From bar napkin to zillionaire in 10 “easy” steps

Funny how these things happen sometimes. A friend of a colleague/friend read my “How YouTube and Facebook are Killing Innovation and Success” from a couple weeks back. She/he appreciated the insight and suggested we get together to discuss a collection of ideas she/he and a couple “partners” had been kicking around.

A day or so later we met. After an couple of hours of mostly highly discussion she/he popped the question: “Mark, what would you do?”

Below is a rough and obviously very high level synopsis of the answer that came off the top of my head then (and has been refined a bit since):

Note: Many of these are not silos. That is, the reality is they are interconnected and take form in an agile and interactive fashion. They tend not to happen in a nice and neat linear list as you see here.

  1. Develop your logo / brand identity. This includes domain name(s), social media profile handles, etc.
  2. Formalize your mission statement. Be clear and concise about your idea to the point that all partners agree and sign-off, be it informally or formally.
  3. Organize your collection ideas into a 10 slide “”pitch-deck”. There could be multiple versions of this pitch depending on the target audience. Regardless, each pitch should answer the target’s “What in it for me?” Note: This step is as much about aligning the partners as it is about organizing your pile of ideas and crafting your pitch(s).
  4. Sketch out a marketing plan and set some goals. For example, how many Twitter followers and Facebook “friends” equals “critical mass” and success.
  5. Set up social media accounts (e.g. Twitter, Facebook, etc.) and begin collecting followers. Track that against goals and regularly assess how much resources it’s going to take to hit your targets.
  6. Set up a basic / coming soon / sign-up-for-beta website. Use any of the above content to flesh that out. Ultimately, the site should get beta sign-ups, help add FB Likes, Twitter followers, etc. The fact is, with barriers to entry so low, cutting through the clutter is a very difficult task. Most non-marketers severely under-estimate how difficult engagement really is. In other words, you’re not the only outfit with a great idea trying to get people’s attention.—Be sure to use Google Analytcis on the site so you can monitor: traffic, nature of the visits, clicks, etc. in order to gauge the level of interest. GA is essential. Collect and analyze your all data in order to refine the sketch of your marketing plan.—I’d recommend a blog on the site to communicate ideas, show progress, collect comments, etc. A blog is also good for SEO. That said, content generation takes time. Who’s going to do that? Reply to comments, manage the social media accounts (correctly), etc.?
  7. With that said, define roles. Of the partners, who is responsible for what, when, etc. Don’t assume. In fact, never assume. Also, there’s a massive amount of truth to, “The devil is in the details.” You’d be surprised how easy it is to not  on executing once you get past the idea on a bar napkin stage.
  8. As that’s all moving along, refine your wants-list into real business needs, (fairly detailed) functionality, wireframes (hand-drawn is fine), etc. and begin to design and develop the brand’s website. Your critical mass goals, sign-up progress and traffic will help to dictate your timeline.—The current rule of thumb is to get in the game with a raw but solid idea and refine as you go. None the less, you have to have some framework to start with. Especially, if there are multiple decision makers. It goes without saying that personalities change as the bumps in the road come bigger and faster.
  9. As all that’s moving along, develop a network for press releases and other “good will” type channels. Contrary to popular belief, big dogs (e.g. Facebook) don’t exactly go viral. Once the angel investors and VCs kick in their part those players open up their “little black books” of media contacts to fan the fire of interest in their new investment. When someone tosses in 5, 6 or 7 figures they aren’t just sitting around praying for “viral”. They’re playing puppet master. If you’re more grassroots and boot strapped then you might be limited to praying for viral. It’s up to you.
  10. Discuss if not formalize an exit strategy. You’d be surprised how well defining the way out helps to determine the path(s) you take. Building a house to live in and building one to sell are usually two very different approaches.

And now for the Bonus Tip:

Don’t quit your day job until your have to. On the other hand, there’s something to be said for, “Where there’s a will, there’s a way.” Having your back up against the wall can be inspiring—provided the partners agree on who’s going to bear that burden.

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