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Put it to The Really Good Idea Test!

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The Really Good Idea Test [Shalet, Julia] on Amazon.com. *FREE* shipping on qualifying offers. The Really Good Idea Test

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Clay Christensen: The Jobs to be Done Theory

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Growing your business in the current climate is harder than ever. To build the right strategy and make the right decisions you'll need access to the latest data.

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Growing your business in the current climate is harder than ever. To build the right strategy and make the right decisions you'll need access to the latest data. Our research uses the latest market forecasts. Here are just some of the questions our research can help you answer: How big is the market and what is the forecast for growth?

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The human insights missing from big data

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The human insights missing from big data

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Tricia Wang: The human insights missing from big data

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Why do so many companies make bad decisions, even with access to unprecedented amounts of data? With stories from Nokia to Netflix to the oracles of ancient Greece, Tricia Wang demystifies big data and identifies its pitfalls, suggesting that we focus instead on "thick data" -- precious, unquantifiable insights from actual people -- to make the right business decisions and thrive in the unknown.

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Tom Hulme: What can we learn from shortcuts?

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How do you build a product people really want? Allow consumers to be a part of the process. "Empathy for what your customers want is probably the biggest leading indicator of business success," says designer Tom Hulme.

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David Rose TED Talk: How to Pitch to a VC

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David Rose TED Talk: How to Pitch to a VC

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Steve Blank: Validating Product Market Fit

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Steve Blank: Validating Product Market Fit

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Validation: Be Sure Your Startup Vision Isn't a Hallucination. 2 Minutes to See Why

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Last updated: Jan 30, 2021

Are you looking for ideas to unlock your long-term business value? If you shook your head in yes, remember that business model is one of the ways to streamline your business process.

Precisely, a business model is a holistic framework to define, understand, and design your entire business in the industry. Often novice entrepreneurs do not understand the significance of the business models.

Check out 50 different types of business models, along with examples of companies for better insight. Try to adopt these business models in your startup.

1. Franchise model

Best for the company's expansion, franchising allows the franchisor to license its resources, brand name. Intellectual property and rights for a franchise to sell its products and services in exchange for a royalty.

McDonalds's is the best example, which has 93% of its franchised restaurants worldwide.

McDonald's is the leader in the global foodservice. It operates 36,059 franchised restaurants out of a total of 38,695 restaurants worldwide.
Its franchise restaurants have increased year-on-year for the last 13 years.

2. Multi-sided platform model

3. Cash machine business model

Also known as the cash conversion cycle (CCC). It basically means how quickly a company converts cash to good and services and then again into cash. This model is used by the companies who make low-profit margin but survive in the market with a disruptive position. Like, generates a massive amount of cash from its online store before it pays to its suppliers. Another way to look is that Amazon runs its supply chain on vendor credit.

Cash Conversion Cycle: Cash ==> Product & Services ==> Cash

Pro tip: This type of business model is most suitable for inventory type of businesses.

4. Freemium business model

A mix of free and paid services, the freemium model is mostly used by tech companies in the Software as a Service (SaaS) or apps business model. To grow business and acquire customers, companies offer free (lite) versions to customers but for a limited time or with limited features. To unlock the upgraded features, the customer has to opt for paid services.

Pro tip: It's an excellent way to encourage customers to try the software or application.

5. Subscription business model

This model allows the customer to get services by paying a fixed amount every month or year. In this case, the company has to provide enough value to its customer, so they visit the website over and over again.

It allows companies to segment the market and offer a specific number of items in its content under different plans and prices known as tiered offerings.

For example, Netflix offers monthly subscriptions under the Basic plan for $8.99/month, Standard plan for $12.99/month, and Premium plan for $15.99/month.

Pro Tip: This model is useful for content or service-based websites.

6. Peer-to-peer business model

7. One-for-one business model

The one-for-one business model can be referred to as a social entrepreneurship business model. It's a hybrid solution, a combination of both profit and not-for-profit services. Although there are some debates about its long-term sustainability, many companies are pivoting their business models to cater to socially conscious millennials. The best example is TOMS Shoes that provides shoes to underprivileged children globally for every pair of shoes sold.

This model refers to a revenue generation system in which users don't have to pay for the services offered, but the company still earns revenue streams from other sources. Like, Google earns from advertising money spent by businesses to bid on keywords while users don't pay for the search engine.

9. Razor and blade business model

In this model, one item (Razor) is sold at a low price while another associated item (blade) is sold at a premium price. It is also known as a printer and cartridge business model. For example, the price of inkjet printer itself was just a one-time expense, however, getting a new ink cartridge replaced is an ongoing expense for consumers. The model is great if you have a loyal customer base and if you can create some sort of lock-in situation with customers.

Pro tip: Use this model, if there is a need for recurring sale of an associated item, which can generate a continuous flow of revenue.

10. Reverse Razor and Blade business model

The business model is contrary to the razor blade model. It implies offering low priced products to encourage customers to buy high priced items as well.

Example: Apple employs this business model perfectly. Apple's App Store and iTunes sell apps, movies, songs, etc. at reasonable rates but charges premium prices on its devices like iPhone, iPad, and Mac.

11. Direct sales business model

In this model, products are directly sold to the end customers either in a one-on-one conversation or small gathering, remember Tupperware house parties? The salesperson gets a share of every sale. Although technology has superseded the direct sales method in many ways, still many companies prefer to give a personal touch to its customers.

12. Affiliate marketing business model

In this model, companies make money by featuring, reviewing, and recommending other company's products or services. Think about product review websites. These websites are paid based on sales opportunities that they bring to their vendor companies.

13. Consulting business model

Companies that provide consulting services by hiring experienced and qualified people and having them assigned on client's projects follow the consulting business model. These companies tend to charge on the hourly basis and/or they take a percentage share based on the successful completion of the project (cost reduction project). Mckinsey and Boston Consulting Group are multi-billion-dollar businesses that are based on this model.

Pro tip: if you are a subject matter expert (SME) in a field, and when the duration of the project is uncertain (based on the change in client's requirements) then consulting business model is an excellent way to charge your clients.

14. Agency-based business model

This is a project-based business model, where an outside firm is hired to complete a specific task. Traditionally, businesses that lack internal expertise hire agencies to get a customizable solution for their needs. Remember Mad Men? Acclaimed Netflix series that focuses on advertising agency and their clients. Some niche agencies are digital marketing, design & architecture, survey, promotion, media, public relationship, branding, website development, social media, etc.

Example: TBWA\Media Arts lab (Apple's go-to ad agency), Leo Burnett Company (United Airlines, McDonald's , Kellogg's are some of their notable clients)

15. User-generated content business model

Allowing users to generate quality content on websites for free to answer other users' questions and provide reviews, this business model is new yet fast-growing.

This model is driven by a wide range of digital commodities, from videos to reviews, pictures, blog posts, testimonials, and any other type of content created by users of a brand. And made accessible via social media.

User-generated content is compiled and sold to companies seeking to exploit consumers' ideas and content to promote their brands.

16. Online educational business model

Targeting the educational industry, including students and teachers, this business model allows them to get access to educational resources via flat course fees or subscription. It can be said as a combination of freemium, course fees, and a subscription-based model.

17. Instant news business model

This model focuses on sharing and updating news instantly without any intermediary.

Companies that use this model provide open and reliable channels allowing trusted primary or secondary sources to communicate breaking news or urgent announcements directly to their audience.

In the past few years, some social media platforms have emerged as the go-to option for instant news from primary sources like presidents, CEOs of companies, and so on.

Example: is the best example. Users can access the news in real-time by checking the trending hashtags.

18. Multi-brand business model

This model is based on marketing more than two products, almost similar yet competing with each other and come under a single organization but having different brand names. It is done to create economies of scale and to build an empire.

19. E-Commerce business model

A simple yet most promising business model, e-commerce allows buyers and sellers to connect and transact using an online platform (online shop).

There are several types of e-commerce business models, including Business to Business (B2B), Business to Customer(B2C), Customer to Customer (C2C), and Customer to Business (C2B).

20. Distribution based business model

A company that works by having one or a few key distribution channels to integrate with its final customers follows this model.

Companies that use this model provide channels for businesses to sell to customers via dealers, brokers, supermarkets, retailers, and so on.

21. Drop-shipping business model

A cost-effective as well as an exciting business model. In drop-shipping, a business owner contacts many different suppliers/ wholesalers to sell their product on the website. Once an order is placed on a business owner's website, wholesaler drop-ships the products directly from the manufacturer to the customer. In this case, the business owner does not have to hold any an inventory and uses the third party to manage all the shipping and logistics needs.

Pro tip: It's an excellent way to start a niche e-commerce business website with a limited upfront cost.

22. Enterprise business model

Targeting and focusing only the large clients, enterprise business model is all based on getting big deals. It is built on complex sales with a good few potential clients. Like the clients of Fortune 500 usually have multi-billion dollars budget.

Example: SpaceX, Goldman Sachs is an example of Enterprise business model because their sales motion is targeted towards very large business enterprise customers or governments .

23. Social enterprise business model

This model is based on the fundamental that companies should make profits without causing any harm to anyone, and a part of it should be spent in humanitarian works to improve human living conditions.

24. Direct-to-consumers business model

This model allows companies or brands to sell their products to final customers directly. Highly effective marketing campaigns and advertising activities are required to retain customers.

25. Family-owned business model

Any business that is run by a family, and its decision-making processes are controlled by two or more family members is a family-owned business.

The leadership of the company is passed to the heir, who will hand over the reins to their children.

26. Blockchain-based business models

The most advanced, futuristic, and modern technology of Blockchain has changed the entire landscape of transactions, involving decentralized network system on a global scale.

Using a decentralized network enhances trust and allows consumers to transact peer-to-peer. Blockchain-based businesses make a profit using tokens and offer Blockchain as a service.

Many crypto-currencies like Bitcoin, Ethereum, and Litecoin use Blockchain technology-based business model.

27. Vertically integrated supply chain business model

This model is about owning and managing the supply chain activities (manufacture, distribution, and retail) for its products by the company itself. When a company has better control over how a product is produced and delivered to end users, it can provide products at lower prices (with better margin) to consumers.

On the contrary, for example, if a company only manufactures a product, and uses a distribution and retail partner. Then at every step of the supply chain, the additional cost is added (markup) by the time the product reaches the end customer.

Examples: Think about companies having both factories and retail/online stores. Amazon, , Luxottica, , and other grocery stores.

28. Combination of chains and franchise business model

In Starbucks' model, all 15,041 stores in the U.S. are company-owned, and all international stores are franchised.

29. Data licensing business model

A business model of 'data' has gained a new meaning in this modern world, especially in the technology sector. Data is a critical component in web technology where companies require critical information to carry out operations and earn revenue.

30. Attention merchant business model

Apple CEO Tim Cook once , " When an online service is free, you are not the customer. You are the product. "

Examples: & Instagram allows brands to market themselves through advertising on their platform.

31. Discount with high-quality business model

This kind of business model is usually practiced by supermarkets and departmental stores that get products in bulk and sell on the wholesale rate.

Examples: discounted products with high quality like ALDI, , Lidl, Ross Stores, and ASDA Stores.

32. Pyramid Scheme Business model

A pyramid scheme is a business model often considered illegal or controversial. The model functions on the sole principal of recruiting members by promising them a reward in the shape of payments or services if they agree to enroll others into the scheme, rather than supplying investments or sale of products.

As the recruiting circle grows with infinite speed, the actual recruitment becomes quickly impossible, which leaves member without any profit.

33. Nickel and Dime business Model

Example: Spirit and Frontier Airlines are a budget airline that charges the lowest possible price for the flight tickets and charges fee over additional services like printed boarding pass fees, carry-on/ check-in luggage, seat preference, priority boarding, Wi-Fi, beverage, meal/snack, phone booking fees, etc.

34. Aggregator Business Model

Aggregator Business Model is a network model which provides collective information about a particular service and sell them under their brand name. Under this business model, most companies provide information and sources on a single industry.

Example: Companies like and for Hotels, for taxi service, Yodlee for financial service, all use Aggregator business model.

35. API licensing Business Model

API stands for application programming interface (API). It is basically a set of subroutine definitions, communication setups, and tools for developing software. API licensing business model provides licensing protocols which allow developers' community to create third-party plugin/add-on apps for well-known platforms. And developers pay a fee to get API access.

Example: , Apple, LinkedIn, and Twitter, they all provide API license services.

36. Crowd Source Business Model

Crowdsource business Model facilitates companies with access to operational solutions like ideas and technologies, upgraded consumer interaction, opportunities for co-collaboration, operation optimization, and reduced costs.

Example: Companies like Wikipedia, , Kickstarter, LEGO ideas, Unilever, (new flavor of beverage) are involved in crowdsourcing.

37. High Touch Business Model

In the high-touch business model, customers' interaction and involvement are on the highest level to make the experience personalized. It is a phenomenon in which a customer gets involved in a kind of partnership with the business. High touch is needed for larger accounts because they pay more and are sticky.

Example: Buying a car at Auto dealership, house, enterprise SaaS requires multiple interactions with the salesperson.

38. Low Touch Business Model

Low touch business model is, of course, the opposite of high touch business model where the product or service is delivered by minimum customer interaction. Low touch is good for low price software tools where acquiring customers is easier.

Example: Companies like Zendesk, SurveyMonkey uses low touch business model.

39. Flex Pricing Business Model

Flexible pricing model operates through a business strategy in the final price of an item is negotiable. In short, buyers and sellers can bargain the price to suit their purpose the best.

40. Auction-Based Business Models

The model is based on the biding option to buy a product or service. The model is although not very common now, it is still used for industries like antiques, real estate, collectibles, and the sales of businesses.

The modern version of the auction model can be witnessed on online platforms trade's new and used items like and Amazon

41. Reverse Auction Business Model

This business model follows a strict pattern of setting the highest prices and let the buyers bid accordingly until the prices start to drop.

A reverse auction is popularly used by businesses seeking suppliers. Eligible suppliers bid lower and lower at each subsequent round to entice the business and win the contract.

Example: Bidding for government contracts

42. Brokerage Business Model

Brokerage business model provides a single platform to buyers and sellers for communicating the deals. It charges a fee for any transaction between the parties either from the buyer or the seller depending on the featured category.

43. Bundling Business Model

Bundling is a business strategy that combines products or services to offer a package gathered as a single combined unit to sell at a comparatively low price. It is the form of convenient purchasing for several products and services from a single business unit.

Example: Microsoft Office 365 (PowerPoint, Excel, Word, OneNote, Outlook) Value meal at Burger King or McDonald's , Printer and ink

Disintermediation Model removes the capacity of outsourcing or a third-party intermediary. In fact, the organizations following this model deal with the clients and customers directly via different channel like the internet.

Example: , are good examples of companies which follows disintermediation model.

45. Fractionalization business model

Example: You can sell a pizza by the box or individual slices of different varieties( cheese/ pepperoni)

Fractionalization business model

46. Pay as Go (Utility) Business Model

The business model charges as per the usage of the product or service.

In recent years, the Pay-As-You-Go model has been adopted by governments and organizations to distribute common goods like solar panels to rural communities, which they pay for gradually over a long period.

47. Product as a service

Product as a service means to sell the service of a product rather than selling the actual product.

Example: Zipcar, Printing service follows the product as a service business model.

48. Standardization business model

Standardization means to make a service universal, which was once a customized one. This attracts customers due to convenience and low prices.

49. User Base Communities

User base communities earn by developing an interactive platform where users communicate on their own with each other and can advertise at the same time. The model generates revenue with both subscription and advertising fee.

50. Leasing business model

Leasing refers to renting large or high-profile items like machines and electronic equipment instead of them selling it.

Example: (Tool rental) MachineryLink, Hertz, Enterprise, etc. have adopted a similar business model.

In addition to the business models mentioned above, there are many others. While these are most commonly used by companies today, you need to wisely and smartly choose one or combination for your business.

Tell us what you think? Did you find this article interesting?
Share your thoughts and experiences in the comments section below.

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50 Types of Business Models (2021) - The Best Examples of Companies Using It

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Last updated: Jan 30, 2021 Are you looking for ideas to unlock your long-term business value? If you shook your head in yes, remember that business model is one of the ways to streamline your business process. Precisely, a business model is a holistic framework to define, understand, and design your entire business in the industry.

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Are there really 3 different engines of growth?

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Are there really 3 different engines of growth?

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UPDATE: I actually made 2 errors with this post. I decided to correct them with a new post so you can see exactly what happened. See the mistakes I made in this post over here.
One of my all-time favorite books for startups is Eric Ries' The Lean Startup.

In it, Eric Ries breaks down three engines of growth:

1. The Viral Engine of Growth - Word of mouth or viral invite system

2. The Paid Engine of Growth - Pay for each customer through ads or marketing systems

I'm mostly in agreement with Ries on these two. You're either going to have to pay for your customers or you'll need to grow from word-of-mouth/viral invite systems.

But the third system of growth really isn't a system of growth:

3. The Sticky Engine of Growth - Keep customers engaged over the long term and reduce churn

This applies to two types of businesses, subscriptions and user engagement. Software-as-a-Service companies use subscriptions so the longer people stay subscribed, the more money they make. For consumer tech companies like Twitter, Instagram, or Facebook, they rely on user engagement so they can monetize their users with ads. In both cases, the business benefits as users keep using the product over the long term.

The strategy for this growth engine is pretty straightforward: reduce your churn to increase the value of your customers. You do this by keeping customers engaged and lowering the percentage that leave in any given month (your churn rate).

But Ries' Sticky Engine of Growth doesn't actually produce growth that scales.

You Can't Get Hockey Stick Growth By Only Attacking Churn

Churn is not a path to growth. It simply raises your growth limit. It's the ceiling that lets you keep playing. It buys you time and gives you more breathing room.

But if you want hockey-stick growth, you'll need to build another engine of growth WHILE attacking your churn rate.

Here's the problem: when you have a "sticky" business and need long-term customer engagement, churn puts your business into a constant rate of decay.

Churn nips at your heels, rots your customer base, and will deadweight your company if you're not careful.

Let's do a quick example.

Say you have a 10% churn rate for a SaaS app. Let's also say that you've found a way to acquire 100 customers per month. Here's what happens to your growth if you keep your acquisition constant:

Early on, the 10% churn doesn't really matter. Your 100 new customers easily make up for it. But once you get to 1000 customers, you churn rate equals your acquisition rate. Within 2 years, your business has stalled.

In order to beat churn, you have to keep accelerating your growth. Even if you have 1-2% churn (the goal for SaaS companies), your growth will consistently slow down unless you build another engine to accelerate it. Churn doesn't get you to the next level, it simply let's you take another shot.

Now let's say that we reduce the churn rate from 10% to 7.5% after 6 months. Here's how your growth differs from the first example:

See how you hit that next ceiling after an small spike? When people talk about growth from lower churn, it's that initial spike since the growth rate now exceeds the churn rate. But it doesn't take long for the new churn rate to catch up and stall the business again.

No matter how low you get your churn, you'll hit a cap sooner or later. Your growth will keep slowing down as every month goes by. The only way to accelerate growth is to build one of the primary growth engines: organic or paid.

The reason that churn is so nasty is that it quickly scales to the size of your business. 10% churn with 100 customers means that 10 customers left this month. If you somehow manage to get to 100,000 customers without addressing your churn, you'll now be losing 10,000 customers each month. It's fairly consistent all the way up. But marketing, sales, and growth systems don't scale so easily. Paying for 10,000 new customers each month is an entirely different game than 10 new customers. Even viral systems don't scale forever, they'll start to slow and churn will catch up in a hurry.

And don't convince yourself that you can achieve some absorb churn rate like 0.1%. Top-tier SaaS businesses are in the 1-2% range, maybe as low as 0.75%. There are hard limits on how low you can go.

Considering that most VC's are looking for at least 100% year-over-year revenue growth rates for SaaS (consumer tech has even more absurd growth benchmarks), you need to build a growth engine that doesn't mess around.

I've spent 2 years understanding the growth model of a SaaS business at KISSmetrics. While churn is one of our top priorities, we wouldn't get very far unless we committed to building an additional growth engine. That's why we built out our marketing and sales teams.

Maybe you double-down on product and customer service to accelerate word-of-mouth. If you're in consumer tech, a viral invite system might work if it adds to the core value of your product. Or maybe you build a paid engine with content marketing and ad buys. Either engine can work. But you need to remember that growth won't come just from lower churn.

Why does this matter?

If you're building a business that relies on keeping customers engaged over time, you cannot expect to grow your company from just a low churn rate.

Churn is absolutely CRITICAL to the success of your business. But it's only one piece of the puzzle.

Look at any SaaS business that has IPO'd recently like Marketo or Box. They all have massive marketing/sales budgets. They're even hemorrhaging cash to keep accelerating their growth rates.

That being said, I DO agree with Ries that the primary goal of a sticky business model is to focus on customer retention. No subscription or engagement business is going to get very far unless they control their churn. You'll hit a ceiling that won't budge until you do. Before you can think about growth, you need to get your churn to acceptable levels. Or all your customers will leave just as fast as you acquired them.

But once you have a low churn rate, growth isn't going to magically appear. And a business looking for high rates of growth will need to acquire customers at scale. Raising engagement will increase the value of your current customers but it won't necessarily bring you new customers. You'll need to delight customers to the point that word-of-mouth and virality start working in your favor. Or you'll need to start paying for customers.

Sticky Engines Don't Acquire Customers, They Grow Customer Value

The primary benefit of sticky engines isn't growth, it's an increase in customer value.

Any subscription or engagement business attempts to spread customer payments out over a long period of time. For many SaaS businesses, the goal is to keep customers subscribed for 24-36 months. By spreading payments out, you're able to increase the value of your average customer. This is one of the main reasons that tech companies have moved to subscription payments instead of up-front software licenses. And consumer tech companies can monetize long-term, active users a lot easier with ad revenue.

In fact, a well-executed upsell and churn reduction system can give you negative churn. This means the value of your current customers is increasing faster than the value lost from customers leaving. Your total customer count drops while your revenue increases slightly. Even if you don't acquire any more customers, your revenue will still grow. At least in the short-term.

But this isn't considered a primary growth engine. It's mainly a strategy to mitigate the impact of churn so you get the full benefit of your real growth engine. The revenue growth from negative churn pales in comparison to any half-decent growth engine. Negative churn will only give you marginal gains.

Won't Better Engagement Lead to More Word-of-Mouth and Virality?

Possibly.

Word-of-mouth growth requires a level of engagement well beyond what it takes just to keep customers engaged each month. Providing enough value to keep customers interested is one thing, providing enough for them to drag their friends into the product is something else altogether.

