract employees with high-end amenities.

In truth, these types of stories cover major outliers on two opposite ends of the spectrum. Startups mainly exist somewhere in the middle part of that spectrum, with extremely varied amounts of initial funding or even none at all outside of what the founders can personally pay for or borrow. The strategies so closely associated with the word “startup,” mostly amounting to hemorrhaging cash until the product takes off or at least does well enough for the company to be acquired, are not a sustainable model for most new businesses.

For most startups, huge spending isn’t an option. Especially at the beginning. The true nature of most successful startups is a lean start, with funding gradually increasing until — in the best case scenario — their product proves itself in the market and receives a big boost from investors.


The Lean Startup Methodology

The basics of the lean startup methodology are:

  • Build the minimal functional example of your product. Work with your engineers to create the leanest example of your product and get it in front of customers as soon as possible to start gathering usage data. There is immense value in getting your product out of the imagination phase and in front of customers.
  • Continuously deploy new versions of your product. Instead of slowly building the full suite of dream features for your product, add new fixes and features as your customers need them. This keeps every man hour focused on the most efficient work at all times. This also leverages the phenomenon of customer needs often being out of sync with engineers’ ideas. Each new feature implemented considers customer feedback from the previous version, instead of engineers and designers dreaming up their own solutions to problems customers might not even have.
  • Make decisions based on actionable metrics, rather than vanity metrics. In this case, actionable means a circumstance with a high chance of bringing in new revenue. A vanity metric, in contrast, is data that sounds nice, like targeting anything that nets new customers, but the best ways to do so sometimes cost more money overall than each individual customer brings in. Prove you can make money before spending too much at once!

The startup planning stances outlined above are even helpful for new businesses with heavy initial funding. Proving you know how to make money efficiently leads to a broader cross-section of investors willing to take a risk on your startup. And if the final goal is to sell the company off to a larger entity, you increase your chances of being well-compensated if the product is operating at a profit or at least losing very little compared to similar potential investments.

These three basics are the tenets of running a lean startup, and will point entrepreneurs in the right direction towards building an efficient, profitable product that proves to potential investors that your startup is worth their time and money.

Do you want to gain more tools to ensure your startup runs in the most lucrative and efficient fashion possible? That’s where W3 Business Minds come in. We specialize in helping startups and new businesses hit the ground running with the absolute best strategy possible, by identifying inefficiencies and plugging in new, data-driven ideas with proven success.

Whether you’re in the planning stages or you have a successful, established business that you know could be doing better, contact us today for a consultation.

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Why your business needs a technical co-founder…and where to find one?

It takes both vision and know-how for your business to succeed. You’ve got the vision. Perhaps you have the start of a team. But in this era of technology, you must also have the technical know-how to get the job done. Don’t overlook that critical component. It’s really not possible to overestimate a technical co-founder’s […]

It takes both vision and know-how for your business to succeed. You’ve got the vision. Perhaps you have the start of a team. But in this era of technology, you must also have the technical know-how to get the job done. Don’t overlook that critical component. It’s really not possible to overestimate a technical co-founder’s importance.

Forming a team that includes a variety of experiences, skills and outlooks can offer your business a better chance at survival. Combining different strengths to achieve your business goal will enhance your success potential.

What to look for:
Your technical co-founder needs to bring a variety of abilities to the table. As you consider what you need for that position, keep these qualities in mind:

  • 1) A record of success
    Don’t take someone’s word for it, let their record speak. Never hesitate to inquire into past work experiences and successes. How do their former team members regard them?

  • 2) Enthusiasm
    Attitude is harder to quantify, but a motivated and enthusiastic presence is critical in your technical co-founder. Look behind the data. Use your intuition. What feeling comes through? Look for a technical partner who enjoys what they do and does it with passion.

  • 3) A feel for both technology and business
    Does your co-founder understand conversion content? Have they mastered exceptional branding? Do they realize how important it is to automate your business process and, just as important: do they know how to do that?

  • 4) Expertise in the fields you need
    You know what you know, and you need to know what you need. Be sure that a potential technical co-founder has the skills your business needs, be it coding skill, design skill, skill in SEO, whatever is relevant to your domain. Do they know how to produce revenue-generating results?

  • 5) Organized
    Knowledge is only part of the equation; production is an equally important component. Ensure that your technical co-founder has organizational ability. Using an effective workflow is key to successful technical production. Businesslike technology is just as important as well as businesslike production. Can your co-founder use the Lean Canvas approach to allow the flexibility your future requires?

