MVP Technique to Generate $10,000/Month Revenue and Be Profitable
Startups fail in about 90% of cases. Either you win and have your own business with a pricey headquarters and smoothies in your office, or you fail and search for new employment on LinkedIn.
If you want to be one of that 10%, you need to at least validate your MVP in the market and stay out of dangerous pitfalls.
Let me demonstrate.
But why should it matter what some unrelated cofounder thinks about the MVP?
Technical startup for technical founders
A minimum of one cofounder who will be in charge of the technical parts is required if you don’t want to plunder your bank account with a 90% chance of failure; otherwise, your firm will likely fail.
In the best case, Both co-founders are technical.
Trust me, it was quite helpful to them. Otherwise, we would make a lot of mistakes since the procedure would be too slow.
So either join as a technical cofounder or locate one. It significantly reduces your likelihood of losing.
I would use a group like this to ask for a co-founder if I required one.
Launch your MVP as faster as possible
Whether people need your product is the primary objective of an MVP, right? That is all there is.
Don’t think too highly of your startup. Your mother agrees that it’s cool. But you’re not sure if someone actually needs your goods or if it’s just a dream of yours.
Launch as soon as you can, even if it lacks or contains bugs or “fancy” functions. The most crucial step is to test your concept and launch with the most basic features.
Entrepreneurs launch after 1 year of development according to my experience. And you know what? It failed. It wasn’t in demand at all as we expected.
YCombinator described perfectly why a fast launch is essential.
Focus on 1 channel of growth
The fastest way to fail with your startup is to burn your money on ads. At least if you don’t have a positive ROI. Probably you don’t.
It’s not a secret that the best customer is an organic customer.
Let me describe a previous story of successful entrepreneurs. They got 215.000+ users just from one App Store page after 1.5 years, 99% organically.
They only fueled ASO by ads with a small amount of money, around $250–500 per month.
Don’t try to scale before you reach a product-market fit. Ads are an addictive machine for burning your money.
I recommend at least 1 co-founder to focus on ASO or SEO, depending on your product.
Be lean as possible
Payrolls are the main character of your burn rate.
To be able to quit your job and devote all of your attention to your firm, you should better invest money in yourself.
As I have discussed successful entrepreneurs, they hired and fired. It was challenging. Believe me.
The Lean Startup is the best book a successful founder has ever read. Obtain it if, like me, you are a technical founder without previous startup experience. It is the Holy Grail of startups.
Make a pivot to survive
On Bumpy’s App Store page, we updated our marketing messaging and made a few small product changes. After a few months, we suddenly went from absolutely no revenue to $1,000.
It wasn’t our last pivot at the time, but a tonne of code and time almost got us kicked out.
My advice is to have a firm belief in your product and persevere even if it doesn’t live up to your expectations or it seems like no one else is interested.
Read more here about pivoting.
On their App Store page, they updated their marketing messaging and made a few small product changes. After a few months, they suddenly went from absolutely no revenue to $1,000.
It wasn’t the last pivot at the time, but a tone of code and time almost got us kicked out.
My advice is to have a firm belief in your product and persevere even if it doesn’t live up to your expectations or it seems like no one else is interested.
Read more here about pivoting.
Final Thoughts
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