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Startups: What are the best practices in getting my startup off the ground with dwindling funds?
CM
CM
Craig Morrison, Product Designer answered:

Hi, I'm Craig Morrison, I'm a Product Designer and Entrepreneur.

The biggest red flag I see here is that "development" is painfully slow.

What are you trying to develop? More features? Bigger product? More more more more more?

Stop. Stop development entirely. No more building. You have a product. That product has users.

Feature bloat will kill you. Every "addition" you put on your product costs more time and money to maintain (and fix).

Keep that in mind. The more you build, the more you're adding to your monthly burn. If you don't have much money, you need to halt everything and focus 100% on the goal of generating revenue.

You need more paying users.

Focus on two things:

1. Communicating with current users to find out their pain points in their lives and with your product.

2. Use the info you discover about your current users to find more users.

With the proper user research, you should be able to establish patterns in your users that will teach you how to speak to their pain points when pitching your product.

It should also give you an indication where these users hang out, either online or in real life.

The next step is to target these ares using the knowledge you gained from speaking to users.

If you have a free product which you're hoping to generate ad revenue or get funding/bought than you might want to consider if there is a way provide a paid version of what you've built.

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