  • 6) Balances listening with leadership
    You want a technical co-founder who’s a team player. They need to know and share your vision. And, they need share their expertise easily and naturally. Can your potential partner offer a profitable vision for the future? Do you feel comfortable enough with them to trust their experience?

Where to Find a Technical Co-founder

One model for technical co-founder is to recruit an individual. This process is similar to the process of choosing a life partner or spouse. You may choose to indirectly recruit your co-founder by working your networking system. Attending events geared to entrepreneurship, weekends like “Startup Weekend” for example, or others like them can expose you to technical talents.

Another model that’s worked successfully for many business startups is to partner with an established technology firm. Choosing this route gives you flexibility and the advantage of “hiring” a team as a technical co-founder. Until or unless you find “the one” person to whom you feel a complete and unequivocal commitment as co-founder, working with a technology firm is an investment in your business that can pay dividends in ongoing success.

Consider Us!

If you still have not found your technical co-founder, contact us. We would love to hear your idea and potentially fill that vacant seat on your team. Our work produces results, turning your idea into a lean, mean, well-oiled business machine. We invite you to examine our portfolio page and see how we’ve affected results in business after business throughout our history.

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Startups Business – Determining if Your Business is Ready for Funding

Having the ability to raise capital is a key engine of growth in a startup business. However, before pursuing funding from venture capitalists (VC), other investors or through crowdfunding, a startup business must satisfy several requirements in order to not only increase its chances of obtaining the necessary funding but also to maximize the funding’s […]

  • Having the ability to raise capital is a key engine of growth in a startup business. However, before pursuing funding from venture capitalists (VC), other investors or through crowdfunding, a startup business must satisfy several requirements in order to not only increase its chances of obtaining the necessary funding but also to maximize the funding’s impact on the business. The four most critical requirements that capital markets will inspect very closely are:

  • 1. A complete business plan
  • 2. Detailed market research
  • 3. Realistic one and multi-year plans
  • 4. The expected payoff for the investors
One important additional consideration that a startup needs to consider is if the business has decent growth prospects without addition VC funding. One of the primary drivers of failure in startups is rushing to scale too quickly and drowning debt due to heavy, fixed operation costs.

1. A Complete Business Plan


Without a detailed and realistic business plan, a startup will find themselves coming back empty-handed after meeting with investors. The business plan is the foundation upon which the startup will be built presenting an overall summary of the startup business and the method(s) by which it will make money and achieve profitability. A good business plan will provide documentation for projected business costs, sales, revenue, profit margins and potential areas of growth either organically or through acquisitions. A business plan should give a realistic data on when the startup is expected to achieve profitability.

2. Detailed market research

There are many excellent ideas that sound great in theory but do not result in a profitable business opportunity due to a lack of viability in today’s marketplace. Conversely, ideas that sounded almost nonsensical at the time (e.g. the pet rock) were wildly successful in the marketplace. Solid research provides the grounding for the numerical projections when making a capital request.

3. Realistic one and multi-year plans

Even if a startup projects great growth during its first year, investors are going to want to see plans and projected growth over multiple years. The ‘holy grail’ that investors look for in a business is a potential to go public at some future point. Therefore, they will focus on the staying power of a business much more that a chance to turn a “quick buck”.

4. The expected payoff for the investors

Investors are apt to not provide funding for any business that does not offer a specific payout for them at some specific point in the future. This payout can take many forms, especially for crowdfunding ventures, but the promise must be explicitly mentioned.

If your startup meets all of this criteria and you are ready to pursue funding, contact us and let us help you grow your startup.

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Five steps to attract investors

Attracting investors for any business is difficult, and it’s especially difficult for a startup business, but if you’re ready to go after investment, follow these 5 steps to ensure success: 1. Know your product It is essential to have a strong, professional business plan. Just believing in your ideas isn’t enough, you need to back up your ideas with research and […]

Attracting investors for any business is difficult, and it’s especially difficult for a startup business, but if you’re ready to go after investment, follow these 5 steps to ensure success:

  • 1. Know your product
    It is essential to have a strong, professional business plan. Just believing in your ideas isn’t enough, you need to back up your ideas with research and testing. If your business includes a product, have a working proto-type that you can present to interested investors. Show them that you’ve done your homework and know that your business is ready to go.

  • 2. Know your market
    Know your market before your presentation by doing thorough research. Have the proof on paper to show potential investors that your product is in demand and you know who the consumers are and how to approach them. If there is competition, show how you are different or better. Know the growth potential for your business. Have a marketing strategy ready to reassure your prospective investors that you know your marketplace and have a clear picture of the future.