If you're pursuing organic growth instead of paid, many of the tactics you employ will be very similar to the tactics that you'd use to reduce churn:

Improve value of product

Reduce friction across all customer touch-points

Focus on a single market

Provide fast and helpful customer service

But you'll need to perfect these tactics and delight your customers at a level well beyond what it takes just to reduce your churn. At that point, you're deliberately pursuing an organic engine of growth.

That being said, I'm a huge fan of Eric Ries' book The Lean Startup. I definitely consider it one of the classics for startups. It's a huge inspiration for my own work, I highly recommend it.

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Sorry Eric Ries, There's Only Two Engines of Growth - Lars Lofgren

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UPDATE: I actually made 2 errors with this post. I decided to correct them with a new post so you can see exactly what happened. See the mistakes I made in this post over here. One of my all-time favorite books for startups is Eric Ries' The Lean Startup.

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Vanity metrics: good for feeling awesome, bad for action. (photo source: UK Guardian)

This is a guest post by serial entrepreneur Eric Ries. He was most recently co-founder and CTO of IMVU, which has more than 20 million registered users and generates $1,000,000+ in revenue per month. Eric is also a venture advisor to Kleiner Perkins.

How do you get to $1,000,000 per month in sales? By testing the right things. Eric is a metrics man.

Here is just one business-changing example, taken from the outstanding "How IMVU Learned its way to $10M a year" on Venture Hacks ...

IMVU learned its way to product/market fit. They threw away their first product (40,000 lines of code that implemented an IM add-on) as they learned customers didn't want it. They used customer development and agile software development to eventually discover customers who would pay for 3D animated chat software ($10M in revenue in 2007). IMVU learned to test their assumptions instead of executing them as if they were passed down from God.

Enter Eric Ries...

Vanity Metrics vs. Actionable Metrics

The only metrics that entrepreneurs should invest energy in collecting are those that help them make decisions. Unfortunately, the majority of data available in off-the-shelf analytics packages are what I call Vanity Metrics. They might make you feel good, but they don't offer clear guidance for what to do.

When you hear companies doing PR about the billions of messages sent using their product, or the total GDP of their economy, think vanity metrics. But there are examples closer to home. Consider the most basic of all reports: the total number of "hits" to your website. Let's say you have 10,000. Now what? Do you really know what actions you took in the past that drove those visitors to you, and do you really know which actions to take next? In most cases, I don't think it's very helpful.

Now consider the case of an Actionable Metric. Imagine you add a new feature to your website, and you do it using an A/B split-test in which 50% of customers see the new feature and the other 50% don't. A few days later, you take a look at the revenue you've earned from each set of customers, noticing that group B has 20% higher revenue per-customer. Think of all the decisions you can make: obviously, roll out the feature to 100% of your customers; continue to experiment with more features like this one; and realize that you've probably learned something that's particular valuable to your customers.

Unfortunately, most analytics packages are configured by default to provide mostly reports on vanity metrics. That makes sense, since they are the easiest to measure and they tend to make you feel good about yourself.

For example, here's a pattern I've witnessed in companies large and small. The company launches a new feature or new product, and a few days later, traffic (or revenue, or customers) starts going up. Everyone involved with that product celebrates. In fact, I've noticed that people tend to believe that whatever they were working on that preceded the metrics improvement probably caused the improvement itself. So the product guys think it's the new feature, the sales guys think it's that new promotion - I've even seen customer service reps be convinced it's due to a new customer-friendly policy. In many cases the fluctuations are random or caused by unrelated external events. Unfortunately, the same mental trickery doesn't apply when the numbers come back down. Human beings have an unfortunate bias to take credit for positive results and pass the blame for negative results.

Take the example of a product that has a weekly seasonality pattern. For products "on the Disneyland calendar" they will see higher usage on weekends and holidays. As a result, new initiatives that are launched on Thursday or Friday are likely to be judged a success when people come to work on Monday. Yet products unfortunate enough to be launched on Sunday may be judged a failure by Tuesday or Wednesday - unless the company is focused on Actionable Metrics.

There are some tips to getting to more actionable metrics:
1. Split-tests.
A/B experiments produce the most actionable of all metrics, because they explicitly refute or confirm a specific hypothesis. Either way, you can use split-tests to take action on anything from minor copy tweaks to major changes in the product or its positioning. However, not all split-tests are created equal. There is some value in the linear-optimization type tests that are a useful tactic in growing conversions. But the real value of split-tests comes when you integrate them into your decision loop: the process of putting your ideas in practice, seeing what happens, and learning for your next set of ideas. The tests that drive the most learning are the ones to focus on. A good rule of thumb is to ask yourself, "if this test turns out differently from how I expect, will that cast serious doubts on what I think I know about my customers?" If not, try something bigger.

Good third-party tools for A/B testing are hard to come by - most are too complex for most situations. If you don't have an A/B system, you can use Google Website Optimizer or - if you have a software development team - build your own (for more implementation details, see " The one-line split-test, or how to A/B all the time" and " Getting started with split-testing ").
2. Per-customer metrics.
It's important to remember, "Metrics are people, too." Vanity metrics tend to take our attention away from this reality by focusing our attention on abstract groups and concepts. Instead, take a look at data that is happening on a per-customer or per-segment basis. For example, instead of looking at the total number of pageviews in a given month, consider looking at the number of pageviews per new and returning customer. Those metrics should be relatively constant - unless something interesting is happening with your product. So even a big rush of new customers shouldn't change how many pages they each view on average, unless you're getting a new kind of customer.

Similarly, if you're increasing the engagement of customers with your product, that will tend to show up in the data for the returning customers. But if you just look at their aggregate data, you can miss important trends. I've often observed the following pattern: a big spike of customers joins thanks to a Digg or Slashdot mention. If a product has an average customer lifetime of two months, then after that period elapses, a huge number of customers can be expected to churn out all around the same time. But these effects are hard to keep track of, since customers are coming and going all the time. If you focus only on the number of pageviews, even if you limit it to returning customers, you might mistake a positive product change for something negative, because you launched it during a churn-dominated period.

Many analytics packages, including the much-maligned Google Analytics, have the ability to break down aggregates into per-customer or per-segment analyses. These can help make reports more actionable if you combine them with the Goal Tracking feature. For example, if you can tell which web referrers are driving the most traffic, that's moderately useful. But if you can tell which are driving the most conversions, then you can start to make ROI-based decisions on where to invest your time in getting more traffic.
3. Funnel metrics and cohort analysis.
The best kind of per-customer metrics to use for ongoing decision making are cohort metrics. For example, consider an ecommerce product that has a couple of key customer lifecycle events: registering for the product, signing up for the free trial, using the product, and becoming a paying customer. We can create a simple report that shows these metrics for subsequent cohorts (groups) over time. Let's say we create a weekly report. For each week, we then report on what percentage of customers who registered in that week subsequently went on to take each lifecycle action. If these numbers are holding steady from cohort to cohort, then we get clear feedback that nothing significant is changing. If one suddenly shifts up or down, we get a rapid signal to investigate.

The best thing about funnel metrics is that they allow you to boil down a large amount of information into a handful of numbers. If you don't have the software to build these reports automatically, consider doing it by hand.

This is easy to do if the number of conversion events in relatively small - even if the number of customers is very large. For example, a typical website will have a 1% registration-to-purchase conversion rate. So even if you are registering 1000 new customers every day, those customers are going to result in something like 10 new purchases over their lifetime. So instead of getting fancy, use the good old index cards. At the end of each day, create an index card with that day's date on it and the number of people who registered that day. Then, for each conversion that comes in, make a tally mark on the index card of the date that the person registered, not the date they purchased. For most products, this only requires you to maintain a week or two's worth of index cards, since most products have customers that make purchase decisions relatively quickly. Then, on a weekly or monthly basis, gather up all the cards for a given cohort, and compute the conversion rate of the customers who registered in that period. That's the number you want to focus on driving up.
4. Keyword (SEM/SEO) metrics.
SEM ( Search Engine Marketing) and SEO ( Search Engine Optimization) are great customer acquisition tactics, but they also can reveal important and actionable insights about customers, if we treat customers who were acquired with a given keyword as a segment and then track their metrics over time. For example, early on at IMVU we tried advertising for AdWords phrases that contained the name of a competitor's product plus "chat." We'd then take a look at key statistics for the cohort of customers that registered from each separate campaign. What we found were striking differences in signup and conversion rates depending on what competitor we brought the customer in from. That information is moderately useful in directing a marketing campaign. But it's far more useful as an indicator of who the customer behind the numbers are. We eventually found that the highest conversion rates came from products that are primarily used by teenagers and young adults - a very different demographic than we thought we were serving. As a result, we started to adjust the mix of customers we were bringing in for usability tests, with dramatic results. For concrete examples of user feedback and testing, see the below video from an interview with Mixergy:

Here is a small sample transcript from the above video:

And so out of complete desperation, we were like, "Okay, fine, we'll introduce a simple chat now feature." It was a matching thing where you could push a button and you would be randomly matched with somebody else from around the world - the only thing you have in common is you both pushed that button at the same time.

And we did that, and all of a sudden people were like, "Oh, this is fun." And then - then here's what happened. So we bring them in and they do the Chat Now, maybe they meet somebody new who they thought was kind of cool. They'd be like, "Hey, that guy was neat, I want to add him to my Buddy List. Where's my Buddy List?"

And we say, "Oh, no, no. You don't want your own Buddy List. You want to use your regular AOL Buddy List" because that's interoperability, network effects, all this nonsense.

And the customer's looking at us like, "Well, that doesn't make sense. What do you want me to do exactly?"

And we said, "Well, just give that stranger you just met your AIM Screen Name so you can put them on your Buddy List."

And you can see the eyes go wide - they're like "Are you kidding me?! A stranger on my AIM Buddy List?"

And we said, "But - but otherwise you'd have to download a whole new instant messaging client! And then you'd have to have your separate Buddy Lists."

They're looking at us like, "Do you have any idea how many instant messaging clients I already run?"

We said, "No, what, like two or three?"

And the teenager responds, "Duh! I run eight!"

They were already running, like, fifty clients! I mean, I had no idea how many instant messaging clients there were in the world. And we had this preconception like, "Oh, it's a challenge to learn new software, and it's tricky to move your friends over to the new Buddy List," and all this other nonsense sitting in our heads that just, for our customers, looked at us like we were crazy.

Conclusion and Challenge

A common theme across all of these actionable metrics is the lack of really good action-oriented third party tools.

So I'd like to issue this challenge to all of you reading this post today: share your stories of actionable metrics and how you track them. If there are good tools that you have used, let us know. Most importantly, let us know how you customized off-the-shelf tools like Google Analytics to get more action-oriented. We'll share the results in a future post. We're looking for stories that embody these three principles:

1. Measure what matters. It's tempting to think that, because some metrics is good, more metrics is better. That's why vendors routinely list the thousands of reports they are capable of generating as a feature. The truth is, the key to actionable metrics is having as few as possible. Detailed reports are useful when we've diagnosed a problem and are looking for clues as to what's gone wrong. But where does that diagnosis come from in the first place? Actionable metrics help us realize we have a problem and point us in the right direction to start solving it.

2. Metrics are people, too. Great metrics tools allow us to audit their accuracy by tracing reports back to the individual people who generated their data. This improves accuracy, but its more important effect is that it lets us use the same customers for in-depth qualitative research. Not sure what the numbers mean? Get the customers on the phone and ask them.

3. Measure the Macro. Lastly, even when we're split testing the impact of a minor change, like a wording or a new button, it's important not to get distracted by intermediate metrics like the click-through rate of the button itself. We don't care about click-through rates, we only care about the customer behaviors that lead to something useful, whether purchase, retention for advertising CPM, or some other measurable "success" particular to your business model.

[From Tim: Here are a few options to get the juices flowing: The Better Google Analytics Firefox plug-in and six other tools for specific Google Analytics feature enhancement.]

###

Metrics are just one component of a new vision for entrepreneurship that I call the "lean startup". You can learn more on the Startup Lessons Learned blog. For those that want to explore these concepts in comprehensive depth, including more real-world examples, there will be two all-day Lean Startup seminars sponsored by O'Reilly on May 29 and June 18 in San Francisco.

is one of the most popular podcasts in the world with more than 600 million downloads. It has been selected for "Best of Apple Podcasts" three times, it is often the #1 interview podcast across all of Apple Podcasts, and it's been ranked #1 out of 400,000+ podcasts on many occasions. To listen to any of the past episodes for free, check out .

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Vanity Metrics vs. Actionable Metrics - Guest Post by Eric Ries

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Vanity metrics: good for feeling awesome, bad for action. (photo source: UK Guardian) This is a guest post by serial entrepreneur Eric Ries. He was most recently co-founder and CTO of IMVU, which has more than 20 million registered users and generates $1,000,000+ in revenue per month.

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Your design team is excited about a new signup process. They are convinced it will increase registrations. Your sales team keeps asking for the same feature over and over again. They think it's responsible for lost sales since your biggest competitor features it prominently. Your product manager wants to increase the rate at which you [...]

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Cognitive Biases Archives | Product Talk

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Cindy Alvarez

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Cognitive Biases & The Questions You Shouldn't Be Asking by Cindy Alvarez at Mind the Product San Francisco 2018

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The point here is, the government is willing to invest in its most important economic resource, its human capital; a nation is only as good as its people. Of the over 5.5 million businesses in the UK, over 99% of them are considered to be small or medium sized businesses characterised by having between 0 and 249 employees. An even more staggering fact is that 5.3 of the 5.5 million businesses were considered to be micro businesses, having 0 to 9 employees. With such an immense ratio, the government truly has a vested interest in the success of its businesses as they play a vital role in the growth of our GDP through innovation, technological advancements, exportation, and self-sufficiency.

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There is a range of business competitions and awards open to small and medium-sized businesses in the UK that can provide funding, support, press and much more.

For earlier stage businesses, these competitions can be an excellent way to support and test new business ideas or concept and providing the resources/business networks to grow your startup. For more developed businesses, awards can offer industry exposure, prestige and in some cases growth capital (up to £50,000).
Related: List of small business grants in the UK
Below you'll find a comprehensive list of business awards and competitions for small and medium-sized businesses (with details on each entry including prize types/amounts, entry criteria useful information pre-application and where to apply).

Growing Business Awards

The Growing Business Awards is an annual business awards ceremony brought to you by Real Deals Media in conjunction with a range of corporate sponsors; the award aims to recognise established start-ups and medium-sized businesses which achieve exceptional levels in terms of growth and innovation.

Prize: Award categories include Entrepreneur of the Year, Growing Business of the Year (Large, Small and Medium), Innovator of the Year, Online Business of the Year, Rural Business of the Year, Marketing Campaign of the Year and a range of others. There appear to be no prize amounts, just awards providing recognition and exposure.

Useful: You can find information on previous winners and shortlisted businesses here.

Applications: To find out more and about applications and register your interest/ apply you contact them via this page.

Santander Universities Entrepreneurship Awards

The Santander Universities Entrepreneurship Awards are aimed at student and graduate business ventures in their early stages from their UK partner universities.

Prize: Winners can receive cash prizes as well as mentoring and support to grow their startup or small business (Prize money up to £90,000).

Useful: For people that are in the early stages of their business. You can check out previous winners here. To be eligible to apply, you cannot have been running for more than one year, have not received over £100,000 in finance/funding or have more than five employees.

Applications: To apply, contact your university's enterprise department or your local Branch Manager based on campus (Santander have a central list with links to the relevant university pages here).

CleanTech Innovate

Cleantech Innovate celebrates the latest in low-carbon technologies and innovations in the UK. A shortlist of companies who apply to the competition each year get to present in London and are then evaluated on four criteria: impact, innovation, long-term vision, and commercial viability (to determine a winner/s).

Prize: The prize is unclear / if any, assuming the main benefit is the recognition/exposure an award would generate for a young company within the CleanTech sector.

Useful: You can find and review the stories of previous CleanTech Innovate award winners here.

Applications: Applications open annually for a limited amount of time, to find out about applying for the latest award, please use the link above.

Shell LiveWIRE Awards (Smarter Future Programme)

One of the longest running small business awards in the country, the Shell LiveWIRE Awards aims to support young entrepreneurs with smart and innovative ideas that meet the energy and resource needs of a fast-growing population (both in the UK and globally). Under this banner, Shell runs the Smarter Future Programme which this entry provides detail on.

Prize: Smarter Future Awards come in the form of start-up grants and can up to £5,000, the awards in generally run every month. Each month one 16-30-year-old entrepreneur with an idea that meets the criteria will win. Winners have access to exclusive Shell events and workshops and the opportunity to be considered for the annual £25,000 Shell LiveWIRE Young Entrepreneur of the Year Award.

Applications: To apply for the Shell LiveWIRE Awards, visit their website.

CleanTech Challenge

The CleanTech Challenge is an international business plan competition run by University College London (UCL) and London Business School (LBS), focusing on providing funding, exposure and advice for innovative clean technology product ideas and teams.

Prize: Teams compete over three rounds for a £10,000 prize.

Useful: The competition is founded in the idea of bringing together traditional business and young students to create viable start-ups in the CleanTech Space. Entrants are mentored by industry experts from the CleanTech, entrepreneurial and related sectors. You can check out their FAQs section for more information.

Applications: You can find the relevant details in the following link.

Digital Entrepreneur Awards

The Digital Entrepreneur Awards are dedicated to online entrepreneurship coming from the UK. The awards celebrate the best of a rapidly growing technology industry and have been recognising Britain most exceptional online talent for over a decade.

Prize: The awards are given to small, medium and large businesses, with several different categories open for entry.

Useful: Here is a list of last year's finalists and winners.

Applications: You can apply by enquiring through the following contact form to find out application details.

Shell Springboard Awards

The Shell Springboard programme supports the brightest UK businesses innovating for a lower carbon future. Any UK-registered SME can apply to Shell Springboard, but they must be focused on reducing carbon emissions, be commercially viable and innovative.

Prize: In 2019, over £350,000 in equity-free funding will be awarded, as well as feedback from industry-leading academics, investors and policymakers to help scale-up their enterprises.

Useful: Since its launch in 2005, Shell Springboard awarded over £3.5 million to over 86 SMEs at the cutting-edge of the low-carbon economy.

Applications: You can apply to the Shell Springboard Awards here.

Lloyds Bank National Business Awards

Run by Lloyds the National Business Awards are for start-ups to SMEs to large firms. The Awards guarantee a high level of exposure and networking opportunities as over 1,000 business people, politicians, investors and press attend the ceremony.

Prize: The awards are quite well established and provide high-level recognition.

Useful: Each year, the categories change, go to the homepage menu for an up to date list.

Applications: You can apply for the National Business Awards here.

The British Business Awards

Through 18 different awards, The British Business Awards aim to recognise leaders in the small business community. Annual categories vary from Insurance provider of the year to Retail business of the year, to Disruptor of the year and more.

Prize: There is no cash prize; the awards celebrate the leaders of different small business sectors (upside is receiving a high level of media exposure.)

Useful: Companies need to be nominated for consideration; this can be done by the company itself or by a third party.

Applications: You can't apply for the awards you must be nominated by another business/person, you can through the nomination process here.

EDF Pulse Award

As the world's leading electricity producer, EDF innovates within its various areas of business to reduce CO2 emissions and encourage more restrained and efficient use of energy. The goal of the EDF Pulse awards is to showcase and provide tangible support to European start-ups that are joining forces, creating and inventing tomorrow's future in regards to Energy.

Prize: Beyond recognition, each winner receive a media/marketing campaign worth up to up to €100,000.

Useful: The prize is based on four categories: Smart Home, Smart Business, Smart Health, and Smart City. You must be a startup registered in a European country to be eligible.

Applications: To check out the full eligibility criteria and to find out more about applying, click the link in above.

FSB Celebrating Small Business Awards

The Celebrating Small Business Awards are for SMEs across the UK (businesses with less than 250 employees) by awarding in 11 different categories. Companies can apply for free for an unlimited number of categories. Winning an award will make your business stand out and allow you to network with finalists, high profile judges, sponsors and more.

Prize: Previous awards have meant that each category winner receives £2,000. The judges also chose an overall national winner who was awarded another £10,000. It's not clear if this still the case or the award just provides exposure/recognition.

Useful: Check out the award categories here.

Applications: Use the link above to find out more about applications.

NACUE Varsity Pitch Competition

The annual NACUE Varsity Pitch Competition recognises the most innovative startups from UK students and graduates. You can enter into a range of categories.

Prize: A panel of industry experts will select the final winner who can win a prize of up to £15,000 in cash.

Useful: You can access the terms and conditions here.

Applications: You can apply via F6S (click the apply button on the homepage linked above, the F6S link changes, each year so we haven't linked it here).

The Prince's Responsible Business Awards

The annual Responsible Business Awards are presented by Business in the Community and seek to celebrate the amazing social value and societal impact, being delivered by organisations right across the UK, and internationally. Awards are given to those businesses that are having a genuinely positive impact on people's lives and the communities that surround them.

Prize: Prize amounts for winners are unspecified. There is a range of award categories, including The Age-Friendly Teams Award, The Connected Places Award, The Gender Equality Award and more.

Useful: The awards are open to companies of any size, sector and location. Every award entrant receives expert feedback on their entry, which at the very least may help to strengthen their business approach going forward.

Applications: To enter the award, use the link above to access the specific award category application details.

The Mayor's Entrepreneur Competition

The Mayor's Entrepreneur Competition is looking for ground-breaking ideas to help reduce London's carbon emissions. The competition is open to students and recent graduates of London universities (both commercial and non-commercial ideas/projects are welcome.)

Prize: You can win up to £20,000 (there are three prize funds) and undefined support from City Hall to turn your idea into reality.

Useful: Applications have to be submitted in one go online, so make sure you to check out the questions and prepare your application offline beforehand. If you have questions, you can always e-mail them.

Applications: Use the above link to find out about the latest application details.

Hatch Business Competition

Hatch is a business competition to support entrepreneurs who are interested in growing their business by getting the opportunity to trade in an established retail zone/environment (without the taking on the extortionate cost).

Prize: Up to 3 months rent, rates and utilities covered in a major retail location (typically on offer are shops within shopping centres). You'll also get a year's free membership to British Inde pendent Retailers Association (BIRA) and expert support/advice from the retail centre team (of the location you choose).

Useful: The competition appears to be running on a rolling basis, they're looking for entrepreneurs who can show passion, strong business potential and longevity in what they're doing.

Applications: You can apply to the Hatch competition here.

Inactive business competitions & awards

This award/competition appear to be no longer active, they've been kept on the list as sometimes they remain dormant for a number of years before becoming active again. So its worth checking them via search if your exhausted all other competition and awards possibilities for your business.

Future 100 Awards

The Future 100 awards recognise young entrepreneurs of ages 20 to 35, who show top entrepreneurial and innovation abilities to develop a socially and environmentally responsible business project.

Prize: Prizes are given to top business projects which maintain a balance between the achievement of economic, environmental and social goals. The amount is not specified.

Verb U Dell Social Innovation Challenge

Verb U competition is a part of the Dell Social Innovation Challenge, which supports university students and graduates across the world to start their business. This competition enables university students who want to gain global exposure and collaborate with fellow social entrepreneurs.

Prize: Dell Social Innovation Challenge (DSIC) has so far engaged students and social entrepreneurs from different regions and has awarded more than $800,000 in prizes.

China UK Entrepreneurship Challenge

The China-UK Challenge aims to encourage new business ventures between China and the United Kingdom. It is intended to simulate the real-world process of entrepreneurs soliciting start-up funds from early-stage investors and venture capital firms. The competition is open to university teams in the UK and China, which have a current and genuine University connection.

Prize: There are £13,000 cash prizes and investment opportunities of £500,000 for the best business plans.

Nectar Business Small Business Awards

Since 2005 nectar business has given rewards to British business, including team dinners, holidays and trips to the cinema.

Prize: The winner of each category will receive 50,000 Nectar points, £2,000, nationwide publicity and an invitation to an exclusive roundtable event and awards ceremony.

FedEx Small Business Grant UK

FedEx is helping small businesses with the FedEx Small Business Grant UK. Giving the chance to win £20,000, FedEx is looking to help these companies achieve their international ambitions.

Prize: Two grants will be awarded: a Grand Prize of £20,000; and a Runner-Up Prize of £10,000.

L'Oreal Brandstorm

If you're a student, you can form a team of 3 and take up the challenge of innovating for one of L'Oreal's brands. Teams go through pitching, a national selection, a regional selection, and two are announced winners at the world finals.

Prize: There's a tech award (10, 000€), brand award (10, 000€), CSR trophy (5, 000€), and a flight to Paris. There are also mentoring, coaching, and networking opportunities.

Shake to Create

Shake to Create is a competition for SMEs to win 35 free hours of creative work. You need to create a brief video pitch on what your company needs to keep up the growth and why they should choose your business. To apply companies must be over one year old, UK based and not an existing client of Shake It Up Creative Ltd.

Prize: The winner gets 35 free hours of creative work for their growing business. It includes design, marketing, PR and website development services (does not include SEO services.)

bfa HSBC Franchisor of the Year

The HSBC Franchisor awards recognise the best within the franchising industry. Receiving this honour in Birmingham will also help gain exposure, boost your brand image and solidify your achievements as a franchisor. There are five categories, including Successful expansion overseas and Staying ahead of the competition, and you can apply for more than one.

Prize: The prize is the recognition in front of over 350 distinguished guests from the franchising industry.

bfa HSBC Franchisee of the Year

The HSBC Franchisee awards will go to the franchisees who show the dedication, passion and commitment to their brand and trajectory. The five annual categories are Female franchisee of the year, Young franchisee of the year, Customer Focus franchisee of the year, Microbusiness franchisee of the year and Franchisee innovation.

Prize: The awards will recognise you as one of the UK's most exceptional franchisees of the year and as a leading example in the industry.
This award/competition is open but only to MIT students (who can be of British origin, due to limited access we've moved to the bottom of the list).
MIT IDEAS Global Challenge

IDEAS provides funding to social entrepreneurship projects led by MIT students. Teams have to create projects that offer solutions to social issues at a local or global scale and are mentored throughout the year. In the process, they can also receive development grants as well as further support.

Prize: Winning teams receive up to $15,000 to launch their projects.

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Business competitions and awards in the UK - Entrepreneur Handbook

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There is a range of business competitions and awards open to small and medium-sized businesses in the UK that can provide funding, support, press and much more. For earlier stage businesses, these competitions can be an excellent way to support and test new business ideas or concept and providing the resources/business networks to grow your startup.

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There are many ways a business can get debt financing, such as borrowing from friends and family, crowdfunding, bank loans, or personal loans from the government-funded Start Up Loans Company.

Today's small business owners can raise money for their business in a number of ways. From selling equity to using crowdfunding platforms, the opportunity to secure funding is increasingly varied. However, more traditional ways of raising money still have a place and debt financing might be a good option for your business.

What is debt financing?

Debt financing is one of the more popular ways for small businesses to get a cash injection. You can borrow money from a wide variety of sources to help kickstart a business idea or grow your company. According to a report by the British Business Bank, gross bank lending excluding overdrafts to smaller businesses reached £57bn in 2017, and remains the single largest source of SME finance. The report found that 72% of new loan applications by small businesses were successful.

How debt financing works

Debt financing works differently to equity financing - another popular way to raise money. Unlike equity financing, debt financing doesn't involve selling a stake in your business in exchange for cash. Instead, debt financing is a loan that has to be paid back in full, along with interest. Loans are usually - but not always - secured against business or personal assets such as premises, intellectual property or money owed to you by customers.

Loan interest hinges on a number of factors. The amount borrowed, the length of the loan, and whether the loan is secured. Other factors, such as the Bank of England base rate, also play a part in setting the interest rate.

Why choose debt financing?

The key benefit of debt financing is control. Rather than giving away a share of your company to secure investment, you retain 100% of your business. This means you can develop your business without outside influence, and you're not railroaded into focusing on growing shareholder value or generating profit.

Business loans are relatively cheap. You'll need to repay the entirety of the loan, along with interest and any administrative fees. As the UK is experiencing a period of record low interest rates, the amount you pay in interest may be low.

You can use most business loans for any purpose. One of the more common uses of debt financing is for managing cashflow - tiding a business over during quieter times or while waiting for customer payments. It's possible to borrow debt financing against outstanding invoices, making it a boon for smoothing cashflow. It can also be used to hire and pay for staff, buy premises or other assets.

Some interest repayments can prove costly so make sure you understand the amounts required. As many loans are secured against assets such as equipment or premises, be clear what's at risk if you can't keep up repayments.

Types of debt financing

There are many ways a business can get debt financing, such as borrowing from friends and family to applying for a loan from the government-funded Start Up Loans Company.

Family and friends - The simplest form of debt financing is to borrow money from friends and family. This can mean low or zero interest repayments and more time to repay a loan, but it can put a strain on personal relationships.

Start Up Loans - The Start Up Loans Company offers personal loans of up to £25,000, which can be used to start a business or grow one that's been trading less than two years. Loans have a 6 per cent fixed interest rate and are repayable over a term of one to five years. There are no early-repayment or set-up fees, though you must be a UK resident, have the right to work in the UK and be aged 18 years or older.

Bank loans - The local high-street bank is the first port of call for over half of all small businesses. The process for applying for a loan and getting it approved can take time, so it's not suitable for those needing an urgent cash injection. Credit history and current business performance matters - around half of all applications are rejected, and loans to SMEs by banks have fallen by 20% since 2008.

Debt financing crowdfunding - Known as peer-to-peer lending, small firms list their business on a crowdfunding platform and attract small loans from individuals. Together these form a larger, single loan managed by the crowdfunding platform. The benefit can be lower interest rates, though applying may adversely impact your credit rating making it harder to raise money later on.

Enterprise Finance Guarantee (EFG) scheme - If you're struggling to get debt financing you can apply to the EFG scheme. This government-backed scheme provides a 75% guarantee against the loan. It covers debt financing between £25,001 and £1.2m for SMEs and has loaned £3.2bn to over 29,000 SMEs since its inception in 2009.

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Debt financing for small businesses | Start Up Loans

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Today's small business owners can raise money for their business in a number of ways. From selling equity to using crowdfunding platforms, the opportunity to secure funding is increasingly varied. However, more traditional ways of raising money still have a place and debt financing might be a good option for your business.

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SME Business Loans | UMi Debt Finance Scotland

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Helping Businesses Go Further UMi Debt Finance Scotland provides loan capital to small and medium sized businesses across Scotland. ​ The £12m fund, part funded by the EU, helps accelerate the growth of businesses in Scotland, complementing other private and public sector forms of funding.

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Virgin Start Up Loans - Support and Advice to Start Your Own Business

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Join over 5,000 other founders accessing more than £70m in founder-friendly funding and one-to-one mentoring. Apply today.

How much can I borrow?

* Illustrative purposes only. Actual amounts may vary upon application.

Virgin StartUp has been appointed as a National Business Support Partner of the British Business Bank's Start Up Loans scheme and is part of a network of Business Support Partners across the UK.

Virgin StartUp help founders start and scale the businesses they're passionate about. From hairdressers and tradespeople to food and drinks brands to tech startups, we know what it takes to startup and thrive, and are with you each step of the way.

Yes, if you're over 18 years old, have the right to work in the UK for the duration of the loan (typically 1 - 5 years). Your business will need to be based in the UK and have been trading for less than 3 years.

We help fund all sorts of businesses, from food and drinks brands, to hairdressers, tradespeople right through to fashion, tech and hardware businesses - and everything in between!

As the funding is an unsecured personal loan for business purposes (more on that below) we do look at personal affordability, credit worthiness and business viability of each application. Every application and business is different, so if we feel you won't be suitable for the funding and to save you time, we'll be straight up and let you know as soon as we discover it. You will be asked for some information to ensure your business type is eligible to apply when you start the application process.

So, most business types are eligible to apply. However, we are not able to support the following:

Weapons

Chemical manufacture

Pornography

Drugs

Illegal activities

Banking and money transfer services

Private investigators that do not hold the appropriate licence

Gambling and betting activities

Property investment or residential property purchase

Agents for third parties, where a third party earns the majority of the revenue or you would only be earning a commission (not to be confused with franchise businesses which are eligible under the scheme)

Structural property costs

FCA regulated

Non-UK based businesses

Businesses trading for over 3 years

Requests for funding to pay for debt repayments, investment opportunities, vocational training or qualifications

Please note, other exclusions may apply and Virgin StartUp reserves the right to update this list at its discretion.

You can borrow anything from £500 to £25,000 per founder (up to £100,000 per business), and pay it back within five years, at a fixed annual interest rate of 6%. There's no early repayment fees or set up charges. The actual funding for your Start Up Loan comes in the form of an unsecured personal loan for business purposes, via the Government backed Start Up Loans Scheme, which is administered by the British Business Bank.

In case you don't know what an unsecured loan is. It is also known as a personal loan and is issued and supported by your credit history rather than being guaranteed by any type of asset or guarantor. When you take out an unsecured loan the lender has no claim on your financial assets if you don't keep up repayments. However, failure to meet the agreed repayments may result in formal action being taken, including but not limited to, an application to issue a County Court Judgement (CCJ) or your loan being passed to a Debt Collection Agency. In short, it would likely impact your individual credit file.

As you can imagine, every founder and business idea are unique in their own way, We get applications from founders at various stages of their start up journey, which is great! From idea stage right through to trading for close to 3 years. Our team will work at your pace. For example, many applications take 3-4 weeks, whereas some may take a lot longer, it just depends.

It is really important that we fund businesses and founders at the right stage with the right amount of funding. We'll work with you to get you to that stage if you are eligible and be as clear as we can on timelines.

Keep in mind, it is reliant on your engagement with the process and how proactive you are throughout. We want to help fund businesses where we can, but also work with you so that you have a clear plan for the next 12 months, to make the most of the funding and post-funding support we provide. It's not just about the funding, we try to provide lots of other support too, to help set you up to succeed.

Once you fill in the initial application form on this page and hit 'Start', you'll be taken through to the Start Up Loans website, where you will be asked a few initial questions to set up your Start Up Loan account and check eligibility. At this point a credit check will be run.

Once you've set up your account with Start Up Loans and a credit check has been run, we'll contact you within 2 working days to say hello, answer any questions you may have and confirm a couple of things to help us figure out the best next steps for you. If you've got a draft business plan, feel free to upload this so we can learn a little more about your business. Generally, you will be asked to provide a little more detail on your business in a business plan template we provide. Alongside the template we're here to help you fill it in.

It's likely that you'll then be matched with an experienced business advisor who will help you develop your business plan a little more, a cash flow forecast and ensure you put forward the best application possible for review by the Virgin StartUp Loan Panel, who review all applications for Start Up Loan funding.

Virgin StartUp are a Business Support Partner of the Start Up Loan Scheme, that is administered by the British Business Bank. Funding is not guaranteed and we will let you know as soon as we feel it may not be suitable for you or your business, which may be due to personal affordability, credit worthiness, business viability or eligibility concerns. A Start Up Loan is an unsecured personal loan for business purposes.

Yes, international students living and studying in the UK can apply, but your visa must permit you to work in the UK, and your business plan must clearly show that you'll be able to repay your loan during the length of your stay. Your business must be registered in the UK.

Yes - subject to our normal lending conditions. Check out whichfranchise.com for more information on franchising.

A mentor is an individual with business experience who will provide support and guidance to help make your business a success. Take a look at our mentoring pages to find out more.

A Start Up Loan from Virgin StartUp is about so much more than just the money.

If you're funding is approved, you're invited to join Virgin StartUp's Funded Club newsletter, where we'll update you about how else Virgin StartUp can support you on your founder journey and opportunities we may have.

Separately, you'll also get access to expert post-funding support provided by the Start Up Loans Programme for Start Up Loan recipients, from Umi and Newable. They'll provide access to mentoring and post loan support services, like quality content through value adding webinars and online support delivered through Umi's nifty Sat Nav platform.

Yes, you will likely lose part or all of your job seekers allowance if you receive a Start Up Loan. For more information, click here.

Yes. The Start Up Loan Scheme is Government backed and every application for a Start Up Loan is different.

The funding from the Scheme is an unsecured personal loan for business purposes. Not everyone is suitable for the funding and we review each application on an individual basis. Should your application for a Start Up Loan be declined and you feel the wrong decision has been made, you are able to appeal the lending decision within 30 days of receiving the decline outcome notification. You can lodge your appeal directly with the Virgin StartUp Team by emailing hello@virginstartup.org.

By emailing the team you will initiate the appeals process, a member of the team will acknowledge receipt of your appeal and will be on hand to support you through the process. When you get in touch with us, we recommend you outline why you would like to appeal the lending decision and include any additional supporting evidence as to why you feel the decision should be overturned.

A second independent review by the Virgin StartUp team may be carried out, taking into consideration the original application and any new information you provide. You will be informed of the outcome of your appeal via email.

Please note, if your appeal is unsuccessful you can reapply for a Start Up Loan 6 months after the initial lending decision. This will give you time to work on your idea further, by perhaps improving the viability of your business proposition or addressing any personal affordability concerns that were raised.

The Start Up Loans Company are part of the British Business Bank and they are set up to deliver the Government's Start Up Loans Programme.

The Start Up Loans Company work with partners to deliver the funding to start-ups (you!), and Virgin StartUp are one of those partners. Since the scheme is administered by the Start Up Loans Company, the application is hosted online, on their website. Whilst it is their application process and their funding, you will deal directly with Virgin StartUp, our team, our Business Advisors and our Mentors.

We are here to try and help you succeed in getting your funding and will help at every stage of your Start Up Loan journey. If we don't feel you are eligible or suitable for the funding, we will let you know as soon as we can.

We also work with a Finance Provider, GC Business Finance (GCBF) and they administer the Start Up Loan. So expect to be contacted by them if you are approved for funding.

Virgin StartUp has been appointed as a National Business Support Partner of the British Business Bank's Start Up Loans scheme and is part of a network of Business Support Partners across the UK.

Virgin StartUp help founders start and scale the businesses they're passionate about. From hairdressers and tradespeople to food and drinks brands to tech startups, we know what it takes to startup and thrive, and are with you each step of the way.

Yes, if you're over 18 years old, have the right to work in the UK for the duration of the loan (typically 1 - 5 years). Your business will need to be based in the UK and have been trading for less than 3 years.

We help fund all sorts of businesses, from food and drinks brands, to hairdressers, tradespeople right through to fashion, tech and hardware businesses - and everything in between!

As the funding is an unsecured personal loan for business purposes (more on that below) we do look at personal affordability, credit worthiness and business viability of each application. Every application and business is different, so if we feel you won't be suitable for the funding and to save you time, we'll be straight up and let you know as soon as we discover it. You will be asked for some information to ensure your business type is eligible to apply when you start the application process.

So, most business types are eligible to apply. However, we are not able to support the following:

Weapons

Chemical manufacture

Pornography

Drugs

Illegal activities

Banking and money transfer services

Private investigators that do not hold the appropriate licence

Gambling and betting activities

Property investment or residential property purchase

Agents for third parties, where a third party earns the majority of the revenue or you would only be earning a commission (not to be confused with franchise businesses which are eligible under the scheme)

Structural property costs

FCA regulated

Non-UK based businesses

Businesses trading for over 3 years

Requests for funding to pay for debt repayments, investment opportunities, vocational training or qualifications

Please note, other exclusions may apply and Virgin StartUp reserves the right to update this list at its discretion.

You can borrow anything from £500 to £25,000 per founder (up to £100,000 per business), and pay it back within five years, at a fixed annual interest rate of 6%. There's no early repayment fees or set up charges. The actual funding for your Start Up Loan comes in the form of an unsecured personal loan for business purposes, via the Government backed Start Up Loans Scheme, which is administered by the British Business Bank.

In case you don't know what an unsecured loan is. It is also known as a personal loan and is issued and supported by your credit history rather than being guaranteed by any type of asset or guarantor. When you take out an unsecured loan the lender has no claim on your financial assets if you don't keep up repayments. However, failure to meet the agreed repayments may result in formal action being taken, including but not limited to, an application to issue a County Court Judgement (CCJ) or your loan being passed to a Debt Collection Agency. In short, it would likely impact your individual credit file.

As you can imagine, every founder and business idea are unique in their own way, We get applications from founders at various stages of their start up journey, which is great! From idea stage right through to trading for close to 3 years. Our team will work at your pace. For example, many applications take 3-4 weeks, whereas some may take a lot longer, it just depends.

It is really important that we fund businesses and founders at the right stage with the right amount of funding. We'll work with you to get you to that stage if you are eligible and be as clear as we can on timelines.

Keep in mind, it is reliant on your engagement with the process and how proactive you are throughout. We want to help fund businesses where we can, but also work with you so that you have a clear plan for the next 12 months, to make the most of the funding and post-funding support we provide. It's not just about the funding, we try to provide lots of other support too, to help set you up to succeed.

Once you fill in the initial application form on this page and hit 'Start', you'll be taken through to the Start Up Loans website, where you will be asked a few initial questions to set up your Start Up Loan account and check eligibility. At this point a credit check will be run.

Once you've set up your account with Start Up Loans and a credit check has been run, we'll contact you within 2 working days to say hello, answer any questions you may have and confirm a couple of things to help us figure out the best next steps for you. If you've got a draft business plan, feel free to upload this so we can learn a little more about your business. Generally, you will be asked to provide a little more detail on your business in a business plan template we provide. Alongside the template we're here to help you fill it in.

It's likely that you'll then be matched with an experienced business advisor who will help you develop your business plan a little more, a cash flow forecast and ensure you put forward the best application possible for review by the Virgin StartUp Loan Panel, who review all applications for Start Up Loan funding.

Virgin StartUp are a Business Support Partner of the Start Up Loan Scheme, that is administered by the British Business Bank. Funding is not guaranteed and we will let you know as soon as we feel it may not be suitable for you or your business, which may be due to personal affordability, credit worthiness, business viability or eligibility concerns. A Start Up Loan is an unsecured personal loan for business purposes.

Yes, international students living and studying in the UK can apply, but your visa must permit you to work in the UK, and your business plan must clearly show that you'll be able to repay your loan during the length of your stay. Your business must be registered in the UK.

Yes - subject to our normal lending conditions. Check out whichfranchise.com for more information on franchising.

A mentor is an individual with business experience who will provide support and guidance to help make your business a success. Take a look at our mentoring pages to find out more.

A Start Up Loan from Virgin StartUp is about so much more than just the money.

If you're funding is approved, you're invited to join Virgin StartUp's Funded Club newsletter, where we'll update you about how else Virgin StartUp can support you on your founder journey and opportunities we may have.

Separately, you'll also get access to expert post-funding support provided by the Start Up Loans Programme for Start Up Loan recipients, from Umi and Newable. They'll provide access to mentoring and post loan support services, like quality content through value adding webinars and online support delivered through Umi's nifty Sat Nav platform.

Yes, you will likely lose part or all of your job seekers allowance if you receive a Start Up Loan. For more information, click here.

Yes. The Start Up Loan Scheme is Government backed and every application for a Start Up Loan is different.

The funding from the Scheme is an unsecured personal loan for business purposes. Not everyone is suitable for the funding and we review each application on an individual basis. Should your application for a Start Up Loan be declined and you feel the wrong decision has been made, you are able to appeal the lending decision within 30 days of receiving the decline outcome notification. You can lodge your appeal directly with the Virgin StartUp Team by emailing hello@virginstartup.org.

By emailing the team you will initiate the appeals process, a member of the team will acknowledge receipt of your appeal and will be on hand to support you through the process. When you get in touch with us, we recommend you outline why you would like to appeal the lending decision and include any additional supporting evidence as to why you feel the decision should be overturned.

A second independent review by the Virgin StartUp team may be carried out, taking into consideration the original application and any new information you provide. You will be informed of the outcome of your appeal via email.

Please note, if your appeal is unsuccessful you can reapply for a Start Up Loan 6 months after the initial lending decision. This will give you time to work on your idea further, by perhaps improving the viability of your business proposition or addressing any personal affordability concerns that were raised.

The Start Up Loans Company are part of the British Business Bank and they are set up to deliver the Government's Start Up Loans Programme.

The Start Up Loans Company work with partners to deliver the funding to start-ups (you!), and Virgin StartUp are one of those partners. Since the scheme is administered by the Start Up Loans Company, the application is hosted online, on their website. Whilst it is their application process and their funding, you will deal directly with Virgin StartUp, our team, our Business Advisors and our Mentors.

We are here to try and help you succeed in getting your funding and will help at every stage of your Start Up Loan journey. If we don't feel you are eligible or suitable for the funding, we will let you know as soon as we can.

We also work with a Finance Provider, GC Business Finance (GCBF) and they administer the Start Up Loan. So expect to be contacted by them if you are approved for funding.

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Join over 5,000 other founders accessing more than £70m in founder-friendly funding and one-to-one mentoring. Apply today. * Illustrative purposes only. Actual amounts may vary upon application. Virgin StartUp has been appointed as a National Business Support Partner of the British Business Bank's Start Up Loans scheme and is part of a network of Business Support Partners across the UK.

