Please tick or put a cross next to each statement on the 10 Step-Smart Start-Up Checklist. This is a retrospective look at your start-up, assuming that you have completed each task. This is purposeful to help you to identify gaps and discover untapped opportunities to accelerate your growth trajectory.
1/ What problem/s have you identified that your business model is solving and for whom?
The need/s for what our business model delivers in the marketplace have been clearly identified and acknowledged.
We understand who our customer/s are that we are servicing or intend to service, and what industry verticals or customer segments they belong to.
We recognise how our customers want to engage with our business model.
Our business modelling has evolved according to what we have discovered our customer’s want it to look like, how it should behave and how it should communicate and interact with them.
2/ What is the framework you have used to evaluate the opportunity as a founder/s?
We have determined and understand what our motivation is to make the business a success.
We have a strong network of family and friends to support us.
We understand what the external environment is in context to our business model.
We have created a unique value proposition that we can communicate in one or two paragraphs that sets us apart from competitors.
We have explored the resources, structures, channels, platforms and processes that are available to deliver on our vision.
We have researched and gained insight into our ability to perform and deliver on our vision.
3/ What have you determined to position your business to be successful?
Research to determine the evidence that our business model will be viable has been completed.
A SWOT analysis has been undertaken as part of this process to understand the true competitive landscape for our business model.
Industry and like industry trends have also been researched to understand how they may impact on our business model.
Research of best practices has been completed to benchmark against our business model.
We have analysed our business model based on all the evidence we have collected.
The evidence that was discovered is both quantitative and qualitative and has enabled us to establish the true value and perspective of the business in context to the marketplace.
We have defined the need for our business model and created our business plan to deliver this
We have created an MVP to demonstrate what the business offers, with a full or partial capability that demonstrates process and opportunity.
Our organisational capacity and capability have been reviewed and a gap analysis conducted, analysed and addressed.
We have clarity on how we will position our business model to ensure it is sustainable and scalable.
4/ What have you put in place to plan, execute and measure success?
We understand who needs to be involved in the business and why to make this happen.
We recognise what needs to be prioritised to accelerate this process
We have created a business strategy, with incremental quick wins in place to demonstrate progress. This strategy is agile and flexible, to evolve with the business and overcome and create disruption as it grows.
We have established a sales, content and marketing strategy that is a subset of and talks to the business strategy and aligns with our investment strategy to holistically deliver on our vision.
We can demonstrate through financial metrics that our business model is sustainable and robust
We are able to measure customer engagement, map our cash flow and identify our strengths and weaknesses through real time reporting of our performance.
Timeframes have been identified and processes implemented to achieve the desired outcomes in a timely fashion aligned to investment expectations.
Research has identified the right resources which we are implementing to facilitate the business model’s growth trajectory.
We have identified
More than one revenue stream for the business.
How we will KPI and measure the value of equity against investor impact.
How we will plan, build and deploy our technology so that the core code is established as a foundation for scoping and future iterations, in alignment with our business strategy.
How we articulate our brand’s story.
Our growth trajectory and exit strategy for the business for investor transparency.
Our forecast revenue growth rate and scalability to demonstrate how this will be achieved.
5/ Establishing the business as an entity
We have determined what type of business we are establishing e.g. for-profit, not for profit, social entity etc, registered it and branded it accordingly.
We have registered and secured the business name and any applicable copyright and patents have been established and protected.
We have registered and secured all relevant domain names and established how they work within the context of the business vision and business modelling.
Business cards and logo have been created.
A web presence has been created and populated as an online shop front for the business.
Office space or a physical shop front has been secured to operate from.
Banking facilities have been established for the business.
An accountant has been engaged and an approved accounting system has been implemented.
We have secured all necessary insurances to protect the business and its employees.
We have obtained all qualification relevant to operate the business in the environment.
OHSC Compliance has been undertaken and satisfied.
Relevant licences are in place to legally operate the business.
We are legally compliant and have engaged legal counsel.
6/ Understanding the business model journey
We are a Business to Business model.
We are a Business to Community model.
We are a Business to Business and a Business to Community model.
Our business operates on a high margin, low volume business model.
Our business operates on a low margin, high volume business model.
We are a service only business that operates on a single revenue model.
We are a product only business that operates on a single revenue model.
We are a product and service mix business that operates on a tiered revenue model.
We are cash flow positive and have established customers.
We have no customers or live trials currently.
7/ Pricing the business products and/or services
We have not established our pricing model.
We have established our pricing model.
We can demonstrate how our pricing model will operate in practice.
We can demonstrate how it will show predictability and control over the business growth trajectory and positioning in the market.
8/ Creating the right foundation for the business
We have established a governance process to guide and advise the business.
(An advisory board or/and an independent board of directors)
We have not been declared bankrupt nor have any persons associated with the business declared bankrupt.
We have run background checks on people who are involved in the business as a matter of due diligence
We have established an investment strategy to fund the business.
We have created a development plan to deliver the technology needed to create an MVP, its development and deployment as a predecessor of our business platform.
9/ Recruiting to grow the business
We have created an org chart that articulates the structure, capability and capacity of the business to operate and position itself to be attractive for investment.
We have established operational policies for human resource process and procedures.
We have determined the culture and ethics that we aim to establish in the business and how we will communicate these to new employees
We have no paid employees in the business.
We have paid employees in the business.
We outsource tasks to contractors or other resourcing opportunities to grow the business.
10/ What smart relationships have you established to enhance brand positioning, awareness, capacity and capabilities?
The establishment of an advisory board.
Partnerships with like-minded businesses for mutually beneficial outcomes.
The establishment of peer industry alignment and consultation.
The engagement of trusted vendors and/or suppliers.
The engagement of customers through case studies and trials.
The establishment of a reciprocal backlink and testimonial agreement with businesses and individuals we develop business relationships with.
The commencement of private and/or public funding.
The appointment of strategic and experienced management resources.
The inclusion of on-the-job volunteer and paid intern resource to create a low-cost resource base.
Originally posted 2017-02-19 10:39:23.