  • 3. Know your investors
    In the same way you look for your product’s target market, look for your investors. Check out crowdfunding sites for access to different types of investors. Study the sites carefully to find the best fit for your startup business. This will help you concentrate your search, give you ideas for what they’re looking for, and help you save time and energy.

  • 4. Know your pitch
    Know your facts, rehearse your pitch so you know it well but don’t be robotic, anticipate investors’ questions and have answers ready. Know your numbers so you don’t make a bad decision on the spot. Be calm and be yourself but be professional. Most importantly, don’t be over-aggressive or defensive.

  • 5. Let your investors know you
    Tell them your personal story and show them your passion and enthusiasm. Show them you are reliable and know how to use funds appropriately. It is very important that investors know you won’t take their money and use it foolishly, and you need to prove it to them before they commit.
Today’s business world is fast-paced and constantly changing so if you are looking for ways to attract investors to your startup business, you’ll be a step ahead if you prepare yourself well in advance.

If you’d like more information on this topic, or others, contact us and we’ll do our best to help.

Let’s do some realty Checks? :
Do you think your startup business is ready to receive investors Fund ?
Do you Really need investors Money, Read this Articles to know other source of investments

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How to Make a Successful Startup Business Plan.

So, you are ready to start your business. Your dream has pushed you to the cliff and you are ready to jump. And you’ve heard that you need to have a business plan. But what is that? How do you put one together? What do you need to have in your plan? There are actually seven […]

So, you are ready to start your business. Your dream has pushed you to the cliff and you are ready to jump. And you’ve heard that you need to have a business plan. But what is that? How do you put one together? What do you need to have in your plan? There are actually seven key sections to business plans that every serious startups business needs to have to guarantee success. And here is what they are.

  • 1. Business Summary This is a simple straight-forward look at your company. It includes the name and location as well as your mission statement. Anyone who reads this will quickly get a feel for what your business is about.

  • 2. Business Description This is a more technical expansion of section one. It includes the full legal name of your business, a brief history, and a projected aim or outcome. This is where you clearly set your company’s goals and main objectives down on paper.

  • 3. Products or Services In this section, you explain what service your company will provide or what product you will offer in order to achieve the goals you described in section two. You should also include your patents, copyrights, etc. in this section.

  • 4. Market Analysis This is where you will identify your intended market. You will identify who you will serve or to whom you will sell. You identify the demographic so you know who to market your business to.

  • 5. Strategy Analysis In this section, you determine the how. You focus on the strategies and systems you will use in order to effectively deliver what your business promises to the demographic you aim to reach.

  • 6. Organization and Leadership This is the part of your plan where you determine the key roles throughout the structure of your company. You develop your departments and the branches of each department in this part of your business plan. (You don’t need to fill in the chart with names of actual individuals at this point. This is simply the guide you will use to know specifically what roles you need to fill once you begin hiring people to help you lead your organization.)

  • 7. Financial Plan In this section, you will provide the historical financial data (if you are revamping an already established company) as well as your future financial goals and demands. This is the part of your business that many people commonly refer to as “the books.”

How to develop a successful business plan and what elements to incorporate will vary based on the needs of each company. It is not essential for you to have every component on this list nor is it a rule that you cannot add any additional sections. But if you are ready to build your plan and need to know where to begin, this list is a solid foundation that will help you to establish a solid business plan that will lead your company to success.

We would love for you to contact us to see how we can help you startup your business now.

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10 Common Mistakes New Businesses Make

Mistakes are an inevitable part of life; as the saying goes, “We are only human.” But just like in personal aspects of your life, recognizing where things are going wrong in your business affairs and learning from them so you can avoid them in the future is a surefire way to reach success. Don’t disable […]

Mistakes are an inevitable part of life; as the saying goes, “We are only human.” But just like in personal aspects of your life, recognizing where things are going wrong in your business affairs and learning from them so you can avoid them in the future is a surefire way to reach success. Don’t disable your full potential. Check out these 10 common mistakes new businesses make.

  • 1.) Underestimating the Competition: Your products and services bring new, exciting options to the table for customers, but there will always be someone else out there in the same line of work dishing out bright ideas to attract your target audience, and your customers always have the choice to walk away.

  • 2.) Thinking You’ll Get Rich Fast: Overnight success is nothing more than a toxic dream you shouldn’t aim for. With hard work and dedication, the money will roll in but it’s essential your business has time to grow. Thinking otherwise will leave you discouraged and risk you giving up before you see progress.