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Crunchbase: Discover innovative companies and the people behind them

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Crunchbase is the leading destination for company insights from early-stage startups to the Fortune 1000. Get insights into your competition. Uncover startup trends, get company funding data. Find new prospects, beat competitors and quotas.

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Imagine what you could do with access to more private market data than anyone else

Thousands of global investment and business professionals rely on our data to find their next big opportunity-first.

Explore data

The PitchBook Platform, powerful products that give you an edge

Analyze our data, integrate information into your existing systems and gain insights that inform your work-all with our robust suite of products.

Explore products

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Venture Capital, Private Equity and M&A Database | PitchBook

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Thousands of global investment and business professionals rely on our data to find their next big opportunity-first. Explore data Analyze our data, integrate information into your existing systems and gain insights that inform your work-all with our robust suite of products. Explore products

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Beauhurst - Database of fastest growing companies

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Beauhurst - Database of fastest growing companies

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Beauhurst is a searchable database of the UK's high-growth companies. Find out how our data helps organisations discover and track fast-growing companies.

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Fundraising isn't for the faint of heart and the secrets to successfully raising money probably aren't the ones you want to hear.

Raising investment can be an all-consuming project for founders if not planned and managed well.

In this video, we share:

How you can effectively project manage your fundraise

The key milestones to work toward

How to keep track of investor outreach so that you remain organised, build momentum and successfully close your round

Subscribe Now

Sign up now to receive actionable insight to help scale your business.

Thank you for your submission.

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How to project manage your fundraise | Runway by Raising Partners

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Fundraising isn't for the faint of heart and the secrets to successfully raising money probably aren't the ones you want to hear. Raising investment can be an all-consuming project for founders if not planned and managed well.

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10 Interesting Statistics about Startups 

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10 Interesting Statistics about Startups 

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The rate at which a startup grows has long been a big determinant of startup success. While growth ... [+]
Getty

The rate at which a startup grows has long been a big determinant of startup success. While growth matters, over 70% of startups fail because of premature scaling. This finding and 10 more listed below will help you make wiser decisions based on previous failures, successes and data-backed conclusions.

1) Mentored startups grow 3.5x faster and raise 7x more money. Entrepreneurs are constantly pulled in many directions. Business success can be amplified with the support of the right mentor who, above all, helps the founder focus and invest time wisely. The experience and connections of the mentor provide entrepreneurs with a roadmap with a higher probability of success.

2) Over 70% of startup founders eventually realize that their intellectual property is not a competitive advantage. Entrepreneurs often start with an idea they strongly believe is unique and innovative. Most founders quickly realize that the idea, product or process alone, even if legally protected, is not valuable without execution.

3) Technical co-founders are critical to enterprise focused startups but not as important for consumer products. Teams with a technical co-founder perform 230% better in enterprise companies since products that serve enterprises require a higher level of technical performance. Not having a technical co-founder shouldn't stop you from capturing a business opportunity as long as you are working with a committed technical lead like a CTO.

4) Startups founded by non-technical teams outperform technical founders of consumer companies. They perform 31% better.

5) Founders need 2 to 3x longer than they expect to validate a business model. Validating an idea takes time and requires listening and intuition. Just like an intellectual property does not necessarily differentiate a startup from the competition, ideas, even if they seem unique, require several rounds of customer interviews and product iterations before they become products people love, use and recommend.

6) Most innovations (42%) fail due to a long development time. Selecting the wrong idea to innovate represents 32% of innovation failures. There is always something to do to make an idea or a product more innovative and defensible. Most innovations fail because entrepreneurs invest more resources to improve a product without involving the customer and testing their willingness to pay and use it.

7) Founders of failed startups have a 20% higher chance to succeed their next venture. Most startups that failed could have predicted their failure sooner before investing more resources. Failing fast and being open to new directions will eventually lead to future successes. Overnight success can take over ten years.

8) Entrepreneurs are more likely to get a loan request approved from a small local bank. Small banks approve 48.7% of loans requests as compared to 23% by big banks. Only a fraction of startups is venture backed, most companies are self-funded through savings. Loans can be cheaper than equity financing especially when the startup is growing.

9) Entrepreneurs raise more money today. The median seed round increased by 300% from $272K to $750K between 2010 and 2016. The increase in funds is due to startups' increased dependence on paid acquisition channels for growth, especially e-commerce products. To support growth, the average Series A round increased by 250% from $4.9 to $12.1 million between 2010 and 2017.

10) Companies that presell their products and services close 40 to 50% more leads and retain 80 to 90% more customers.

In conclusion, the data provides us with a clear formula that can significantly increase the chances of building a successful startup. Surround yourself with mentors and team members with complementary skills, launch and iterate fast, if needed, fail quickly, test ideas through presales, boost startup value with your own resources and finally, raise the necessary funds to accelerate growth.

... Read More

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11 Surprising And Insightful Statistics About Startups

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The rate at which a startup grows has long been a big determinant of startup success. While growth matters, over 70% of startups fail because of premature scaling. This finding and 10 more listed below will help you make wiser decisions based on failures, successes and data-backed conclusions.

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From lack of product-market fit to disharmony on the team, we break down the top 12 reasons for startup failure by analyzing 110+ startup failure post-mortems.

Startups, corporations, investors, economic development folks, academics, and journalists all wanted some insight into the question:

"Why do startups fail?"

So we gave those post-mortems the CB Insights data treatment to see if we could answer this question.

After reading through 111 post-mortems since 2018, we've learned there is rarely one reason for a single startup's failure. However, we did begin to see a pattern to these stories.

And so after sifting through the post-mortems, we identified the top 12 reasons startups fail.

Since many startups offered multiple reasons for their failure, you'll see that the chart highlighting the top reasons doesn't add up to 100% (it far exceeds it).

Following the chart is an explanation of each reason and relevant examples from the post-mortems.

There is certainly no survivorship bias here. But many very relevant lessons for anyone in the entrepreneurial ecosystem.

It's worth noting that this type of data-driven analysis would not be possible without a number of founders being courageous enough to share stories of their startup's demise with the world. So a big thank you to them.

12. Burned out/lacked passion

Work-life balance is not something that startup founders often get, so the risk of burning out is high. Burnout was given as a reason for failure 5% of the time. The ability to cut your losses where necessary and redirect your efforts when you see a dead end - or lack passion for a domain - was deemed important to succeeding and avoiding burnout, as was having a solid, diverse, and driven team so that responsibilities can be shared.

What can make conversations about burnout difficult, especially in Silicon Valley, is the widespread belief that building a successful company will always involve some degree of possibly hazardous overwork. As former Uber board member and CEO of Thrive Global Arianna Huffington puts it:

"The prevalent view of startup founders in Silicon Valley is a delusion that in order to succeed, in order to build a high-growth company, you need to burn out."

Amid the pandemic, burnout became even more prevalent among tech workers: 68% of tech employees said they felt more burned out working from home, according to a survey by Blind.

Various founders have spoken up about how damaging burnout can be. Former Zenefits CEO Parker Conrad said,

"I think people are unprepared for how hard and awful it is going to be to start a company. I certainly was."

At DaWanda, stagnation in both growth and team interest led to the company's eventual closure. Founder and CEO Claudia Helming shared this message on the company's website:

"In the last quarter of 2017 we reached profitability and have since been working to cover our costs. At the same time, we had to admit that our growth is stagnating and that we can hardly manage by our own efforts to grow the number of sales on our platform to the desired extent - even our restructuring last year could not change this ... Additionally, we haven't managed to implement enough innovative new ideas over the past few years.

DaWanda is not insolvent. However, we have realised that the risk of no longer being able to keep up is simply too big."

, which raised $670,000 for an on-demand cookie delivery service in 2013, also cited a lack of passion from its founders and team as one of the reasons for its failure. The company appeared to be doing well, with 36% gross margins and 12% net profit at the time it shut down . The problem, as CEO Daniel Conway put it, was that there wasn't massive growth or enough interest in running the business:

"Ultimately we shut down because our team is ready to move on to something new."

11. Pivot gone bad

Pivots like Burbn to Instagram or ThePoint to Groupon can go extraordinarily well. Or they can start you down the wrong road.

As The Verge reported on Inboard Technology 's failed pivot:

"The startup was one of the highest-profile competitors to top electric skateboard company Boosted, and last year announced plans to enter the electric scooter market - a push that seems to have doomed Inboard.

Founder (and now-former CEO) Ryan Evans told The Verge his team had locked down 'a very large order' from 'one of the largest European scooter operators,' which explains why the company quickly pivoted away from trying to sell its first e-scooter directly to consumers earlier this year. But Evans said the development timeline for Inboard's e-scooter 'outstretched' its financial runway."

After investors refused to inject more funds, the company was forced to shut down.

For Frances Dewing, the founder of Rubica, a last-ditch attempt to save her cybersecurity startup from failure amid Covid-19 led her to pivot from focusing on consumers and small businesses to larger companies.

In the end, the new direction didn't ring true with investors:

"We were all really surprised given how relevant and needed this is right now," Dewing said. "Investors didn't agree with that or see it in the same way."

10. Disharmony among team/investors

Discord with a co-founder was a fatal issue for startup post-mortem companies. But acrimony isn't limited to the founding team, and when things go bad with a board or investor, it can get ugly pretty quickly, as evidenced in the case of Hubba.

Douglas Soltys writes for BetaKit:

"Considered for most of the decade one of Toronto's hottest startups, Hubba hit choppy waves in 2018, as the company lost its chief technology officer and chief marketing officer in an three-month span, in addition to two rounds of layoffs which saw headcount reduced by almost half.

It is unclear to what extent the COVID-19 pandemic had hampered Hubba's growth and customer base. However, one source BetaKit spoke with claimed a months-long battle between [Hubba CEO and founder Ben] Zifkin and Hubba's board of directors regarding the ongoing viability of the company."

At Pellion Technologies , the end came more quietly, as its major backer Khosla Ventures lost faith in the company's ability :

"According to former employees, all of whom requested anonymity, Khosla Ventures lost confidence that Pellion could make enough money serving a niche market. The lithium-metal technology worked for products like drones, but the big money in the battery world is in the automotive sector. Investors weren't willing to sink the money needed to develop the battery for electric vehicles."

In March 2019, Khosla decided the company would be shut down and removed Pellion's name from its online firm portfolio.

9. Poor product

Sometimes, it all comes down to the product - and a flawed one was enough to sink companies in 8% of cases.

According to a Forbes investigation into finance and accounting platform ScaleFactor,

"ScaleFactor used aggressive sales tactics and prioritized chasing capital instead of building software that ultimately fell far short of what it promised, according to interviews with 15 former employees and executives. When customers fled, executives tried to obscure the real damage."

Bad things also happen when you ignore what users want and need, whether consciously or accidentally.

Here's what Shoes of Prey wrote about its vision to enable consumers to personalize their own shoes:

"We learnt the hard way that mass market customers don't want to create, they want to be inspired and shown what to wear. They want to see the latest trends, what celebrities and Instagram influencers are wearing and they want to wear exactly that - both the style and the brand."

the top 12 reasons startups fail

From lack of product-market fit to disharmony on the team, we break down the top 12 reasons for startup failure by analyzing 110+ startup failure post-mortems.

8. Product mistimed

If you release your product too early, users may write it off as not good enough, and getting them back may be difficult if their first impression of you is negative. And if you release your product too late, you may have missed your window of opportunity in the market.

As Stefan Seltz-Axmacher, CEO of autonomous trucking tech startup Starsky Robotics said,

"Timing, more than anything else, is what I think is to blame for our unfortunate fate. Our approach, I still believe, was the right one but the space was too overwhelmed with the unmet promise of AI to focus on a practical solution. As those breakthroughs failed to appear, the downpour of investor interest became a drizzle."

"Unfortunately, the VR market never developed as quickly as we all had hoped, and we were definitely ahead of our time. As a result, Vreal is shutting down operations and our wonderful team members are moving on to other opportunities."

For some companies on our list, an unforeseen factor like the Covid-19 pandemic contributed to product untimeliness. AI-powered vending machine startup Stockwell AI shut down in July 2020 as consumers stayed at home and avoided surface contact. The company's CEO Paul McDonald wrote in an email to TechCrunch,

"Regretfully, the current landscape has created a situation in which we can no longer continue our operations and will be winding down the company on July 1st. We are deeply grateful to our talented team, incredible partners and investors, and our amazing shoppers that made this possible. While this wasn't the way we wanted to end this journey, we are confident that our vision of bringing the store to where people live, work and play will live on through other amazing companies, products and services."

7. Not the right team

A diverse team with different skill sets was often cited as being critical to the success of a company. Failure post-mortems often lamented that "I wish we had a CTO from the start" or wished that the startup had "a founder that loved the business aspect of things."

At Fieldbook, which shut down after failing to build a sustainable business model for its database product, co-founder Jason Crawford wrote in his post-mortem blog post that the company's inability to make key hires was one of the reasons for its downfall:

"I was blindsided by the difficulty of hiring. Hiring was something I'd done successfully for years, including in the early days of Fieldbook and in a previous startup. But at a time when every engineer wanted to work on AI, self-driving cars or cryptocurrencies, a SaaS startup with modest, sporadic growth wasn't very attractive. I knew that investors would need to see strong, consistent growth before our Series A, but I didn't expect that engineers would need to see it to even join before Series A."

Lack of experience, combined with mismanagement, was one of the factors behind the downfall of Katerra, the high-flying construction startup which raised nearly $1.5B in funding. As The Information summarizes,

"The SoftBank-backed startup said it could slash the cost of building and renovating apartments, luring big-name investors. But the company, run by a tech veteran with no previous construction experience, ignored escalating problems and at one point tried to burnish revenue information shown to its board and financial backers."

For Stratolaunch, the passing of its founder meant the company wasn't able to continue on in the same way, as Failory reported:

"Despite everything looking great on paper and the best of minds working together on this project, nothing could have predicted Paul Allen's passing away in October of 2018, which would soon spell out the same fate for Stratolaunch. It became clear that Stratolaunch had been powered only by the vision of its founder, which wasn't necessarily shared by those left in power after him."

6. Pricing/cost issues

Pricing is a dark art when it comes to startup success, and startup post-mortems highlight the difficulty in pricing a product high enough to eventually cover costs but low enough to bring in customers.

Hey Tiger struggled to find the right balance in its effort to produce high-quality chocolate and address inequities in the cocoa industry, writing,

"But like any start up, there comes a time when you need to take a hard look at the company's long term viability. Although we designed a business that customers absolutely love, it proved hard to scale into the profitability it needed to be a sustainable social enterprise. As the scale of our chocolate production grew, so did the tensions between the very things that made Hey Tiger special. Ultimately while succeeding in one goal, we couldn't make the other."

"Our decision to terminate the program today comes despite the fact that customer engagement and satisfaction with the program is high and the clinical health markers of many customers have improved significantly. Our decision to cease operations is attributable to the simple fact that the cost of providing the program exceeds what our customers can pay for it. We believe the costs of collecting the genetic, blood and microbiome assays that form the foundation of the program will eventually decline to a point where the program can be delivered to consumers cost-effectively. Regrettably, we are unable to continue to operate at a loss until that time arrives..."

5. Regulatory/legal challenges

Sometimes a startup can evolve from a simple idea and enter a world of legal complexities that can ultimately shut it down.

Widely regarded as one of Kickstarter's greatest failures, Coolest Cooler finally ceased operations in December 2019 after floundering for 5 years (and failing to deliver its coolers to more than 20,000 people). In a project update, the team blamed the trade war:

"As you may know, late last year the U.S. government imposed 10% tariffs on many products imported from China. ... However, as of early summer, the "trade war" continued, and the tariff was increased to 25% which affected our entire Coolest product line."

Mobile savings app Beam met its end quickly after falling afoul of the Federal Trade Commission. FTC Acting Director of Consumer Protection Daniel Kaufman stated at the time of its shut down of the company:

"The message here is simple for mobile banking apps and similar services: Don't lie about your customers' ability to get their money when they need it."

"We have bittersweet news to share. The changes in policies announced by several major airlines at the end of last year-the banning of smart luggage with non-removable batteries-put our company in an irreversibly difficult financial and business situation. After exploring all the possible options for pivoting and moving forward, the company was finally forced to wind down its operations and explore disposition options, unable to continue operating as an independent entity."

4. Flawed business model

Most failed founders agree that a business model is important - staying wedded to a single channel or failing to find ways to make money at scale left investors hesitant and founders unable to capitalize on any traction gained.

As Lumina Networks, a provider of open-source software for telecom networks, wrote,

"Essentially, revenue continued to flow to proprietary vendors. The switch to open source did not take place at a pace anywhere close to the speed that would enable us to operate and grow our business, despite commitments from many to the contrary. We have also found that Covid-19 has actually redirected funds away from automation projects and into building-out raw infrastructure, further delaying adoption."

"Selling Lumina to a proprietary vendor who is naturally antithetical to our mission proved an impossible task and for this reason we must now close our business," it concluded.

"CyPhy Works rebranded as Aria Insights in January 2019 to focus more on using artificial intelligence and machine learning to help analyze data collected by drones. 'A number of our partners were collecting and housing massive amounts of information with our drones, but there was no service in the industry to quickly and efficiently turn that data into actionable insights,' Lance Vanden Brook, former CyPhy and current Aria CEO said at the time of the rebranding."

Various music startup post-mortems also pointed to the difficulty of finding a viable business model in the industry as a reason for startup failure.

UK-based blockchain music startup JAAK pointed to several reasons for its undoing, including its scaling challenges, in a series of Tweets on the company's corporate account:

"6 years is a long time in startups, especially pre-revenue ones, and, ultimately, we failed to secure the funding required to get to market. Markets change and we didn't change quickly enough.

I have a Notion full of painful lessons about why we failed but I'll save those for another day.

tl;dr: users > partners, no premature scaling."

the top 12 reasons startups fail

From lack of product-market fit to disharmony on the team, we break down the top 12 reasons for startup failure by analyzing 110+ startup failure post-mortems.

3. Got outcompeted

Despite the platitudes that startups shouldn't pay attention to the competition, the reality is that once an idea gets hot or gets market validation, others may try to capitalize on the opportunity. And while obsessing over the competition is not healthy, ignoring it was also a recipe for failure in 20% of the startup failures.

Silas Adekunle of Reach Robotics talked about shutting down after being unable to make it in the hypercompetitive consumer hardware industry in his post-mortem message, stating:

"The consumer robotics sector is an inherently challenging space - especially for a start-up. Over the past six years, we have taken on this challenge with consistent passion and ingenuity. From the first trials of development to accelerators and funding rounds, we have fought to bring MekaMon to life and into the hands of the next generation of tech pioneers. Unfortunately, for Reach Robotics, in its current form at least, today marks the end of that journey."

Co-founder John Rees also weighed in:

"I'm still taking stock of it all but the short version is that it is true what they say - that 'hardware is hard' and consumer hardware is even harder due to the reliance on the Christmas sales period."

"Mac & Mia faced a host of competitors in the children's delivery box space, including the aforementioned Stitch Fix, which launched its kids clothing service in 2018. Stitch Fix went public in 2017 and has a market cap around $2.7 billion. At least 20 other upstarts have launched similar delivery services for children's clothes."

2. No market need

Tackling problems that are interesting to solve rather than those that serve a market need was cited as the No. 2 reason for failure, noted in 35% of cases.

Mobile-focused streaming service Quibi, which shut down in October 2020 just 6 months after launching and raising a mammoth $1.8B, found itself in this position. As reported in the Wall Street Journal, founder Jeffrey Katzenberg and chief executive Meg Whitman said in a letter to employees at the time of the shutdown:

"...[T]here were 'one or two reasons' for Quibi's failure: The idea behind Quibi either 'wasn't strong enough to justify a stand-alone streaming service' or the service's launch in the middle of a pandemic was particularly ill-timed. 'Unfortunately, we will never know, but we suspect it's been a combination of the two.'"

CEO Justin Kan of Atrium was direct about the difficulty of disrupting law firms, telling TechCrunch in an interview,

"If you look at our original business model with the verticalized law firm, a lot of these companies that have this kind of full stack model are not going to survive," Kan explained. "A lot of these companies, Atrium included, did not figure out how to make a dent in operational efficiency."

For a company like wedding dress retailer Brideside, Covid-19 obviated the need for its offerings:

"With two-thirds of weddings cancelled in 2020 and an uncertain year ahead, our chapter has come to an end."

A month after Paul Graham, Jessica Livingston, Trevor Blackwell, and Robert Morris started the Y Combinator seed accelerator in 2005, they picked "make something people want" as their motto.

Our study shows that failing to do this is one of the easiest ways to guarantee startup failure.

1. Ran out of cash/failed to raise new capital

Money and time are finite and need to be allocated judiciously. For the startups on our list, running out of cash - tied with the inability to secure financing/investor interest - was the top reason startups cited for their failure.

"Daqri faced substantial challenges from competing headset makers, including Magic Leap and Microsoft, which were backed by more expansive war chests and institutional partnerships. While the headset company struggled to compete for enterprise customers, Daqri benefited from investor excitement surrounding the broader space. That is, until the investment climate for AR startups cooled."

Despite fostering partnerships with Boeing, General Electric, and NetJets, aeronautical engineering startup Aerion Corporation was unable to convince investors of its potential:

"The AS2 supersonic business jet program meets all market, technical, regulatory and sustainability requirements, and the market for a new supersonic segment of general aviation has been validated with $11.2 billion in sales backlog for the AS2.

However, in the current financial environment, it has proven hugely challenging to close on the scheduled and necessary large new capital requirements to finalize the transition of the AS2 into production.

Given these conditions, the Aerion Corporation is now taking the appropriate steps in consideration of this ongoing financial environment."

"We have run out of time and have unfortunately not been able to secure funding for the company... I will never be able to forgive myself for not taking action sooner."

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Why Startups Fail: Top 12 Reasons l CB Insights

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From lack of product-market fit to disharmony on the team, we break down the top 12 reasons for startup failure by analyzing 110+ startup failure post-mortems. Startups, corporations, investors, economic development folks, academics, and journalists all wanted some insight into the question: So we gave those post-mortems the CB Insights data treatment to see if we could answer this question.

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Good morning everybody, this is Russell Brunson. I want to welcome you to a special three part series of the Marketing Secrets podcast. Over the next three episodes I'm going to be sharing with you guys clips from a presentation I did at Dan Derricks Dream 100 con.

I told you guys before that I've been working on the Traffic Secrets book and testing my material, so the first time I ever taught parts of this publicly was at Dana's event. So I wanted to share it with you. It's not the whole process, just a piece of it, but hopefully it will get the wheels in your head spinning about how Dream 100 works, how you buy your way in, and work your way in and how customer life line would work, and a whole bunch of other amazing things.

