Posted May 8th, 2011 by Nathan Furr with No Comments
The Nail It Then Scale It startup business model is a time tested formula for starting a new business. Entrepreneurs and startup incubators all over the world are adopting the new startup business model to launch their companies.
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How to Nail the Business Model as discussed in Phase 4:
1. Validate the Financial Model
“Fixed Costs and Variable Costs: First, as a rule of thumb, try to keep your costs as low as possible. Keeping your burn rate low will preserve your options and allow you to fall down, get up, and restart several times before you actually get to the end of the runway.”
2. Iteratively Launch the Product and Go-to-Market Strategy
“As you launch the product, you should continue to iterate with your customers, evolving the product to fit their needs. But you should also slowly be transitioning to the point where your product is becoming a complete solution and as sales continue, you change it less and less until the sales model becomes truly scalable.”
3. Develop a Business Dashboard with Continuous Data Flow
“As you begin to grow the business, identify the metrics that are most relevant to the growth of your business and keep a close eye on the data. Gut feelings can only take you so far whereas data gives you facts which lead to real insights.”
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Written by Nathan Furr