  • 3.) Not Balancing Business and Personal Life: Being all business all the time is more likely to leave you burnt out and put your personal life at a complete stop than increase production and sales. It’s important to establish a schedule that keeps a healthy balance between both worlds.

  • 4.) Lacking in Leadership Skills: Successful companies have strong leaders running the show, so being a weak leader just won’t cut it. Set inspiration for your team, communicate clearly and consistently, and don’t be afraid to engage in leadership courses if necessary.

  • 5.) Opting for the Wrong Financing: Needing funds for multiple aspects might be essential, but you always want to look into details before settling with an investor or lender because if you don’t, your goal to get your business ahead could wind up burdening your company with debt and high interest rates.

  • 6.) Misunderstanding the Market: Every brilliant growth strategy revolves around knowing the ins and outs of your market from who your competitors are to what customers want. You don’t want to run with assumptions so be sure to research your market.

  • 7.) Not Establishing a Purpose: If your only reason for business is to make money, both your customers and employees will see through that. To gain and retain loyal customers and employees, you must clarify the importance behind what you do and make them feel a part of that greater purpose.

  • 8.) Not Recognizing Strengths and Weaknesses: As skilled and professional as you are, perfection is impossible. Knowing your strengths will enable you to hone into them and use them to their full advantage, but recognizing your weaknesses is just as crucial to your success factor. Acknowledging the weak points will allow you to bring on team members who excel in the areas you don’t.

  • 9.) Cutting Prices: You can find one of the biggest mistakes startup businesses make right on their price tags. They assume the lower the price, the more sales they’ll close but in reality customers see things as “you get what you pay for.” So they’re more likely to pay higher prices for high quality items.

  • 10.) Winging it Instead of Having a Business Plan: Finally, a successful business won’t thrive on a go-with-the-flow approach. You don’t want to attract employees that aren’t qualified for the job, customers who aren’t in your target audience, and run a company without setting any goals. Strategic planning is vital for business growth, so always have a clear plan of what you’re aiming for and what direction you want to steer your business in.
By acknowledging where most startups go wrong, you can save yourself from following their mistakes or take the proper steps to correcting your own. For more ways to gain startup success, visit our blog!

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10 Crucial Errors to Avoid for Startup Businesses

1. Not having a Solid Business Plan – It’s true that many startups don’t even end up following through on their original plan, but having a business plan in place at least gives you a sense of direction and focus. With plenty of distractions abounding, it’s essential to have a solid set of objectives to […]

  • 1. Not having a Solid Business Plan – It’s true that many startups don’t even end up following through on their original plan, but having a business plan in place at least gives you a sense of direction and focus. With plenty of distractions abounding, it’s essential to have a solid set of objectives to build on and tweak as inevitable changes come into play. build on and tweak as inevitable changes come into play.

  • 2. Not Paying for Expertise – You can’t possibly do everything. Not only do you not have the time, but in some departments you lack the experience or the knowhow to pull it off. Admit to yourself that some tasks are better left to a pro and hire one.

  • 3. Not Listening to Customers – How well do you know your demographic? Invest the time to find out who they are and why they are buying your product or service. Concentrate your focus on these reasons and market accordingly.

  • 4. Not Preparing Loved Ones for the Impending Madness – Have you made your family and friends aware yet that they will have to share you with your new venture? Letting them know ahead of time will not only decrease their resentment, but also benefit you in the form of their love and support. A happy you will make better decisions in the long run.

  • 5. Overspending – New startups are typically on a tight budget. Carefully evaluate your needs vs your wants and try to stick to the absolute essentials while you’re still in the startup phase.

  • 6. Underspending – See #2!

  • 7. Launching too Soon or too Slow – There’s a delicate balance here. Launch too early and you may not be fully set up to handle the rapid growth that could ensue. Launch too late and you risk a competitor stepping in to cover your market. Staying organized, methodical and aware will help get your launch timing just right.

  • 8. Entertaining too Many Opinions – They’ve all heard you’re starting a new business and everyone thinks they alone hold the answers to your success. Be deeply discriminating of whose advice you take to heart.

  • 9. Arrogance – Not a trait of a true leader. Stay humble and focused on building a meaningful product, business or service.

  • 10. Avoiding New Technology – Embracing the new technology of today is essential to a successful startup business. Hire a company such as W3 Business Minds to set you up with new technology that matches your needs and helps bring your ideas to life.
Contact us for more information on how we can be an asset to your new startup business.

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