I'm doing this as a tease, to get you excited for the Traffic Secrets book that's coming out next year. So that's kind of the game plan. Hopefully it gives you guys some ideas. This is part one of three, when we get back from the intro, we will start right into that presentation. So thanks so much you guys, I hope you enjoy behind the scenes from my presentation from Dream 100 Con.

To begin with, I just want to thank Dana. It's been so fun, I've been talking about Dream 100 for the last decade or so, and almost nobody ever listens to me, except for Dana. And then Dana took it and has taken it to such bigger, such a big mass level. It's so funny, yesterday I was watching as he talked about Chet Holmes, who is kind of the originator of the Dream 100, and Chet was a personal friend of mine who passed away a few years ago, and his daughter has actually taken over his company since. I messaged her yesterday to let her know that you guys are here in this room, talking about a concept that was pioneered by her father, which is really special for her and for Chet and for everything.

I'm just so grateful for everything Dana's put together, and doing this. Isn't he just one of the coolest humans you've ever met on earth? He's always giving and always serving.

Alright, to kick today off, I actually wanted to talk about something and get it on film so that when I pass away someday you guys can watch this and then fulfill what I need to be done. Does that sound good?

So I have a friend in our community, his name is Mark Holverson. Does anyone know Mark Holverson? A couple of you guys. Mark Holverson's an amazing human being in our community, one of my peers and he passed away last weekend of cancer, which was a really tragic thing. But what's interesting is, right after he found out he had cancer, about five years ago, he was onstage speaking at an event like this, and Vince Reed actually published it on his Facebook page and I had a chance to watch his whole presentation. And it was right after Mark found out he was going to pass away.

And during his presentation he talked about legacy and where he was going and all sorts of stuff. And it just got me really inspired. And I'm not going to pass away, that I know of, so don't think that that's what I'm saying here. But I was thinking about, if I was to pass away how do I leave this whole thing? What would I want my legacy, at the end of this?

I've heard other people say, "My goal is to get a million people at my funeral, that's my biggest thing." I don't really want. In fact, I don't any of you guys to be at my funeral. I want my wife and kids and family to do that. But the day my funeral is over I need all of your guy's help. So everyone's got to remember this, someone's going to be here and remember this part of it, and I need you to take this part out. So the day my funeral is over, I want to build out the biggest Dream 100 campaign of all time.

Every single person I've ever had a chance to influence or impact I want to invite them to the last ever Funnel Hacking Live. I want to get, Dana, if you're still alive at this time, I want you to be in charge of this whole thing. But I want Dream 100 voxes going out to all the biggest influencers, all the people, and I want to throw the biggest party ever.

This actually happened a little while ago, there was a guy who was a legend in our industry, his name was Marty Ellison, he owned a company called Board Room. Anyone ever heard of Board Room? And he owned that company and when he passed away, his partner Brian Kurts did something similar. They threw a huge marketing party, it was called the Titans of Marketing Summit. They had all the best speakers come in and speak. And I remember listening to that event, that course and I thought, when I die this is how I want my legacy to end.

So we're going to do a big, huge Dream 100 campaign, we're going to get everyone in the world to come to the last Funnel Hacking Live ever, and then I'm going to have all my friends and colleagues come and speak about what we've all learned on this journey together. So that's my game plan, I've got it on video now, so that someday you guys will know my wishes. So that's the game plan, does that sound good?

There's a little twang that keeps happening, is that from....anyway, I don't know if it's from I'm talking too loud.

Okay, one other story and then we'll get to the good stuff. So this is going to hopefully help you guys understand the importance of what you're learning here at the Dream 100.

So I had a chance, I actually flew here from Jackson Hole, Wyoming. I was in Jackson Hole at a secret Illuminati, maybe it was the Bilderberg, I don't know a secret group of marketers who all got together for like three days and we did a whole bunch of manly stuff, which anyone who knows me, I'm not very good at manly stuff. We were shooting guns, I took last place. We were fly fishing, I caught the least amount of fish. We went hiking, all these things that I don't normally do, but it was fun because I hung out with all these guys who were all amazing in their own spirit, in their own businesses.

One of the guys who was there is a guy named Tom Bilyeu. How many of you guys know who Tom is? Oh good job, a bunch of you guys do. So Tom, he started a company called Quest. Who has ever had a Quest bar before, Quest nutrition? So he started this company and it blew up to a value of over a billion dollars before he sold his portion of the company and retired. Now he's doing Impact theory and a bunch of other cool things.

But he built his company up to over a billion dollars, and as I'm asking him, "How did you start this thing up?" And he explained how he started the entire company. And what's cool, after he told me I talked to Dave about last night, and Dave's like, "let me see if he said it anywhere else." And Dave found an interview, an actual quote of this. So I want you guys to hear this. This is a quote from the podcast where he explained how he launched Quest. But what's interesting is he did the same thing that you guys are all doing here in this room today. So this is what Tom said about launching Quest.

He said, "We had a very different approach that got a lot of people excited, not just about the product, but they felt good about the way we treated them. We went old school (old school dream 100) researching several hundred health and fitness influencers, then sending them hand written letters and free samples. This was all about showing an understanding of what others were trying to achieve, that Quest was interested in helping them connect with their audiences. When people are building community they have real sense of service to that community. We would send them a free product and say, 'if you like it, tell people about it. And if you hate it, tell them about it too.'

"Not trying to steer people's comments, gave us a pretty good reputation. Some didn't like it and said so. But the vast majority loved it and were grateful that we showed an understanding of who they were and what they were trying to do so they spread the word."

The foundation of his billion dollar supplement company all started here with the dream 100. Is that awesome? Okay so this is the foundation, you guys, for all these things.

Alright, so what Dana's talking about is true. Okay, so some of the, what I'm going to be talking about for the next couple of hours, so you guys can context. I'm in the middle, well not the middle, the beginning of writing my third book, which is called Traffic Secrets. So there's Dotcom Secrets, there's Expert Secrets, and this is the last and final book in the trilogy, and then I'll never write a secrets book again, because I'm out of them. But the third one is called Traffic Secrets. So I've been working on the framework for the whole thing.

And I messaged Dana about two or three months ago, "Just so you know dude, this is so good for you." Because the entire framework for the Traffic Secrets book is based on the Dream 100. So a lot of the stuff you guys have been talking about is the foundation of everything that is going to be inside that book. But I spent all day, the last month or so, working on the outline and getting things done. And then yesterday I was sitting in the back of the room doodling out all the key frameworks for the book. And I got them back this morning at 4:30 in the morning. So I'm really excited they got done in time.

So I'm going to be going through seven different images that are kind of the framework for the book, but it's also the framework for how we do the Dream 100. There are, well you'll see. It's taken it to a whole other level. And hopefully this will give you guys, those who are beginning will give you guys a really good foundation. And those who are advanced, it's going to give you the next five or six steps in the process. Does that sound like fun?

Alright cool. So I'm going to start off, this is the very first core thing that you have to understand to really understand Dream 100, understand traffic, understand everything. There are three types of traffic, this is the framework for the entire book, the entire concept, if you can understand this everything else becomes really easy.

So there are three types of traffic. The first type of traffic here on the top left hand, is traffic you control. This is traffic where you're going to buy your way in. So if you think about that, how many of you guys run Facebook ads in here? So you don't own that traffic, right. Zuckerberg owns all that traffic. He built the platform, he owns the thing, but he gave us the ability to come and to buy some of that traffic. So we can buy some of that traffic and we can control it, we can send it wherever we want to. We send it to buy a product, buy a service, listen to a podcast. We can control that traffic, but we don't own it.

How many of you guys have ever gotten a Facebook account shut down before? There's proof you don't own it right there. We've lost hundreds of them, so don't feel bad. It's just part of the game.

So traffic control is the first thing. So whenever I got any kind of thing I'm buying, it's traffic that I control. The second type of traffic is traffic that you earn. This is where you're working your way in. The first one you're buying your way in, the second one you're working your way. So for this it means, you're getting traffic, you're not paying for it, but you're earning it. You're getting on a podcast interview, you're doing a Facebook live with somebody, you put out really good content and people share it. You're earning that traffic.

How many of you guys, the majority of your traffic comes from traffic that you're earning? And how many of you guys, the majority of your traffic you're buying? About 50/50 split.

So it's important to understand, there's traffic you control and traffic that you earn. The third type of traffic, and this is the best and most important is traffic that you own. My entire goal of our business, if you look at everything we're doing from a traffic generation standpoint, is to convert traffic I can control, traffic that I earn, into traffic that I actually own. Because if you own the traffic, that's the secret sauce. When I own it, I can do whatever I want with it.

You can be like zuckerberg and you can rent it to people, you can do a product launch and sell your own products. You can do affiliate stuff, you can do whatever you want. But the goal is to own the traffic, that's the big thing. You own the traffic, we own the platform, that's how you win.

How many of you guys have your own platform, your own list, your own following, your own whatever? How many of you guys don't yet and you're like, "That's the thingy I think I need really bad." Okay, cool. This is the goal, this is the big secret about internet marketing. I remember when I first started learning this game I was struggling because I couldn't figure it out. There were so many things that were happening. And this is pre all the stuff that you guys do every day. It was pre-facebook, pre-myspace, it was actually pre-friendster. How many of you guys remember Friendster? Melanie was on Friendster, she's still buying ads on that one. Just kidding.

That was like the original social network and it was like, this is amazing, and then Myspace came out and crushed Friendster, and then Facebook came out and crushed Myspace, and soon the next thing is going to come out and crush Facebook someday, hopefully. Actually, I love Zuckerberg, I hope he keeps doing what he's doing.

But l was out there trying to figure out this whole game, and there's so many things and I could not figure out how this whole game was played. And one day I was at the good old Google searching for probably how to get rich on the internet or some key word like that, like a lot of us start with. And some guy wrote an article and in this article he was talking about, he's like, "how many of you guys have seen those stories online where people say I made $30,000 in an hour, or 100,000 in a day? You probably thought those things were lies, right?"

I was like, "yeah, I'm sure they're inflating their numbers." He's like, "No, actually those things are true." And I was like, "Wait, what?" And he started explaining, he said, "This is the way it works. Imagine this, what these marketing people do is they build up a list of a thousand or ten thousand or a hundred thousand people and then they send an email to that list, and they just get a percentage, like 2 or 3% of that email to buy, and then do the math. They have 100,000 people, 2% buy a $50 product, how much is that?" It's whatever the math is, $15,000, and if they send an email out every day, they literally can be doing what they're talking about.

And me, as a 20 year kid, sitting in my college dorm room reading this article, I'm like, "Oh my gosh, that's the secret. I just need my own platform. If I had my own list of people, that's the magic." Now I, unfortunately, went about it the wrong way. So I had that idea and I was like, "This is the key, I'm going to do it. It's going to be amazing." So the first thing I did, of course, I went to Google and I typed in, because I wanted my own email, so I typed in "buy an email list" and then I was reading about spam, I want to spam for email address.

So I went to a website and I think it was, spam-free email addresses dot com. I was like, this is awesome. And they were selling DVD's of email addresses. And you could buy like a hundred thousand, a million, 5 million. I was like, "Oh my gosh. I'm going to buy 5 million, I'm going to start with the biggest platform known to man."

So I bought, I think it was $67 or $69 for a DVD with like 5 million email addresses. I was like, "Oh my gosh." And I ordered this thing, it's coming to me, I'm like telling my wife the math. I'm like, "Collette, okay so 5million people, let's just say we get 1% to buy the thing we sell, 1% of 5 million," I'm doing the math, "That's like 100 grand every time I click send." And then I'm like, "wait, but let's just say I can serve only 1% of 1%.." I'm doing the math, I'm like, "Even if we screw this up it's like $30 grand every time I send an email out."

And I'm so excited because at the time my wife's working, making $9.50 an hour, while I'm at school wrestling and trying to not fail. So this thing comes and I get this disc, and I remember I plugged it in and there was this software that would send the emails out for you, and I put it in and I remember queuing it up and I saw the little software of all these like 5 million emails out there. I was like, "Oh my gosh, this is amazing."

Now, I didn't have a product at the time, so I was like making up a product. I'm like, "What would people like to buy." So I made up an idea for a product, I wrote an email that was probably, I don't know, 60 words, with a link to my paypal account. Like, "Click here to send me $10 for this product." And then that was it. I was like, "If people buy it, then I'll go make the thing."

So I queued up the email, back then it was pre-high speed internet, so I had to crawl under the desk, unplug our phone line, plug in the internet, bleep, bleep, bleep, all that kind of stuff pops up. I'm like alright, click send. I'm like, "Collette, let's go to bed. By morning we are going to be rich." I see like, "Email 1 sent, number 2, 3, 4, 5...." And I'm like, "Oh my gosh, this is it. This is going to be the greatest day of my life."

So I go to bed, all night long I'm dreaming of how many sells are going to come in the night, what's going to happen, how amazing it's going to be. And I wake up in the morning, and Collette's getting ready for work because she's still working at the time, and I'm just telling her, "I haven't looked at the stats yet, but my guess is you can probably quit after today. If a just a fraction of a fraction of a fraction buy, that's more than you make in an entire month. This is going to be amazing."

So I'm all excited, telling her the whole story. And then she's like, "Okay, I gotta use the phone." I'm like, "You can't use the phone." This is pre-cell phones too. "You can't use the phone, it's mailing.." I look at the thing, $65,000 emails have been sent. "you can't." She's like, "I have to call, I have to use the phone." I'm like, "Ugh, you're going to ruin everything." So I crawl under the, pause the mailing thing, I crawl under the desk, unplug the modem, plug back in our phone line, and while I'm still under the desk the phone rings. I stood up and hit my head and I'm like, "Oh, dangit."

So come out under the thing, answer the phone, and on the other end is my internet service provider cursing me out on the phone. "What are you doing? Why are you sending these?" I'm like, "No, no, no, sir, I didn't send spam." He's like, "No, you sent out tons of spam." I'm like, "No, you don't understand, I bought this DVD, it was called spam free email addresses dot com. You can go check out the site, they're completely spam free." I explained the whole thing to him.

I still remember he told me, he's like, "Son, that is the definition of spam." And I was like, "what? Their spam free." And he's like, "How do you think that, that's not a thing. You can't buy spam free email addresses." And I'm like, "But the domain name...." and we were going back and forth. And he's telling me he was going to sue me and a bunch of stuff, but the last thing was, "I'm shutting down your internet." And then it was gone.

I hung up the phone and then Collette's like, "Who was that on the phone?" I'm like, "Oh just some guy who had some questions about the thing. You shouldn't quit yet though. Let's just go to work, enjoy it, we'll recap in the morning or tonight when you get back." So she leaves out the door to go to work and I'm sitting there, and I can't even check to see what happened because our internet is now gone. I have no access to even get back on.

So I'm all depressed, I get ready for school, I go to the school and I get to school and I get to the computer lab, and I'm like, "I'm going to check to see what happened." And I log in, still in kind of a depressed state, and I open my email, and then my email though, I see order notification from paypal, order notification paypall. Boom, boom, boom, boom, probably 20-25 orders had come through for like $10 apiece through paypal. I was like, "Oh my gosh, it worked. I gotta go create a product."

So I had to go back and figure out what I sold and make something to send out to these people. And I realized at the time, what I did was wrong, I didn't understand the ethics or how to do it, I did it wrong. But what happened was right. The goal was to get a platform, an email list, to get something. And that was the whole secret to the game.

So after that was done, I went and found a new internet service provider and I spent the next year of my life trying to figure out how I build a list the right way, where it's not going to end me up in jail. There's got to be a way to do it.

What I learned is basically this process. I can buy ads, I gotta send them somewhere to join my list, or I can go work my, do things, and get people to come to my website and give me the email, but that was the goal. So I started focusing from that point forward on building my email list. That was my core focus, building a list, building a list, building a list. And I started growing it.

It's been interesting, that concept of list building became my whole life. I started looking, over the last 15 years I've been doing this, I've see a lot of people who have built huge companies, are no longer in our industry. Now back at their day jobs trying to survive. And I've seen things over and over and over again.

How many of you guys remember back in the day when Adsense first started and it was like Christmas every day? A couple of you guys. So let me paint this picture. So this is in the middle of me trying to build my list, my first mentor, his name is Mark Joyner. He's like, "Focus on a list, focus on a list." I'm like, focusing on a list. And all the sudden this shiny object pops out of nowhere called adsense, and what adsense was back in the day, you could buy this software for $97, there was a couple of them, Traffic Equalizer, there were probably a dozen or so that ended up coming out.

You load up software on the computer, you click a button, it would go out there and it would pick a keyword, so let's say whatever, it would find a keyword that people were paying a lot of money on, go to the internet, scrape all the sites that have written about that, pull them in, and then you publish a site and have like 8,000 pages in like a minute.

And then it would put ads in all the site, and because of the way it structured the pages, Google would instantly index it and you started making money. It was like the easiest, most stupid way to make money. We had teams of people in the Philippians, like 30-40 people, that all day sat there and build another site, build another site, build another site. Just cranking out sites like crazy. Not me, a lot of my friends, they built these assembly lines of people doing that.

I had friends making a half a million bucks a month or more just cranking out crappy little sites. And it was amazing for about a year, year and a half. And so I'm watching all these people make so much money, and I'm over here building a list, building a list, and stressing out because I'm seeing all these people make all this money. I'm like, "I'm just going to do that, that's easy. It takes no effort at all." And my mentor, Mark, was luckily like, "No dude, focus on building a list, this will go away." I'm like, "No, you don't understand. This is the greatest thing in the world. It's going to change....$500,000 a month.." How many of you guys would that radically shift your life right now?

Yeah, I was just like, "And they're doing nothing, providing zero value to the world. They're just clicking a button over and over and over again. I could get a million button clickers. I'm going to be the first adsense billionaire." And he's like, "No, build a list, build a list." And I'm like torn. And luckily for me, I'm really coachable. So I'm like, "Fine, I'll build the stupid list." So I'm doing this, and sure enough about a year later, boom, the algorithm changed, Google found all the software that was building the sites, deindexed every single page, and I had friends go from half a million dollars a month to zero over night. I was like, "Oh my gosh." But guess what I had? I had been building my list and it didn't affect me.

Now anyone who knows my story, who here thinks that I've always done everything right in my business? Only Dave. I haven't. So what happened is I built my company up really, really big, and then I bankrupted it almost. Luckily both times I didn't. The second time I built it even bigger and then I almost bankrupted, I've told those stories before, at Funnel Hacking Live.

But what's interesting, the thing that got me through the ups and the downs every single time was this platform I'd built, this list. I got to the point where everything is collapsing around me, I could still send emails to my list and people would buy because we have a relationship, and it kept us through the down times. So when you do this and build a platform, it's the key.

I still see today, it's unfortunate, I still see today people in our industry who get the next object where they're like, "Oh, I can do this thing." And they start buying Facebook ads to sell this, and doing this, and doing things like that, but they're not focusing on the fundamentals. The fundamentals are what will protect you over the long haul. The reason why I'm still in business 15 years later, and a lot of the people I know that have made a crap ton of money along the way aren't, is because this has been my focal point, building the platform, building the platform.

So why do you need a platform? The platform is the key for so many reasons. How many of you guys watch the Apprentice, back when it was still on? How many of you saw the season where Arsenio Hall was on the show? How many of you guys have no idea who Arsenio hall is? Okay, for the younger generation, Arsenio Hall was a dude that had his own late night show. He'd come out and get everyone excited and be like, "woo, woo, woo." And get everyone pumped up, and he was the man on late night for, I don't know, a decade or so.

So then his show got cut, and then he's like normal Arsenio Hall, no one heard from him, and then 20 years later he pops up on Celebrity Apprentice because at one time he was a celebrity apparently. It was fascinating, they're on celebrity apprentice, competing with all these other celebrities. And there was this one task that was like a fund raising task, where they had to go and raise money.

So they're all going through and trying to raise money for their charities and Arsenio is back there, he's got his rolodex of people and he's calling the first person, the second person, the third, fourth, fifth, sixth, seventh, eighth, ninth, tenth, and what's interesting, while all the other celebrities were doing deals, Arsenio couldn't get anyone to return his call, couldn't get anyone to pick up the call or anything. And it shows him that night, sitting on the couch and he's all depressed and frustrated and upset, and they're talking about it. And they're like, "dude, you're Arsenio Hall, how come you can't get any money?" He's like, "I don't know man. When I had my own show, everybody returned my call and now nobody will."

And when I heard that, I was like, "Oh my gosh, what a lesson that is." Some of you guys are starting the dream 100 right now at the very beginning, you don't have this platform, and it's tough. It's tough initially to get people to return your calls, to say yes, to look at your vox, whatever those things are. At first it's hard right.

But when you have a platform, everyone returns your call. When I first met Tony Robbins back in the day, my platform was little tiny. I even became friends with Tony, we hung out for 10 years, and Tony never promoted me, we were just kind of, I got to know him, a couple of times we hung out and helped consult him, that was while my platform got bigger, and bigger, and bigger. Last year we launched Expert Secrets book, I was like, "Hey Tony, will you help me promote this book?" And Tony's like, "Russell's platform is huge. Yes, Russell. I would love to."

There are few people in our world right now that I couldn't pick up the phone and be like, "Hey can you help me do this deal?" Because they know my platform is huge. And because of that, they will say yes. So the dream 100 gets better and better and better as you build your platform. At first it's going to be more difficult, but as you focus on this building your platform, it becomes easier and easier and easier, because the bigger your platform is, the more likely people are to return your call.

So this should be the focus, again, if I come back to this. Everything you focus on is this, traffic you control, buying ads, traffic I earn, earning ads and we're going to go deeper into this in a minute, but the goal of both of those is to turn it into your own platform.

Now platform can mean a lot of things. When I got started, all a platform was, was your email list. I still think focusing on email is one of the most important things because if an email service provider shuts you down you can move your email list to another. So that's an asset that can follow you.

But your platform is also different things like, how many of you guys are on Instagram right now? Your Instagram following is a platform. How many of you guys have a podcast right now? Your podcast listeners are a following. How many of you guys have a Facebook following? YouTube subscribers? All those things are platforms. So what I'm going to be talking about, and I'm going to break this down, the platform doesn't always have to be one thing. In fact, usually there's a platform on each of these different channels that we're going to talk about. And you should be building more than one.

But the biggest problem I have with other ones is like, the reason I like email so much is because, again, if you get shut down you can move it. If Facebook shuts you down, you're done. If YouTube shuts down your channel because you did something aggressive, you can't do much about it. So always focusing on email is one, but then a secondary and more as we go through is a big piece of it. So that's the key, building your platform.

