Now the real work begins…
You’ve been operating pretty much in your own little bubble until now. Sure, you’ve sent some emails and maybe even made a few phone calls but the time has come for you to interact with other humans, and interact you will! (a lot)
You’re meeting with people you presumably know already which is a really good way to get the juices flowing. This module is all about documenting the results of your Advisor meetings.
Before you meet, you’ll want to consider topics you should be talking about related to the NINE areas of your Lean Canvas. You can always print out the companion worksheet as a checklist for your meetings.
Before you meet with your advisors
Familiarize yourself with your Lean Canvas again. Your Lean Canvas is a summary of all the information you’ve entered so far, review your notes and complete your Lean Canvas worksheet from the introduction portion of this section. Then, go through each of following Lean Canvas topics during your advisor meetings and ask your advisors AND yourself questions similar to what we have outlined below and in the companion worksheet:
1.1 Market Research
Unique Value Proposition
- How likely will your target customers fire their existing alternatives for your paid membership site or course?
- Does my UA hold weight?
- Do I have some other superpower you see in me that I need to be leveraging?
- How likely will your competitors restrain themselves from going after your customers?
1.3 Problems & Solutions
- Does my target customer’s problem seem big and important enough?
- Is the pain great enough for my target customer to take action?
- Is the impact my solution will provide my customers big or small?
- How feasible is my solution?
- Is my solution more difficult to create than I expect?
- Do I need to hire someone to develop my solution? If so, where can I find the right person?
- Am I overcomplicating my idea?
1.4 Early Adopters & Customer Segments
- Is the target market I identified the right market to target?
- What customer segments have I not considered, or should I rethink?
1.6 Revenue & Cost Structure
- Are you charging enough?
- What could you offer to attract your target customer to a higher subscription fee?
- Have I considered all the costs associated with my paid membership site?
- How much margin do I have between my cost and my sales price?
- Am I considering the most optimal cost structure to break even?
- How might I reduce costs and break even faster?
- What’s the most important metric I should be tracking?
- What’s the best way to capture this key metric?
Have a good idea of how the conversation needs to flow now? Print out the Worksheet, make it your own (i.e., go through those questions you believe will add the most value) and meet with your advisors. Be sure to take good notes!
After you have everything together, answer these questions to complete this module: