Lana here and it’s the start of the week!
We are frequently asked to share our experience about doing the Kickstarter campaign and these are some of it.
So here it is our #KICKSTARTERLESSONS Part 1!
Our product is The 90 Day Action Planner. It’s a workbook, planner and toolkit all rolled into one. It is also our “MVP – Minimum Viable Product” for our business.
Our plan for Co.LAB is to create an online learning and training platform for creators and innovators to learn business skills, knowledge and mindsets. From the MVP we have further services that we want to develop. But first we wanted to test our idea that our niche needs planning and goal-setting, connecting, aligning and creative thinking as the core competencies. We had other activities like creating a survey and we had 121 entrepreneurs (thanks to you all who answered!) taking it, which gave us a picture of how long entrepreneurs struggle with their business idea.
The planner is a tool that we are assuming can help jumpstart that aligning and clarity process.
We decided to crowdfund it because of 3 reasons:
1. We want to validate our idea that entrepreneurs will want our planner for them to make their ideas happen. Validating an idea has become one of our big learnings from the Get Started Program from the Erasmus Center for Entrepreneurship.
DID YOU KNOW that 49% of businesses fail in their first year because of no market fit? As entrepreneurs we don’t want to experience that, so creating MVP and testing them is one way to know if there is market fit for a product you are creating.
2. We want the book published without us spending money on it (bootstrappers here!) Crowdfunding is a great win-win solution. Backers only get charged when the campaign is fully funded. Lastly,
3. We want to build our community (yes we are growing!) and be more visible and credible. We know that in this field we are just two newbies. We have experience and talents and we know what we can do (and we do those well!) but in a bigger scheme of things, no one knew us. We needed to position ourselves and the Co.LAB brand with the activities that we are doing. Which also meant consistently asking ourselves – will this activity bring us closer to our goals?
HOW DO YOU VALIDATE YOUR IDEA?
How do you make sure that there is a market need for your product or services? In the Get Started program from the Erasmus Centre for Entrepreneurship this topic was one of the highly emphasized subject-validation.
Prior to taking the program, our idea of validation was getting a handful of clients, testing it with them and voila, my idea is validated. But after going through the program and learning about different tools like the Experiment Board, I realized that Validation is an ongoing process.
Here are some insights on the past weeks of doing a Kickstarter campaign for our book, The 90 Day Action Planner:
? Be in alignment to your value proposition. What makes your idea compelling? We realized a week in the Kickstarter and after doing our entrepreneur survey that we weren’t nailing it with “you need to plan”.
When our survey revealed that more than 50% of 120 entrepreneurs take more than 6 months to 5 years to get clarity with their business ideas, we decided to position our book differently. We honed in on the need to be in alignment to avoid taking too long, running out of resources and at the same time finding out your market fit.
For this week think about how you are validating your idea. Other ways to do this are:
a. Create a survey (You can check out the survey we made here)
b. Do deep dive interviews with previews clients (more on this in Part 2)
c. Do an empathy map to really get a pulse of what your client needs. (Download one here)
Next part will come soon!
Go here to get:
? A copy of The 90 Day Action Planner, hardcover, awesome, and ready to be used to plan your next 90 days.
?️ An exclusive 2-hour training to set you up and learn how to use the method.
? The 90 Day Planning Challenge that from January to March will support you in making things happen.
? Your contribution to the fellow entrepreneurs of the Ateneo LSE Netherlands.
Stay tuned for more Monday Tips and to know more about our method!