Alright, so that's the first step here. Step number two, so now that you have got this stuff figured out, and I'm going to go deeper into this. All these things will kind of layer upon each other and the end will be this beautiful picture like, oh crap, that's what it is. This is so much easier than I thought.

Okay, so this is the first part. What I want to do, I want to kind of, before we go deep back into this part right here, I want to go deeper on this right here. So you have your own platform, what most people don't think through, all they're thinking about is themselves initially. Like, I'm going to build a platform, have a big email list, a big podcast, a big whatever... That's our focus, because that's who we are as entrepreneurs. We like significance, we want a big, huge following.

But what I wish I would have done, from day number one when I first got started in this business is spend more time thinking about the person. Who do I actually want on my list? If you read the Dotcom Secrets book, the very introduction in here I talk about you finding your dream customer. I talked about for me, I had 5 or 6 years in my business and one day I woke up and I was depressed. I was so upset, I wished, I remember sitting there in bed, laying there thinking, "I wish I had a boss so they could fire me, so I could separate myself from my customers." But unfortunately I had built a company, I had built a platform, but the people who were in my platform were not people who I wanted to serve every single day, and it can be depressing. I promise you, if you build the wrong platform, it can be really, really frustrating when you show up one day and you're like, "I hate my customers."

How many of you guys have ever hated your customers before? So many of you. Good, I'm glad I'm the only one. It's tough. If you don't think through who is my dream customer ahead of time, you're going to wake up one day with a customer that you hate. So I want you thinking like, who is my dream customer? Who is that person I'm trying to serve?

So what I want to do, I want to talk about your dream customer's journey. So who is my dream customer? I want to understand their journey. So the first thing I'm going to do, I'm gonna draw a picture here. So this is your dream customer. How many of you guys know who your dream customer is in your mind? You're like, "I know exactly who that person is." If you don't, I encourage you. People are like, "Uh, I want to serve awesome people." Spend time actually thinking through this. Who do I actually want to serve? Who is that person? What do they look like? What are their fears? What are they excited about? What is the pain that they are trying to get away from, and what is the pleasure they're trying to move towards?

If you ever studied NLP you learn a really cool thing about the human mind. All humans are doing one of two things, number one they're trying to move away from pain, and number two they try to move towards pleasure. And what's interesting, most people are more dominant on one or the other.

I'm curious, how many of you guys make most of your core decision because you're trying to move away from pain in your life? You're trying to lose weight so you're moving away from pain in that. You want to make money here because you want to get rid of your boss. You're in pain and you want to move away from pain. How many of you guys make most of your decisions based on moving away from pain?

Now the other side, you make choices like, I'm moving towards pleasure. I want that nice car. I want to have six pack abs for the girls. I want to have all these things like that. How many of you guys make your choices moving towards pleasure? Interesting, it's like 50/50 in this room.

Typically, what I find in an entrepreneurial room, most entrepreneurs make their choices towards pleasure, not all but most of them do. Whereas in the real world, most humans make their decisions moving away from pain. But regardless, you as someone who is going to be serving this dream customer, you have to know what those things are. What is the pain they're trying to get out of? You have to think about that and figure it out. What is that pain they're trying to get out of?

If you don't know what that is, it's going to be really hard for you to serve them. The second thing is like, what's the pleasure they're trying to move towards? What is it that they actually want? What's that thing that, the biggest desires they have? You have to know that, you have to know everything about that with your dream customer.

The next thing I want you guys to think about and this is going to come into a lot of the dream 100 stuff here in a minute. If you draw a timeline of your dream customer's life, this is all the stuff that they're dealing with before you come to them, and this is all the stuff they're dealing with after.

So as I start building out my dream 100 list, I look at my customer and I'm like, let's say for me, I sell funnels. Do you guys know that's what I sell? Okay, so that's what I sell, so my dream customer, they need a funnel. But what do they need before they need a funnel? Most people more and more are like, "I need a funnel." But what do they need before they need a funnel. Before they need a funnel they need, so I'm thinking about what's the thing they need before they get my funnel? And what do they need before that, and before that, and before that? I'm taking them backwards on this journey.

So if they're going to get a funnel, before they get a funnel they probably need a business maybe. Somebody here got that they needed a business. Maybe they needed a logo, they need branding, they need.....there's probably things that happened before they come to me and they're ready for me.

And then after they've got a funnel, what are things they need after they have a funnel? They might need traffic, they might need graphic design, they have other things afterwards. So I look at this customer journey, where's my customer at? So this is the first phase. How many of you guys have ever thought about this before?

Jay Abraham taught me this initially, he said, "Look, if you're trying to find joint venture partners, or dream 100, the first thing you got to think about is will your product or your service fit in the timeline of your dream customer? And you gotta figure out what are all the services they need before they come to you? And what are all the services they need after they come to you?"

When we identify that, we know exactly who your partners are, right? So if I go to somebody else who is selling funnel software, which is like right here, which is where most people go. If I'm selling weight loss product, why would they promote my weight loss product if they have one too? They probably won't because they're selling the same thing. You've got to go on this customer journey prior to that, before they wanted weight loss, what else did they get? What did they need? Maybe they had high blood pressure, oh my gosh, if they have high blood pressure, maybe I could dream 100 all the people who have a list with high blood pressure, because that's something they need before they lose weight.

So I'm looking at this customer journey, like what are the things that are happening before they come to me? And the things that happen after? Because that's where you're going to fit in. Your dream 100 partners are going to be better here and here probably, than the other place away.

Alright guys, thank you for listening to the first of the three parts of my presentation at Dream 100 Con. I hope you enjoyed it. Hopefully it's getting the wheels in your head spinning about traffic and kind of how traffic works. Tomorrow I will give you guys part two. Thanks so much and we'll see you guys tomorrow.

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The Dream 100 (Part 1 of 3) - Marketing Secrets with Russell Brunson

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The Dream 100 (Part 1 of 3) On today's very special 3 episode series Russell speaks at Dream 100 Con about traffic and how to build your list. Here are some of the awesome things in this portion: Find out how Russell got started building his list, and what he learned about spam free emailing....

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Hey everyone, this is Russell. Welcome to the Marketing Secrets podcast. I hope yesterday you enjoyed part one of three from my presentation at Dream 100 Con. Today I want to give you part two.

So we're going to drive in today into the next section of the presentation. I hope you're taking notes and starting to piece together how this process and how this concept can work inside of your company. With that said we're going to queue up the intro and then jump right into part number two of my presentation at Dream 100 Con.

Okay, now one thing I want to explain as you're doing this is, these are little landing pages right here. The landing page or the funnel for each of these is going to be a little bit different because they're different parts in the journey. In fact, Dana this is the reason why your stuff works really, really good on Dream 100 and sucks on Facebook ads. It's not because the offer doesn't work, it's because right now your offer works really good at this phase right here. Someone needs traffic? Boom, dream 100. So you have a list of people trying to get traffic, he dream 100's them, it's really, really good.

But if he's going to come back here to somebody that they don't even know they need traffic, they just got their first website set up and they're trying to figure out how to sell something, that person needs dream 100 more than anybody, but if he says dream 100 they're like, "I don't know what he's even talking about."

As you move further out the person, they don't understand your language patterns, so you have to rephrase how you do it. So every single step back in this timeline, my landing page, my funnel has different ways that I explain things.

If you've read the Dotcom Secrets book, I talk about, there's basically....how many of you guys know what I'm drawing here? There's hot traffic, there's warm traffic, and there's cold traffic. So the hot traffic, they know this thing, those people are super easy. You just have to push them over the edge and they're in. "I know about traffic, I know about everything. The dream 100? Sweet, that's more traffic. I'm in." That's hot traffic, so that's how you speak to people.

People down here that are warm, you have to speak to them differently. They don't even know what they don't know. They don't know what they don't have. So you have to speak to them differently. And people that are really cold, you have to speak to them differently.

Jean Schwartz, how many of you guys study the old school copywriters? If not, they are the best. All the good stuff is from the old school. So Jean Schwartz, old dead dude who's a genius, he said, he was talking about this concept right here. He said, "If your prospect is aware of your product and realizes it can satisfy his desire, your headline starts with a product." So if he knows about your product, "I was at Funnel Hacking Live, I was onstage and I heard about Dream 100, Dana was there." or "I was on a webinar and my buddy introduced me to Dana on this webinar and talked about this thing." Like, they know what the product is, it's really simple. "Hey, just buy my product. Buy the thing. Buy Clickfunnels."

If someone knows about Clickfunnels, I can just pitch the Clickfunnels. Now move back. If they're not aware of your product, only the desire itself, the headline starts with the desire. So if I'm here, here I'm selling the product. Here I'm selling the desire. So if I'm like, "I want to grow my company." That's my desire. So if I'm speaking to someone in my world about desire, my headline, my hook, my pitch is not going to be like, "You need a funnel." Because they're like, I don't know what you're talking about." But if I'm like, "I got a way to double your business in the next 30 days." That's their desire, "Well, what is it?" Then I can introduce them to like, "There's this weird thing called a funnel."

"Who wants to get 10 times more traffic to your website without buying a single Facebook ad?" That's the desire they have, now you can transition them into Dream 100. And then you come back here to the cold prospects. If he's not aware of what he really seeks, he's only concerned with a general problem your headline starts with the problem and crystallizes it into a specific need. So here's the problem, the problem is like, "I need somebody to give me money." That's where the traffic comes in or whatever.

So this is kind of what I'm looking at. Now, one more example. As you're going here with hot traffic, people that are close to the thing, if I walk up, like you guys right now, if I came to you guys and said, "Hey guys, I figured out a new funnel. This funnel is amazing. I can plug it into any business and it'll add an extra zero to your bottom line." How many of you guys want that funnel right now? Boom, everyone's in. Because you guys are all here in the awareness spectrum, you understand where it's at.

So for me and for you guys, as a business owner, the first thing you want to do because this is the biggest problem I have. I'll explain this and people are like, "Cool." And they start over here. You don't do that. How many of my Inner Circle members are in here? I tell you guys this all the time. The first thing you do is ignore everything and grab the pile of cash that's right there. Just grab it, take it and then run with it. That's the first step.

Don't be like, I'll get this in a minute, let me step over it really quick and let me try to figure out how to get these cold people. No, grab the pile of cash first. That's step number one. So that's the first thing. Do that until the market runs out and it's done. And most of your businesses, you can get to multiple millions of dollars a year only grabbing the warm traffic, so focus there. Find Dream 100 partners who, their list, their customers, their platform understand what the product is and then you just have to push them over. It's easier to sell, it's more fun. And you get the money fast.

As you start growing and scaling, then you have to move this way on the spectrum. So next are warm people. For example, I could go to, and Anissa Holmes is in my Inner Circle, she's a dentist, dental guru from Jamaica right, so she's got a bunch of dentists, and what are dentists? They have a desire to grow their practice. They have no idea what a funnel is at all. So I can go and create a special landing page for Anissa and for the dentists and in here talk to them like, "Hey how many of you dentists want to actually grow your company?" "Oh we want to grow it." And Anissa can be like, "this is the secret. I don't tell many people about this, but there's this really weird thing that this guy named Russell came up with and it's called a funnel, and I've been using it in my practice and it's been amazing. We've grown this huge thing."

And then all the dentists are like desiring this funnel. Then they come in, I can explain it to them, and we can move them towards me and they'll buy funnels like crazy.

The third phase of this now is cold, and the lipmans test to figure out if your offer will sell to cold traffic is, picture....how many of you guys went to Mall of America like next door here? That thing is huge, right? So imagine this, you go there during lunchtime, you go to the food court, and there's 8 thousand people running around, you get a chair, you step on top of htat chair in the middle of the food court, you stand up and said, "Hey everybody..' and they all stop and look at you and you're like, 'This is the deal, I got this really cool funnel you can plug into any of your businesses and it will give you an extra zero at the end of it. How many of you guys want it?"

Everyone at the food court is like, "What is he talking about? Is he selling funnel cakes? Did he say funnel cakes? I think he did, that sounds awesome." They're not going to make any sense. So if I speak my language patterns to the cold markets like that, it's going to completely crash and burn. But if I stand on the chair and I say, "How many of you guys want a free money making website?" Everyone's like "Ahh!" and they're freaking out right. I can get them to come over here and be like, "Cool, here's your free money making website, it's called a funnel." And they're like, "What? What's a funnel?" And then all the sudden I can start moving them up this thing and warm them up, move them from cold to warm to hot.

Two of our biggest affiliates right now, all they do is they target cold traffic. And they're doing this, they're on the thing screaming at the top of their lungs, "I'll give you free money making websites. Free money making websites." And the cold world is standing up and going crazy because of it.

So that's what's happening to that side of it. But do you notice as I go further and further back, my messaging has to change. The landing page changes the funnel changes, everything's changing as I'm going this direction. So initially you're just going to go right here.

Then the other side of this, after someone's come in and they bought funnels, then we start thinking, what are all the other things someone's going to buy? So if they bought funnels, they may buy traffic, they may graphic design, they may buy all the different things that they need, after they got a funnel. So start looking at that side. Let me make sure I got my doodle right here. In fact, I will pop it up right here. Here's the finished one.

So the other side I'm looking at, these are potential dream 100 partners and things like that. This right here, as someone's come through this world and if they're not already using my software, my platform, my product, my service, then I'm going to do an opportunity switch, trying to get these people to come backwards and come to me.

So if you've read the Expert Secrets book, we talked about there are three core markets, Steven Larsen calls them the three core desires, which I think is really cool. There's health, there's wealth, and there's relationships right. And you look from there, every one of your products and services fall into one of these three. And if you break down one more thing, then there's a submarket typically. And then from there there's all these different niches that are coming off here right.

So what's typically happening on this side of the value ladder, is somebody, boom, they're in my world, they're making money online, they're using funnels, maybe they're using some crappy funnel software, like every other product out there on planet earth. So I'm looking at that, and they're in my submarket and they're using, I don't even know the names of them, let's say it's 10 minute funnels, or something like that, they're using another product.

So my job then is to have to opportunity switch those people back into my thing. Or maybe they're in our world, but their selling stuff on Amazon. So they understand what funnels are, but they're selling stuff on Amazon. So maybe they're right here, so if I do a dream 100 with somebody who this is their customer base, at this point in the timeline they're making good money on Amazon, the way I present it is going to be different.

"hey Amazon is awesome, but I'm going to show you an opportunity switch. Instead of doing this one right here, let's switch you to this other opportunity right here." So my joint ventures, my dream 100's, all those things are coming from switching them back into my opportunity as opposed to just trying to pitch them on my solution.

So this is, I want to kind of help you guys think about this, this is your customer's journey. I haven't heard too many people talk about this and very few people think about this. But for you guys, I would be spending time doing this. Sitting down like, "Here's my customer, what am I selling? What are they buying before they come to me? What are the things they're buying after me? What are those kind of things?" It gives you a good landscape of where you fit in the ecosystem for this person, for their life.

The better you understand your customer, the easier this whole game becomes. For me whenever I'm thinking about my dream customer, that person in the middle, if you've heard my story before-When I was 12 years old I started ordering junk mail like crazy. I was obsessed with it. I would get all the work at home junk mail that would come in. Every single day I'd get a stack of 20-30 letters and I would come home from school, I was in 7 th grade, and my parents would hand me my stack of junk mail. I would take it in and start reading it.

So for me, whenever I'm trying to figure out what my dream customers would want, I picture little 12 year old Russell, my parents called me Rusty back then, so I'm picturing Rusty sitting on his bed, reading this junk mail, and I'd rip it open and read the headline, and then throw it away, then open the next one and be like, "Oh, whoa, oh my gosh." And if it got me to the point where I have to have this, I'd go and beg my parents to borrow their credit card, that's how I knew it was a good offer.

So for me, I'm thinking about myself, 12 year old Russell sitting in the bed, would this thing I'm offering them, would this get them to want to go beg their parents for their credit card? That's my test.

How many of you guys have bought something from me in the past? It's because it passed that test. I sat there, "Would 12 year old Russell buy this?" and if I'm like nah, we don't sell it. But if I'm like, yeah, I would totally go beg my parents for the credit card. That's the test, that's how we get them in.

So become obsessed with your dream customer. The more you understand them, the more you understand where they're coming from, where they're going, what their goals are, what they're trying to get away from, where they're trying to go to. The better you understand this about your customer, the better you're going to be able to serve them, be able to sell stuff to them, also you're going to be able to better understand where in the dream 100 they fit.

If I'm looking at this and I say, "Okay, who's my dream 100? Alright I'm going to start here, this is the big pile of cash, who are the closest partners I have, where our customers are easily going to figure it out?" So usually my first dream 100 goes from here. What's the stuff they have right before they need me? Stuff right after they need me? Those are going to be the easiest ones to sell.

Then after I saturate that, then I go to the next level. What are the next two or three levels here, things that are coming before me? So I'm moving more to warm. And what's the next things here, this direction? I start moving out, I tweak my dream 100 campaigns to focus on that. And it keeps going out from there.

Most of you guys luckily, in most of your businesses, you can make a couple million dollars a year just doing these two here. But if you want to get to ten million dollars, you've got to come out to about here. And right now, we'll pass a hundred million dollars this year, and right now we are a continual focus of going further and further and further out. Because eventually you run out of customers, you've saturated everything. How many of you guys see 40-50 ads of me a day, every single day?

I can't show you that many more ads you guys, I'm trying but it runs out. So eventually you have to keep going further and further out. I just want to kind of paint that picture so you understand long term if you want to keep scaling, that's what it's about. It's getting better at language patterns. This way, this way, getting better at teaching to the warm and to the cold. But don't skip that, get the big pile of money first before you shift to the next one and move out from there. Make sense? Sweet.

Okay, now that you've got this vision of who is my dream customer, then the next question we ask ourselves is who has my dream customer? And this is where in my mind the Dream 100 picks up. Who has my dream customer?

So the first phase, and Dana talked about this yesterday, the first phase in this is I need to first off, build a list. How many of you have built out a list of your dream 100? How many of you guys haven't yet? What are you doing here? This is your first thing, on the plane ride home you should be doing this.

You need to actually build your list, which means sit down with a piece of paper and write out your list. Some of you guys have like, "how do I find my list? How do I know who my dream 100 partners are?" I get that all the time. "I just don't know how to find it or figure it out. How do I find these people?" And if you have to answer that question it means you're not obsessed enough about this guy right here, or girl.

When you become obsessed with your dream customer, you put yourself in their spot. For me, when I'm thinking about things I'm like, "okay, if I were my dream customer and I went to Google, what would I be searching for and how would I say it?" I'd be searching for this phrase and this phrase and start searching. And as I start searching, guess what starts popping up? All these options start popping up on both sides of it.

So I go to the pages, I subscribe to the email lists. I go to the podcasts, I subscribe. I'm becoming insane. I need to get a really good vision of the ecosystem that already exists. Every one of your markets, there's already an ecosystem that exists. Don't think you're coming in and inventing something new. There is an existing ecosystem.

If you read my forward to the Dream 100 book, do you have the Dream 100 book here? Does anyone have the book? This is key. Some of you guys thought I was saying, oh yeah, Russell uses this for traffic. But it's more than that. Listen to what I said in the forward here.

"As the CEO and cofounder of the fastest growing blah, blah, blah........It's difficult to narrow down one thing that's really propelled us to where we are more than anything else, but it's not. It's the Dream 100. The Dream 100 is the foundation for our entire company. At Clickfunnels we don't just leverage Dream 100 approach for traffic, we use it for everything."

Did you guys catch that when you read the forward? We use it for everything. "How do we pick what markets we want to go into? The dream 100. We use Dream 100 to research different markets, niches and narrow down to the one that suites us best. How do we decide our blue ocean strategy? We use dream 100 to find the red oceans and carve out our place in the market. How do we create our offers and figure what we're going to sell? We use dream 100 to model offers that are working in our marketplace, which takes the headaches and the hassle out of blind guessing.

"Everything we've done has come back to mastering the dream 100 and specifically knowing how to compliment as opposed to compete. That is how you build your foundation. From there you just get traffic by again tapping into dream 100 and the rest is history."

I want you guys to understand, when we're doing this and I'm deciding what market to go into, or how do I destroy this market? Or how do I conquer the whole thing? My first goal is, I have to understand the ecosystem. I had a guy that came to one of our coaching programs and he's like, "I'm going to be a real estate guru." And he's all excited and he starts telling me. I'm like, "Cool, who are all the people in your dream 100?" and he's like, "I don't know." I'm like, "How about Robert Kiyosaki?" and he's like, "Who's that?" I'm like, "Are you kidding me? You don't know... How about this guy, this guy?" And I named off like 30 different real estate gurus and he hadn't heard of any of them.

I'm like, "Dude, you're going to get screwed. You're going to get destroyed." And he's all excited, "I'm going to teach people how to flip houses, have you heard of this before?" I'm like, "Dude, that's what everybody...what? How in the world...How do I know more about your market than you?" I envision, this is this huge ecosystem that I'm stepping into and I need to come in there and be like, that guy's teaching that, they're teaching this, they're.....and I understand, here's everything that's happening, so I have a really clear picture and I'm like, where....How am I different? Where do I carve out my space in this ecosystem? How do I create my very own category that I can control, that I can own?

There's a really good book that I have my entire team reading right now, it's called Playing Bigger. Only like two people I've recommended it to. It's called Playing Bigger and the whole concept of the book is about creating your own category, which is very similar to what we talk about with new opportunity and things like that.

But if you look at any market, there's always one category king in every single market, which sucks up like 90% of the business and everybody else fights over the last 10%. Look at us in the sales funnel world, we've sucked up 90% of all the business, we've got all these little "me too's" trying to compete for the last 10%. But we own the market; we are the category king.

Look at Apple, they are the category king of multiple things. They're the category king of phones, they're the category king of music, they're the category king of all these things. They suck up 90% of the business and everyone else fights over the scraps.

For you, if you read that book it teaches you about category design. How you design your category so you can be the person. So I walk in the ecosystem, I want to look around and be like, which category hasn't been taken yet? If I come in and be like, "Oh cool, they're flipping houses, I'm going to do that too." Then you're just another me too and the best case scenario if there's already a category king, you're fighting over the scraps with everybody else.

So I'm walking into this ecosystem trying to find all the different players, all the people, everything my dream customer is seeing right now every single day in their news feeds. I want to get a very good perspective and I want to figure out, how am I going to create my business? Because the whole foundation comes from that.

So if you don't know yet, it's time to start doing the research, start becoming intimate with your market. Because if you don't know what all the different messages are bombarding who you're trying to serve right now, it's going to be really difficult for you to try to compete in that world.

