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MenuHow do you go about building a client base on a website where you help them?
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It's the chicken or the egg question and in all truth you need both to grow each other. You need to figure out about the minimum level of businesses you need to keep customers coming back and back. Second, you need to offer those business a free trial period, say 3-6 months, so that you have the businesses that will attract the people, but the businesses are not throwing away their money on an empty project, while you are recruiting your people.
You also need to market yourself and start early, while you are still setting things up. Get the word out: make youtube videos. Ask other sites to attach a link to your site. Write on blogs. Leave links on blogs (it is a bit of spamming but if the blog owners don't like it, they'll delete the link). Even better if you can do a trade for service with those same blog owners.
Be creative and MARKET MARKET MARKET. There's an old Russian saying: not advertising your business is like flirting with a girl across a non-lit room.
Find the market that is ready to pay for your service BEFORE you go build anything.
Go talk to your target market. Find out what they want. THEN build the site.
Nearly everyone does this bass ackwards, and creates nothing.
I see many dangers in your sentence "Help businesses post their services to reach customers".
To significantly increase your chances of success (and avoid extreme overwork which often causes burnout), I highly suggest you do two things :
1 - select a specific industry
2 - select a specific geographic area
The best parallel I can do is with Starbucks. It looks today as if they are everywhere. But in reality, they started small, tested and tuned their 'system' locally, and gradually expanded geographically.
Facebook did the same (started by only focusing on the academic market, with a clear focus on the 'dating' aspect, and then expanded).
In your case for example, your statement could be "Help accountants in Boston post their services for free to reach a larger consumer base".
Notice how you get instant focus with this simple change, you now know who to reach on both ends.
You can get even more focus by using a specific business size and smaller geographic area :
"Help accountants doing over 5M$/year in Cambridge post their services for free to reach a larger consumer base".
I clear message like this is very important in terms of customer acquisition because this level of specificity creates an 'this is for me' reaction, which instantaneously creates trust in your solution (one size fits all is dead).
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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How was SnapChat able to grow so quickly?
I'm answering your question assuming that you hope to be able to replicate it's own success in your own mobile app. There are a couple of factors responsible for it's growth that are instructive to anyone building a mobile app. "Leveraging the intimacy and privacy of the mobile phone." We now have an *intimate* relationship with our phone like no other device in the history of technology. Every internet company that started before around 2010 has built their core interactions around "the old web" one which was accessed primarily via a browser on a computer. Companies that start with a clean slate, should be building their interactions around how to do whatever the app is supposed to do while leveraging what is unique to people's relationship to their mobile devices. Photo-sharing has become a core part of the way we communicate now. Snapchat built something that provided an experience that leveraged the feeling of privacy and intimacy that is unique to mobile. "Provided an escape from the "maturity" of other online services." Too many parents, aunts, uncles and other "old people" have encroached into the social networks of teens and young people. As a result, they've had a desire to find places to express themselves in places inaccessible by older generations. An important distinction is that it's not just parents and relatives that young people are trying to avoid, but also employers & colleges who are increasingly using "mature" social networks to review applicants. "Leveraged PR even bad PR" The fact that the app got so much press about it being used to sext was perfect PR for the company, as it essentially reinforced the brand experience that it has today. Essentially, "if it's safe enough to send a sext, it's safe for any kind of communication I want to have." And although the safety and security of Snapchat is actually not as advertised, it still enjoys the reputation of having less impact than any primarily web-based service. Building a successful mobile application is one of the hardest challenges to face designers, programmers and entrepreneurs in the history of writing software. Happy to talk to you if you're considering building a mobile app, about what I've learned about the "table stakes" for success.TW
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Whats the best way to find commission sales reps?
This is not my specialty, however, I have been in your position many many times -- maybe this will help. If the product is in-tangible, then look for JV partners on the Internet. Try to find an expert that deals with these JV opportunities (like me). If the product is physical, then look for sales organizations that have networks of sales people across the country. You do the deal with the organization and the independent network of sales people sells your product. It's a sweet setup if you can negotiate a margin that works for everyone. Hope that helps - Cheers - NickNP
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How much equity should I ask as a CMO in a startup?
Greater risk = greater equity. How likely is this to fail or just break even? If you aren't receiving salary yet are among 4-6 non-founders with equivalent sweat investment, all of whom are lower on the totem pole than the two founders, figure out: 1) Taking into account all likely outcomes, what is the most likely outcome in terms of exit? (ex: $10MM.) Keep in mind that 90%+ of all tech startups fail (Allmand Law study), and of those that succeed 88% of M&A deals are under $100MM. Startups that exit at $1B+ are so rare they are called "unicorns"... so don't count on that, no matter how exciting it feels right now. 2) Figure out what 1% equity would give you in terms of payout for the most likely exit. For example, a $10MM exit would give you $100k for every 1% you own. 3) Decide what the chance is that the startup will fail / go bankrupt / get stuck at a $1MM business with no exit in sight. (According to Allman Law's study, 10% stay in business - and far fewer than that actually exit). 4) Multiply the % chance of success by the likely outcome if successful. Now each 1% of equity is worth $10k. You could get lucky and have it be worth millions, or it could be worth nothing. (With the hypothetical numbers I'm giving here, including the odds, you are working for $10k per 1% equity received if the most likely exit is $10MM and the % chance of failure is 90%.) 5) Come up with a vesting path. Commit to one year, get X equity at the end. If you were salaried, the path would be more like 4 years, but since it's free you deserve instant equity as long as you follow through for a reasonable period of time. 6) Assuming you get agreement in writing from the founders, what amount of $ would you take in exchange for 12 months of free work? Now multiply that by 2 to factor in the fact that the payout would be far down the road, and that there is risk. 7) What percentage share of equity would you need in order to equal that payout on exit? 8) Multiply that number by 2-3x to account for likely dilution over time. 9) If the founders aren't willing to give you that much equity in writing, then it's time to move on! If they are, then decide whether you're willing to take the risk in exchange for potentially big rewards (and of course, potentially empty pockets). It's a fascinating topic with a lot of speculation involved, so if you want to discuss in depth, set up a call with me on Clarity. Hope that helps!RD
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What should I do to have my first client on Clarity.fm?
I started on Clarity just by answering questions last summer. I used to love Quora but really disagreed with a number of changes they made and so when Clarity launched answers, I started answering questions. I'm incredibly busy but let's face it: we all have extra time. We spend it looking at our phones, on Facebook, socializing with friends, whatever way each person does it, we all spend time on non mission critical stuff. Because I genuinely enjoy helping others, I treated Quora as a way of relaxing the same way others would read news sites or blogs. And so I switched all that time to Clarity by answering questions. I don't recall the exact specifics but by providing real answers (not just, "call me, I can help you), I had my first call request within about a month of my first answer. And I got a nice review. And some more questions answered, and a couple more calls, and a couple more reviews. And from that point, the call volume increased. Simultaneously, I started referring all "can I pick your brain" requests on LinkedIn and email to my Clarity account. And so some calls initiated that way. More reviews. Now, a year later, I have done over 200 calls, with the majority of it inbound from Clarity. Take it from me, if you make the time, and provide genuine help to people, you will get rewarded for it. But like anything in life, if you're not willing to invest the time and resources, you're unlikely to see any return.TW
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