But for me I'm in there, and I know what everybody's talking about all the time. That's the key. So the first thing is understanding that ecosystem, and then the second step that Dana talked about is starting to dig your well before you're thirsty. You gotta go in there and start figuring it out, start building a relationship. Start sending packages, start sending gifts, go to events, meet people in your market, getting to know them, calling them on the phone, buying all their products, subscribing to their podcast and listening to them.

I listen to conservatively, on the low end, an hour a day, some days three or four hours a day of podcasts. People are like, "Russell, what are you trying to learn in their podcast? Are you trying to pick up the next marketing thing?" I'm like, "No." I know all the people in my ecosystem, I'm listening to what all of them are saying so I can have my finger on the pulse, so I know what's happening. I know who's talking about what, what's happening, where they're going, what their ideas are. So I can make sure I can create and continue to dominate my category.

And then I'm sitting there thinking, okay well, JLD is talking about this, and over at Mixergy Andrew Warner is talking about this, and I look at all these different people. I'm like cool, now that I know where I fit in the ecosystem, I see what everyone is doing. Now it's easy to be like, "Oh me and JLD could do cool things, because he's on Entrepreneur on Fire, what if I helped him do a funnel thing with his people, now it's this really good compliment between us." Okay, I'm not competing with him, but I can compliment what we're doing.

Any wrestlers in the room? A couple of wrestlers. So in wrestling, just so you guys, if you've never wrestled before. In wrestling, when we come, for those that don't see it, don't know wrestling, it's probably weird watching it. But I come out and I shake someone's hand initially and we start the match and we're head to head. We're competing against each other. Now, the person who wins the wrestling match is not the person who goes head to head the best. Wrestling is all about angles.

When we're out there doing hand fighting and doing all sorts of stuff, the goal of what I'm trying to do is get someone to step so I can get an angle on them, and then I can attack them. So I get them to step, it opens up a little hole and then boom, I shoot and I take them down. I'm finding my angle.

It's the same thing in this dream 100 stuff. I'm not going head to head with people. I'm looking at everything, building my own category and saying cool, this category, this thing I control, I own, I can partner with everybody on this now. Everybody fits in somehow because I designed it the right way initially. Now all these people in the ecosystem become partners, and we can complement each other as opposed to going head to head and competing. So you're figuring out this thing.

Again, it's coming back to figuring it out, consuming everybody's stuff, reading the blog posts, listening to the things, getting their emails and watching what's happening, becoming intimate with your market, and at that point when you start approaching people you can figure out exactly how what you do fits in with what they're doing.

We may or may not be working on a really cool software product based around this whole concept. And what's really cool in this thing, is you literally, you plug in your whole dream 100 and it has a facebook newsfeed of what all your dream 100 is doing. So in the future when this is live you'll be able to login and you'll see everything. So here's someone posted a podcast or a blog post, and you'll see a whole newsfeed of everyone in your dream 100, everything they're doing at all given times, so you'll always have your finger on the pulse in your market.

I can't tell you how important that is, understanding those things. Alright so dig your well before you're thirsty, that's the first step. And like Dana said, that's when you start building a relationship, serving people. How can you actually help these people? Not with the intention of them doing something, but ahead of time, doing something really nice for them.

When I first met Tony Robbins the first time, how many of you guys thought when I saw Tony Robbins, I started licking my chops like, "Oh my gosh, if he promotes me it's going to be the greatest thing in the world." Everyone does. And guess what happens, everyone that comes into Tony's world, they meet him for like 5 seconds and they pitch him on the first thing that comes out of their mind. What happens to all those people? They disappear, they come off the thing.

So what I did instead. I met Tony and I was like, "Ahhh, this guy is amazing." And I freaked out a little bit. And then I was like, "How can I help get Tony's message out? I know that's what's most important to him." And for the next decade of my life, ten years, ten years of my life I went back and tried to figure out how to serve Tony. I spoke at his events for free, I'd cover my own flights, my hotels. I did, uh, I helped with new products, I did multiple consultations on the phone with his team members who were stuck at this and that. Trying to help them, coach them, for an entire decade. I helped and I served and I never asked for anything once ever. I just did it.

And then guess what happened ten years later? Then I hired him to have him come on our stage, I wrote him a huge check twice to come on our stages, a bunch of stuff like that. And then when my book came out, I was like, "Hey Tony, I wrote another book, I'm so excited." I was like, "Is there any way you could do an interview with me on your Facebook page?" He was like, "Yes." "Really?" Did the interview and we got 3.2 million people to watch the interview and sold thousands and thousands of books.

But I didn't just come up to Tony day one right. I was building the relationship. And so many good things came from that relationship. Tony introduced me to like 10 other people who introduced me to like 10 other people. If you come with a serving attitude, just like Dana said yesterday, if you come with that serving attitude it will make you one of the cool people in the market place to get passed around to everybody.

If you come in and you're pitching people from day number one, nobody passes you around. "Oh that person just pitched me. That guy's annoying. That person, beware of them all the time."

If you come in and just serve and give and do all that kind of stuff, then I'm like, "Ah man, you should meet so and so and so and so." And I start plugging you into my network and instantly you infiltrate the entire dream 100? And again, if you've created your business in a spot where you're your own category king, now it's just like, what's the logical connection so we can all work together in this thing, and boom, everything blows up really, really fast.

So dig your well before you're thirsty. Now I've been doing this whole process, right. I've been mapping out my dream 100, is this a laser? Yeah. Alright, here's the laser, that you can barely see. So I list out my dream 100 and I write out all the different names of the people. Now that I have the names of the people and I'm plugging into their stuff, I'm listening to them, figuring out what they're doing, now my goal is to figure out, of all these people who are the people that I can buy my way in? And who are the people I can work my way in?

So there's two different things, how do I buy my way? And how do I work my way in? Let me see if my next image is the one that explains this, it might be. Yeah. Okay, so I come over here and let's say, my dream 100 on there has got a whole bunch of amazing people, let's say there's Tony Robbins, there is John Lee Dumas, there's Andrew Warner, there's Richard Branson. All my different people here.

So I go through and let's say I'm listening to Andrew Warner's podcast, he's the guy who runs Mixergy. So I'm listening to his podcast, I'm like, "Cool, he interviews entrepreneurs, that's cool. I could potentially work my way in, I could get on his show, get an interview and get him to spread the message, but he also has ads, so I can buy my way in as well, and I could buy ads on his show." Maybe with someone else I'm like, "they have a show and they don't interview people, but they do sell ads on it.' Maybe I see a Facebook live, or I'm looking at their email, I'm looking at all the different communication channels and I'm categorizing and saying, "What are the people that I think I can work my way in to get them to do it for free? And who are the people where I'm probably not going to work my way in but I can buy my way in?"

With Tony Robbins, even though it took me the decade to get Tony Robbins to ever promote me, during the interim guess what I did? I targeted every Tony Robbins fan on Facebook, on YouTube, on Twitter, on Instagram and we've been running ads to his entire, I've been buying my way into his network, buying ads to his people, for the last 5 or 6 years.

So just because Tony is not going to say to me or to most of us initially, because of the way the network is setup I can still buy ads in front of those things. So I'm always looking, can I buy my way in, or can I work my way in?

And then the goal of both of those things is to get them to become traffic that I own. I know when Dana is talking about Dream 100, his focus point is on working your way in, getting on the shows, doing the jv, having them send emails to your list, doing those kind of things. That stuff is amazing, that stuff takes more effort, more time, but it's free. Other stuff costs more money, it's kind of like, how many of you guys have more time than money? How many of you guys have more money than time? Who has more time than money? Who has more money than time?

"So where do I focus at first, Russell?" If you have more time than money, focus on working your way in. Try to get on the show, do those things, get them the email, build a relationship, you have more time. If you have more money, a lot of times it's easier just to buy your way in. How many of you guys have a decade to try to court Tony Robbins before you're going to drive traffic? It's a lot of work right. But you can go tonight and start running ads to all of his following.

So it comes down to that. So if you don't have money yet and you're getting started, focus on working your way in. How do I get...what are the people in my dream 100 that have a platform that I can come into and I can leverage to get people to join my platform, that'd be my focal point.

If it's like, I'm busy, I have a bunch of things, I just want to focus on the other way. Then just do the traffic control and buy your way in all those things. And ideally you're going to be doing both.

It's funny, this is the first time I've taught this and I know there's all these things that like I know I'm teaching, I'm going to talk about this later, but I need it for context for now, so I'm just trying to make sure I don't screw this up. I'll keep going from there.

Any questions about this part at all yet. Each step is kind of layering on top of each other. So we're finding our dream 100, we're figuring out who we can buy way in, who we can work our way in with a goal again, of transforming everything to our own platform, and building our own platform.

Alright, so that's how we start creating our dream customers. If we go back to the very beginning we have three types of traffic, figuring out dream customers journey, who has our dream customers, and how do we get these dream customers from these other platforms and move them onto our platform and get them on our list, have them listening to our podcast, have them....whatever platform it is that you're trying to build, we're trying to use the dream 100 to get their customers into it.

Just like Dana did right here with the goat feed yesterday. The empty one and it's all about dumping a little bit in from every single person, so it builds your platform and the bigger your platform gets, the bigger platform you can leverage and it keeps growing like that.

Alright the next phase here. Now I want to start shifting so you guys can understand distribution. So distribution is this game, this is how it works. Last night in the hotel room I was watching Shark Tank. How many of you guys still watch Shark Tank? Cool. It's interesting if you watch Shark tank, if you look at how they all do their deals, someone brings a deal to them, all the sharks, if you notice this, in their heads, they don't say it out loud, but as you listen to their questions and which deals they pick and they don't pick this is all they're focusing on.

Each of the sharks has a distribution channel that they understand. Laurie's really good at QVC, Damon is really good at retail, Cuban is good at pretty much everyone thinks he's cool and he just plugs into whatever he wants. But everyone's got a channel that they're really, really good at, a distribution channel.

So the deal comes in and it's like a clothing line and all the other sharks are like, "I'm out, I'm out, I'm out." And Damon's like, "I'm in." because he knows the distribution channel, and he grabs the distribution channel, he plugs it in, and boom, the retail takes off.

Laurie, she's like, amazing deals come by and she's like, "This won't work for QVC, it's out." Comes in and she's like, ahh, have a distribution channel where she takes the deal, plugs it in, and boom it explodes overnight.

So distribution is the key. That's why you're trying to build your own platform, your own platform is your own distribution channel. It's the most valuable thing. Steven Larsen said it yesterday, the most valuable thing in your business is your customer list, it's your distribution channel. When all is said and done it's the only thing that matters.

If you look at all the companies, the big tech companies that get bought and sold, it's all based on their distribution channel. I remember when I first got started, the first time I ever saw a company get bought for over a billion dollars was when eBay bought Skype. It was like, I don't know, 3 or 4 billion dollars. I was like, what? I was thinking, did they buy....Skype didn't even have a business model at the time, they weren't making any money. EBay was like the biggest company back in the day.

Do you guys remember back EBay was the most amazing thing and like all day long you were just trying to snipe auctions all day? It was the company right. Myron remembers. There was like sniper software where like 25000 people all bid on one thing, and then the software was like, buy at the last second. It was really fun. Then they ruined their business and now it's all boring.

But EBay bought Skype and I was like, they had the best tech people on planet earth, they could have cloned Skype in about a week. But they didn't do that. Why did they spend billions of dollars instead? Because Skype had the distribution channel, they had the list.

Why did Zuckerberg want to buy Snapchat? Because Snapchat had the distribution channel at the time. Why did he buy Instagram? They had the distribution channel.

If you look at all the big acquisitions, it's not about the technology. Technology is easy to clone and to beat, it's because of the distribution channel. That's the magic. Every business, if you look at the actual value, what they evaluate things on, it's the distribution channel, the list. So if you start understanding that, everything we're doing is like, who has the distribution channels? Those are my dream 100 partners.

Now, I talk about this at Funnel Hacking Live. Some of you guys may remember me talking about this. Gary Vaynurchuk says something in a little clip that was super cool, he said, "If you look at TV in 1965 it's the same thing that our phones are today." Do you guys remember me talking about this, who were there?

In 1965 there were only like three channels. There was ABC, CBS, and NBC, and it was funny because when I was talking to Tony Robbins, the first time I met him was over ten years ago now, and it was after his company had kind of collapsed. He was like trying to figure out the next step and that's when he met all the internet marketing nerds and we kind of helped him with some stuff.

But what's interesting is I was talking to him about it, he said, "Look, when I got started there were three channels. If you flip to any channel, guess who was on every single commercial? This big, huge giant selling his stuff. It was easy, the distribution channel was three things. We just bought all the ads on every single channel and I became Tony Robbins. Now what happened is distribution got fragmented. Cable came out and all the sudden there's not three channels, there's like 300 hundred channels. I can't buy them on all of them, there's all these niche channels. I go over on ESPN and it doesn't convert for some reason, I go over here and it doesn't convert. And I ran out of money because I couldn't keep up with this whole distribution thing. It was really, really confusing."

So that's why they were struggling at the time. So what Gary said, when he said the phone is like TV 1965, for me it was this huge aha. This is the key. So if you look at this, back when TV first came out, the distribution was it got TV's into people's homes. Then there was the channels, ABC, CBS, and NBC, and on each channel were the different shows.

So that's what you need to understand, these things kind of match what we're doing today. So today this is the distribution channel, our phones. I don't think I would have always believed that, but two years ago in Clickfunnels, I mean, we did see a lot of traffic, and prior to two years ago the majority, 60-70% of all traffic in our network came from desktop, and now it's flopped. The majority of all traffic coming across all 65000 customers accounts, I mean millions and millions and millions of visitors a day, the majority, 60 or 70% is all coming from phones.

So this is the future, it's going to continue to grow, it's not going down. We were in Kenya hanging out with these kids and none of them had computers, but guess what they all have? This. I guarantee you as our kids get older, they're not going to have computers, this is the thing.

So if you look at this, this is the phone from 1965, there's a lot of different apps. If you look at the apps, again, it's the category king right. The apps that take up like 90% of all the bandwidth on the phone are a couple of things. It's Facebook app, it's messenger app, it's Instagram, it's YouTube, it's Pinterest for some people. There's only 5 or 6 apps and that's it.

So for us, you have to understand, everyone's got their phones. It's like the TVs, it's been done. The apps are there, they already have billions of people on the core apps that are there, so the job that we have right now, just like back here is for us to become Happy Days or the Tonight Show or whatever. We need to be building our own show on these platforms. And that's the big aha, that's understanding distribution.

So these things are in people's hands, the channels are already there, we just have to create our own shows and build the distributions. It's easier today than it's ever been because everyone's got their phone and there's nothing like, back in the day you had to get NBC to decide your show's awesome. Today any of us could start a show, you just click a button and boom, your platform is alive. So understanding the distribution is right there.

Hey you guys, thanks so much for listening to day number two, session number two I should say. Hopefully you're enjoying this so far. Alright, tomorrow I will release the last of the three part series here for my presentation at dream 100 con.

You guys, this is the foundation for all traffic. I hope you are getting excited by it. And hopefully you're getting pumped for the Traffic Secrets book that will be coming out later next year. I don't want to say my only goal in this is to cause massive FOMO, but I'm not going to lie, I want to cause massive FOMO through the book, because I'm working my butt off on it. And so I figure if I gotta work this hard, then you need to desire the book as much as possible. So just remember this is scratching the surface of what will be happening inside the Traffic Secrets book. Hope you're enjoying it and we'll see you guys tomorrow.

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The Dream 100 (Part 2 of 3) - Marketing Secrets with Russell Brunson

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The Dream 100 (Part 2 of 3) Today we have part 2 of 3 where Russell speaks at Dream 100 Con about traffic and how to build your list. Here are some of the things you will hear in part 2: Find out the difference between hot, warm and cold traffic, and why you need...

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Planning is essential for innovation - the pull of the 'urgent, not important' of routine tasks is just too strong.
It's time to take action and re-tune, plan more time for the important long-term projects, because these are the ones that will help your company to remain relevant.

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Planning is essential for innovation - the pull of the 'urgent, not important' of routine tasks is just too strong. It's time to take action and re-tune, plan more time for the important long-term projects, because these are the ones that will help your company to remain relevant.

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ScaleUp Scotland - Free Online Course Addressing Challenges of Scaling Businesses

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ScaleUp Scotland - Free Online Course Addressing Challenges of Scaling Businesses

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Startup Valuation Calculator: How do I start?

Are you looking to get an understanding of how much your early-stage business might be worth? First, it's important to note that startup valuation doesn't work the same way as valuing established companies. Because startups come with a high level of uncertainty and often have little or no revenues, we cannot use traditional quantitative valuation methods. Instead, investors tend to use a mix of more qualitative evaluation models, to estimate a business's worth. We've created this startup valuation calculator, based on the steps an Angel Investor would take using one such model, that will help you get a rough idea of your business's valuation. Before you start, here are a few things to note:

This calculator is designed for early-stage and pre-revenue businesses.

Be honest with your answers. Put yourself in an angel investor's shoes and ask yourself how would they answer the questions about your business.

This is intended to provide a broad estimate, and should not be taken for a precise calculation. When doing business valuations, it is recommended to use around 3 different valuation methods.

Use this calculator to value your business

Some considerations when looking at startup valuation:

Market Forces

One of the largest determinants of a startup's value is the market forces of the industry in which it operates. When an investor is deciding whether to invest, they generally gauge what the likely exit size will be for a company of its type and industry. And then judge how much equity is required to reach a return on investment ("ROI") goal. There are certain "hot" industries out there. Think about fintech, sustainability, AI, healthtech etc., which can command a higher valuation than another company at the same stage in a different industry. Conversely, if operating in a space where the market for your industry is depressed and the outlook stagnant, the amount an investor is willing to pay for the company's equity is going to be substantially reduced in spite of any past or present successes.

The Investor Perspective and Entrepreneur Trade Off

The fundamental strategy to make money as an angel investor is to purchase an ownership share in a company when it is still young, unproven and inexpensive. On a later date, they'd sell that share when the company has achieved its vision and demonstrated its increased worth. An investor will decide how much a company is worth on the basis of many factors, including how far the business has come (business plan / MVP, profitable, in-between) and how far it can go. On the other hand, an entrepreneur you need to secure enough investment to grow your business and hit your key milestones, whilst maintaining a high enough equity stake to keep you incentivised.

Learn more on valuing your business

1. We've created this guide that helps you understand how to go about looking at an early-stage business valuation: The Art of Startup Valuation: A Guide for Early-Stage and Pre-Revenue Startups

2. Learn about the 4 most commonly used startup valuation methods by VCs and Angels

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Startup Valuation Calculator: Quickly Value Your Business

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Are you looking to get an understanding of how much your early-stage business might be worth? First, it's important to note that startup valuation doesn't work the same way as valuing established companies. Because startups come with a high level of uncertainty and often have little or no revenues, we cannot use traditional quantitative valuation methods.

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Crowdwise - Valuation of Early Stage Startups - Part 1

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Crowdwise - Valuation of Early Stage Startups - Part 1

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A common term that crowdfunding investors will come across when looking at startups is valuation. What is valuation? Does valuation really matter for early-stage investors and angels? Is valuation more of an art or a science?

In Valuation Part 1, we will investigate all these questions and hear what some notable investors think about valuation. In Valuation Part 2, we will talk about the top six methods for valuing early-stage startups and walk through how valuation works on crowdfunding portals.

https://crowdwise.org/all/top-6-methods-for-valuing-startups-valuation-part-2/

What is valuation?
Valuation (of a startup) is the present market value, as agreed upon by founders and investors.
Valuation of an early-stage business depends on many factors, such as:

The founder(s)

The team

Intellectual Property (e.g. patents and proprietary technology)

State of the product (idea, prototype, first iteration, etc.)

Customers (both current and future potential)

Traction and growth

Sales and margins

Risks

Competition

Industry (current and future potential)

Supply and demand among investors

And much more...

Public vs. Private Market Valuation Differences

For investors who are familiar with the public markets, a startup's valuation is similar to the market capitalization of public companies.

Early-stage startups are different in that instead of having a liquid supply and demand of shares among millions of potential investors, there are typically only a few investors in early-stage businesses. It's also much harder to buy and sell shares, since secondary markets are still being developed in equity crowdfunding. Thus, the market for early-stage equity shares is inefficient; that means it is possible to either get a bargain or to overpay.

In addition, a startup's valuation is dependent on many more factors that can't easily be measured. Thus, valuation depends more on subjective criteria rather than objective criteria.

While every company on Wall Street has years of financials that are constantly scrutinized by countless analysts, early-stage businesses may have a very limited (or even non-existent) operating history.

Pre-Money vs. Post-Money Valuation

Investors in startups should know the difference between pre-money and post-money valuations.

Pre-money valuation is the valuation of a business before the current round (i.e. not including investors' new money in the round).

Post-money valuation is the valuation of a business after the current round (i.e. including investors' new money in the round).

Thus, the relation between pre- and post-money can be expressed as:

Pre-Money Valuation + New Money from Round = Post-Money Valuation

Examples:

Raising $200,000 at a $2 million pre-money valuation implies a $2.2 million post-money valuation ($200k + $2M = $2.2M)

Selling 10% of a $4 million post-money valuation means raising $4M*10% = $400k (and a $3.6M pre-money valuation)

In considering pre- vs. post-money valuations, neither one is good nor bad. Investors should simply understand what is being offered so they can calculate their percent ownership correctly.

That is because an investor's ownership depends on post-money valuation.

How to calculate an investor's percentage ownership in a startup

An investor's percentage ownership of a startup based on a given investment is calculated using:
Percentage Ownership = Investment Amount / Post-Money Valuation
For example, assume:

The business is raising $400k at a $1.6M pre-money valuation

You invest $1,000 in Common Shares

How much do you own?

First, determine post-money valuation: $400k + $1.6M = $2.0M

Second, divide your investment by step 1: $1,000 / $2,000,000 = 0.05% ownership

What if the business was raising the same $400k, but at a $1.6M post-money valuation?

$1,000 / $1,600,000 = 0.0625% ownership

You would own 25% MORE than the pre-money case

Deal terms are typically listed as pre-money valuation, since the amount that they raise in a given round cannot be known in advance. However, some financial securities may be offered with post-valuation terms. Whether a deal is pre-money or post-money will be noted in the deal terms being offered.

Is Startup Valuation an Art or a Science?

Since early-stage startups have less information and operating history on which to value their potential market value, startup valuation is often cited as being more of an art than a science.

That doesn't mean investors pick a random number out of a hat, though.

To understand more about early-stage valuation, let's listen to what two prominent early-stage investors - Paul Graham and Jason Calacanis - have to say about valuation.

"When someone buys shares in a company, that implicitly establishes a value for it. If someone pays $20,000 for 10% of a company, the company is in theory worth $200,000. I say "in theory" because in early stage investing, valuations are voodoo. As a company gets more established, its valuation gets closer to an actual market value. But in a newly founded startup, the valuation number is just an artifact of the respective contributions of everyone involved." - Paul Graham, Co-Founder - Y-Combinator

Next, according to Jason Calacanis:

"Startup valuations are not science, but they're not magic either. It's a bit of alchemy, combined with bizarre marketplace dynamics like famous founders getting 3x the price for half the traction..." - Jason Calacanis

Jason has a traction vs. valuation matrix that visually depicts his interpretation of an "average" startup valuation, as well as what factors can cause a startup to go above or below that average (e.g. founders with past successful exits).

Human Psychology - a major valuation driver

As both PG and J-Cal imply, valuation is dependent on supply and demand. And with any system that depends on human factors, this means that valuations are inherently dependent on human psychology, behavior, and biases.

For example, when trends such as Artificial Intelligence (AI), quantum computing, self-driving cars, cannabis, blockchain, or whatever of the hot industry of the day is comes along, investors may be more eager to put money into them. Thus, an increase in demand (by investors) means that founders can (and do) command higher valuations.

And while it hasn't been a major problem yet with Regulation Crowdfunding (Reg CF), the maximum limit of $1.07 million during a crowdfunding campaign does mean that shares could sell out and drive fear of missing out (FOMO) and other related behavior.

On the contrary, seemingly boring industries may not attract as much attention from investors. And while it may be for good reasons (e.g. a limited upside) most of the time, there will still be exceptions to this rule that prove venture capitalists wrong.

Thus, it's important to keep in mind not only how tangible factors influence valuation, but how human psychology and investor behavior also influence trends in valuation, just as they do in public markets.

Why is valuation important (or is it)?

So valuation is part art and part science. But is valuation important for early-stage investors?

Here is a great quote from Howard Marks' book Mastering the Market Cycle that talks to value in general:

"It's not what you buy that determines your results, it's what you pay for it. And what you pay-the security's price and its relationship to intrinsic value-is determined by investor psychology and the resulting behavior." -Howard Marks

This couldn't be more true in many instances - but also more wrong in certain early-stage cases. Let's consider two examples now to see when and if valuation is important.

Valuation is important - in most investments

I'm a firm believer that in most instances, valuation is crucial. Whether that is investing in public market stocks, bonds, real estate, or other securities, it's crucial to understand the value of what you are buying to ensure that you aren't overpaying.

However, the power-law nature of startup returns throws a wrench in the gear of this equation. As stated by Peter Thiel and demonstrated with early-stage crowdfunding data, the majority of early-stage investment returns will be generated by very few of the portfolio's investments.

What does this mean for you as an early-stage investor?
It means that if you optimize for valuation, you could potentially miss out on those one or two investments that make all the difference for your portfolio.
Let's take a look at Uber as a case study of what happens if you optimize for valuation instead of optimizing for potential home runs for your portfolio.

Valuation is less important (but far from worthless) in home run investments

Consider the case of Uber's early investors, such as Jason Calacanis, in Uber's 2010 seed round.

Most investors - including Mark Cuban, as well as 150 of 165 AngelList investors - passed at a $5.4 million post-money valuation because it looked too expensive at the time.

In an email that Mark Cuban sent to Uber CEO Travis Kalanick, he said "I wouldn't touch a 2mm valuation, let alone 5mm."

Hindsight is always 20/20, but in his overall portfolio, do you think it would have mattered if Mark Cuban invested at a $5 million valuation instead of at $2 million? What about a $20 million or $60 million valuation?

This is where the magnitude of power laws comes in and where the human brain fails to grasp the implications of those power law returns.

Assuming 50% dilution from the 2010 seed round until IPO, and $70 billion as the closing sale price on day one of Uber's IPO, here are the potential exit multiples investors would have realized at each valuation:

As you can see, even if Uber had been asking for $60 million, as they did in their Series A, it still would have resulted in roughly 600x returns. That's enough to make any portfolio a winner.

This isn't to say that the difference between 6,000x+ returns and 3,500x returns is insignificant; obviously you want the best you can get, and valuation does impact those returns. The point is not to be blinded by valuation and optimizing for the wrong thing.

The biggest mistake early-stage investors can make is optimizing for valuation instead of optimizing for home run potential

I refer to this as the valuation optimization fallacy for early-stage investing.

Arguing with founders over a few million in valuation (e.g. you decide not to invest at $6 million because you think they are only worth $4 million) is entirely missing the point of early-stage investing. The potential for high rewards means that you will have to take some big risks. If you're investing not to lose instead of playing to win, then you've already set yourself up for failure.

This does not mean that you should throw money at every startup that comes along promising to be the future. Discovering where that threshold is and how to pick winning founders and startups is all part of the journey.

The Valuation Optimization Fallacy in Equity Crowdfunding

Many experienced investors, probably including names like Warren Buffett, would likely take issue with the prior assertion that early-stage investors shouldn't optimize for valuation (although Buffett has recently entered the startup investing space himself).

So how would this approach have fared thus far in Regulation D equity crowdfunding?

On WeFunder's results page, two of the top four performing Reg D WeFunder investments to date were on Uncapped SAFEs.

An Uncapped SAFE means kicking the valuation can down the road, and means there is no cap at which they convert. The SAFE's discount rate and valuation cap are often benefits that early-stage investors expect for taking additional risk by investing so early. An Uncapped SAFE is essentially the same as flipping the bird to anyone who cares about getting the best possible valuation, saying, "Nah, we'll figure that out later."

However, if you had excluded those deals (due to the lack of valuation), you would have missed out on two of the best-performing Reg D WeFunder investments to date.

As with most things in the investment world, there are both pros and cons to Uncapped SAFEs. Recently, WeFunder has transitioned to a Most-Favored Investor (MFI) clause SAFE, which means you get the best deal terms that any subsequent investor gets, but again avoiding the question of valuation in the current round.

Thus, there isn't a simple answer to the question "does valuation matter?". As with anything, it must be taken on a case by case basis, but investors should also keep the bigger picture in mind (i.e. not falling victim to the valuation optimization fallacy and missing potential home run investments).

Summary - Introduction to Valuation

To sum up this introduction to valuation:

1. Valuation matters, but what's more important is not missing out on a potential home run (i.e. the valuation optimization fallacy)
This goes back to Peter Thiel's rule - "...only invest in the companies that have the potential to return the value of the entire fund."

2. Valuation is part art, part science
It depends on many things, ranging from current market conditions, to founder's past record, team, IP, traction, risks, geographical location, competition, and more

3. Post-Money Valuation = Pre-Money + Total $ Raised

4. Post-Money Valuation = Total $ Raised / Percent of Equity

5. Investor's Ownership = Investment Amount / Post-Money Valuation

In Valuation Part 2, we will discuss the top six methods for how to value startups. We will also cover how investors put all the methods together and how valuation works on equity crowdfunding portals.

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Valuation of Early-Stage Startups - Does it Matter? (Part 1) | Crowdwise

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A common term that crowdfunding investors will come across when looking at startups is valuation. What is valuation? Does valuation really matter for early-stage investors and angels? Is valuation more of an art or a science? In Valuation Part 1, we will investigate all these questions and hear what some notable investors think about valuation.

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Crowdwise - Valuation of Early Stage Startups Part 2

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Crowdwise - Valuation of Early Stage Startups Part 2

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Valuation often feels like a tug of war. On one end, there are founders who want the highest valuation based on optimistic future revenues. On the other end, there are investors who want the lowest valuation based on current revenues and metrics. Since the final valuation typically lies somewhere between the two extremes, how do founders and investors agree on valuation?

There are many methods for valuing early-stage companies. Today, we will look at the top seven pre-revenue and post-revenue startup valuation methods. We will also consider how valuation works on websites that offer equity crowdfunding deals.

Despite the guidance that these methods provide to investors, there is no substitute or shortcut for practical, real-world experience. These methods are tools for early-stage investors to use. There is no silver bullet that will give you an exact valuation every time.

The more startups that you analyze and perform due diligence on, the more you will hone your sense of what the market value of a given startup is. Nearly all of these methods still depend on finding what the average pre-money valuation is for similar startups. So your selection of the benchmark startups and the assessments of each area are just as important as the methods themselves.

In Valuation Part 1, we looked at what valuation is, why it is important for startup investors, and covered some basic terminology. Now let's roll up our sleeves and learn how investors and founders go about valuing a pre-revenue (or very early revenue) startup.

Early-Stage Valuation Methods

There are as many ways to value a company as there are flavors of ice cream. Thus, we have selected the top seven methods in terms of their applicability to early-stage startups and their popularity among angels and venture capitalists.

Ranked in order of increasing complexity, the top methods for early-stage startup valuation are:
Pre-Revenue Methods Post-Revenue Methods

1. Discounted Cash Flow (DCF) Method

2. Comparables Method (i.e. market comps)

3. First Chicago Method

The more complex methods, such as DCF, Comps and First Chicago Method, tend to be more popular with and useful for VC firms. This is because they are investing at later stages (when the business is generating revenues) and investing much larger sums of money in each startup. Thus, they can afford to spend a lot more time performing due diligence and estimating valuations.

1 - The Berkus Method

The Berkus Method was first devised in the mid-1990s by David Berkus, and last updated in 2016. An angel and VC investor himself, David says "...[the Berkus Method] was created specifically for the earliest stage investments as a way to find a starting point without relying upon the founder's financial forecasts."

The Berkus Method looks at five key areas of a startup and assigns a value ranging from zero to $500,000 for each area. These areas are:

1. Sound Idea

2. Quality Management Team

3. Prototype

4. Strategic Relationships

5. Product Rollout or Sales

The sum of all the assigned values results in the pre-money valuation for the startup.

Since the original Berkus Method had five areas with a maximum of $500k, that leads to a theoretical maximum pre-money valuation of $2.5 million.

Thus, an important modification to the Berkus Method (and David Berkus himself suggests that it must be flexible, both in terms of the areas and the amounts) is to adjust the theoretical maximum depending on geography, sector, and other factors.

For example, if the average valuation for a given startup in Silicon Valley is $6 million, then each of the five areas would get up to 20% of $6M, or $1.2 million each instead of $500k each.

The traditional Berkus Method is:

Pros and Cons of the Berkus Method

Pros: quick, high-level, and doesn't rely on forecasts.

Cons: weighs all five areas the same in terms of importance, requires skill to know how much to credit each area, ignores some areas that the more detailed methods cover, and is dependent on choosing an appropriate benchmark startup valuation to set the maximum value (e.g., $2.5M max vs. $5M max).

2 - The Scorecard Method

Famed angel investors Bill Payne and David S. Rose (author of the book Angel Investing) both believe that the Scorecard Method is the most useful of all the early-stage valuation methods. Bill supports this method so much that it is sometimes referred to as the "Bill Payne" valuation method.

The Scorecard method starts by finding a representative group of startups and their range of valuations. Then, you assess the target startup in seven areas, and compare how your target startup stacks up against the representative startups in your sample.

If the startup in question is superior to the comparison group, then you assign relative values, such as 125% or 150%. If the startup is lacking in comparison, then approximate the degree to which it falls short of the benchmark (e.g. 50%, 75%, 90%).

Next, multiply each of your assessments by the maximum factor of each category (as shown in the table below), and then sum up all the weighted results to get the final adjustment multiple.

Finally, multiply that multiple by the average valuation from the startup group (or, if you wish, you can multiply it by the min/max to get a range), and you end up with the final estimated valuation for the startup in question.

The seven areas of the Scorecard method and their corresponding maximum values are:

1. Strength of the Management Team (30%)

2. Size of the Opportunity (25%)

3. Product/Technology (15%)

4. Competitive Environment (10%)

5. Marketing/Sales, Channels/Partnerships (10%)

6. Need for Additional Investment (5%)

7. Other (e.g., great customer feedback) (5%)

An example of applying the Scorecard valuation method to a startup that has a strong management team, exceptional potential market opportunity, less-than-average product offering, average competition, and less-than-average marketing/sales and other areas would result in:

Assume that the comparison group of startups in the above example had an average valuation of $4 million. Thus, multiplying $4M*(1.135) would result in a $4.54M estimated valuation for the startup in question.

Pros and Cons of the Scorecard Method

Pros: covers more areas than the Berkus method, but is still relatively straightforward and easy to apply; doesn't weigh all areas the same as the Berkus method does; is the method of choice by Bill Payne and David S. Rose and many other angels.

Cons: requires skill to know how much to credit each area, ignores some areas that the more detailed methods cover, and is dependent on choosing an appropriate benchmark startup valuation to set the maximum value (e.g., $2.5M max vs. $5M max).

3 - Risk Factor Summation Method

This method looks at a list of 12 risk areas and then assigns a value ranging from -2 to +2, depending on how the target startup compares to the selected group of benchmark startups.

In a similar fashion to the last two methods, you must start with the pre-money valuations for other pre-revenue companies in the region. Then, for each +/-1 increment in the risk assessment, you adjust the startup's value by $250k. For example, a -2 rating corresponds to -$500k, a -1 to -$250k, a +1 to $250k, and a +2 to +$500k.

The Risk Factor Summation Method risk areas are:

1. Management Risk

2. Stage of Business

3. Legislation/Political Risk

4. Manufacturing Risk

5. Sales and Marketing Risk

6. Funding/Capital Raise Risk

7. Competition Risk

8. Technology Risk

9. Litigation Risk

10. International Risk

11. Reputation Risk

12. Potential Lucrative Exit Risk

An example of applying the Risk Factor Summation Method would be:

In the above example, since the sum of the third column results in a net result of +2, you would add 2*($250k) = $500k to the average valuation that you started with. So if the average valuation of startups in the region is determined to be $3M, this startup may be valued closer to $3M+$0.5M = $3.5M.

Pros and Cons of Risk Factor Summation Method

Pros: considers areas that the Berkus and Scorecard methods overlook, and is relatively straightforward to apply when comparing other startups.

Cons: this is a glass-half-empty way of assessing a startup - i.e. it looks at all the things that could go wrong, but doesn't consider what could go right. It also assumes everything is equally weighted (e.g. a strong management team only gets the same weighting as a good litigation risk, whereas a team is generally much more important than other areas). Lastly, it still relies on the initial group of startups that you select as the representative benchmark for comparison.

4 - The Venture Capital Method

The Venture Capital method works by starting with the end in mind. It requires estimating the terminal value (in a harvest year, when it is sold or acquired), your desired ROI, and then backing out the post-money and pre-money valuations from there.

Because of this, it can be a useful indicator in terms of the valuation that would be required for you to invest in order to get a given return, assuming all goes to plan. However, one shortcoming is that unless you use the company's anticipated growth rate for the ROI number (which can be nearly impossible to estimate for pre-revenue startups), it's only telling you what valuation you need to invest at, not what the valuation of the startup is worth based on the team, product, or anything else.

The steps to the VC Method of valuation are:

1. Estimate the terminal value (i.e. valuation during a future exit year) of the startup.
Use any suitable method for estimating this - e.g. looking at similar startup exits in the industry, etc.

2. Estimate your required (or expected) rate of return as an exit multiple.
Use our portfolio return calculator, or use any other estimates (e.g. 20X return). Just keep in mind that a 25% portfolio IRR is very different from the individual startup IRR that will be required, since more than 50% of your investments will likely fail. More on that in our blog post here.

3. Calculate post-money valuation: discount the terminal value by your required (or expected) rate of return (i.e. exit multiple).
Post-Money Valuation = Terminal Value / Exit Multiple

4. Calculate pre-money valuation: subtract the total new investor capital in the current round from the post-money valuation obtained in Step 2 to get the pre-money valuation
Pre-Money Valuation = Post-Money Valuation - (Current Round Size)

5. Account for dilution to obtain the final pre-money valuation estimate
Pre-Money Valuation * (expected dilution) = Final Pre-Money Valuation

Venture Capital Valuation Method Example

1. Assume you find similar startups to the one you are looking at have exited for $50M

2. You determine that your required return on each successful investment is a 20X multiple

3. Post-Money Valuation is $50M / 20x = $2.5M

4. If the startup is raising $500k in the current round, it would have a $2M pre-money valuation

5. Assuming 50% dilution, $2M * 50% = $1M pre-money valuation

Note: the resulting $1M pre-money valuation is what is required for you to meet your investment goals. This is not an estimate of what the company is actually worth today, since it doesn't look at any of the factors of the team, product, traction, risks, etc.

Pros and Cons of the VC Valuation Method

Pros: useful for calculating required or expected valuations for pre-revenue businesses.

Cons: doesn't look at aspects of the business (i.e. team, product, traction, risks, etc.) in determining a valuation - it only depends on your required rate of return. It still requires a selection of representative startups to estimate future potential terminal values.

Post-Revenue Valuation Methods

Next, we will look at three of the most common post-revenue valuation methods. These will be less practical and useful to the micro-angel and crowdfunding investor, but it is worth covering to see some other ways that valuations are estimated.

1 - Discounted Cash Flow (DCF) Method

As the name implies, this method involves projecting future cash flows of a business. Then, those cash flows are discounted to the present value, and the sum of all those cash flows is the present-day valuation.

In Peter Thiel's book Zero to One, he illustrates the difference in cash flows between a company that is in decline and a tech startup:

"Most of the value of low-growth businesses is in the near term. Technology companies follow the opposite trajectory. They often lose money for the first few years: it takes time to build valuable things, and that means delayed revenue. Most of a tech company's value will come at least 10 to 15 years in the future." -Peter Thiel, Zero to One

Thus, the DCF method attempts to estimate all these future cash flows and then calculate the present value of those cash flows.

Because the DCF method relies on accurately projecting future revenues, it is more suitable for mature companies with predictable growth rates and existing revenues. This is because if you try to predict what the future cash-flows of a pre- or early-revenue startup will look like, your best-guess is at best an approximation. What's more likely, though, is that your projections are way off in either one direction or the other. No one can predict the future.

The equation to calculate the net present value (NPV) of future cash flows is:

where:

CFt = cash flow for each period

r = discount (interest) rate

t = year

N = total number of years

Pros and Cons of DCF Method

Pros: can provide an intrinsic value of a business based on estimated future cash flows.

Cons: "Garbage in, Garbage out": it's only as accurate as the cash flows that you predict. It's highly speculative beyond a few years out, especially for startups where that is where the majority of startup value comes from (i.e. 5-15+ years out). Most appropriate for more mature businesses with predictable growth.

2 - Comparables Method (i.e. Market "Comps")

The Comparables or "comps" method involves looking at similar businesses in an industry and what valuations they have raised money at, and then adjusting your valuation for a target startup based on comparing key metrics (e.g., revenue, Monthly Active Users (MAU), etc.).

While it's common to use revenue or earnings as a metric (think of price/earnings ratios in the public markets), it can be applied to other metrics such as active users. Thus, it can also be applied to pre-revenue, earlier-stage startups.

The process to use the Comps method for valuation is:

1. Select businesses from the same niche or industry that are representative of the target startup

2. Identify Key Performance Indicators (KPIs), such as MAUs, revenue, or other relevant metrics

3. Valuation: Look at recent M&A data (e.g. from Crunchbase) to get the latest valuation for each startup

4. KPI: approximate what the value of the KPI was at the time of the valuation

5. Comp ratio: divide the valuation by the KPI to get the comp ratio.

6. Average the comp ratios for the selected comparison startups (or use min/max to get a range)

7. Multiply your startup's KPI by the comp ratio to arrive at a valuation

For example, let's assume you are looking at a new startup that is creating a new type of niche dating app.

After looking at several other recent niche dating app startups, you decide that DAU (daily active users) is one of the most important metrics pre-revenue. Thus, you collect the DAU metrics for each of these other dating app startups, as well as what valuations they raised at.

Assume that your comparison companies looked like this:

After gathering a few more examples, you see that the average for Valuation/DAU tends to be around $5.0 / DAU. Interesting side note: Facebook had ~1.6B DAU as of June 2019 and around a $512B market cap, meaning the current DAU market rate for Facebook is $320/DAU in comparison.

Thus, if the startup you were valuing currently has 750k DAU, then $5*750k = $3.75M valuation using the comps method.

One of the most common metrics is valuing a startup based on a multiple of its revenue - once it is generating some. For example, if the going market rate for a class of startups was 5X revenues, and your startup was generating $500k annual recurring revenue (ARR), the approximate value would be 5X*$500k = $2.5M.

Typical Revenue Multiples

What are some example ranges of revenue multiples? It varies widely by stage, profitability, and other factors, but here is some guidance on revenue multiples:

Public company examples (Enterprise Value / Sales, as of 9/30/19)

Amazon - 3.5X revenues (~25% gross margin)

Apple - 4.0X revenues (~40% gross margin)

Facebook - 7.5X revenues

Uber - 5.1X revenues

Typical startups raise at 4X-10X annual revenues*

SaaS or trending startups may be higher, e.g., 10X-20X*
"Hot" startups may be 50X+ (MSFT invested in FB at 100X)

Pros and Cons of Comps Method

Pros: based on the market value of similar startups; doesn't rely on founder projections; can give a very quick approximation of value if you are familiar with the KPI multiple (e.g. revenue multiple) for a certain group of startups (one reason why some investors prefer to specialize in certain types of startup, e.g., enterprise SaaS).

Cons: it assumes that your target startup will have a similar outcome to other startups. Knowing which metric/KPI to use when using Comps can be critical. It ignores the talent of the actual team or product in this instance, as well as unique risks.

3 - First Chicago Method

Last on our list is the First Chicago Method. I like to think of it as a combination of the DCF and Comps methods, while also taking best and worst case scenarios into account.

Because of this, it is also the most complicated and time-consuming method on this list. Thus, it may be more suitable for higher-dollar angel investors and VC firms rather than the crowdfunding investor or micro-angel.

The first element of the First Chicago Method is that you must construct your valuation estimation for three scenarios, and assign a probability to each scenario:

To estimate the valuation in each case, this method uses both the terminal value (e.g. valuation based on comps) as well as future cash flows.

After discounting both the terminal value and cash flows to their present value, the overall valuation is then simply the product of this valuation times the probability you assigned to each of the three outcomes (best case, average, and worst case).

In terms of the formula, the First Chicago Method is:

Where:

i = 1,2,3 for the best case, average, and worst case situation

TV = terminal value

CF = cash flow

r = interest rate for present value discounting

t = the year of the TV or cash flow

p = probability of each of the three outcomes (best/average/worst)

EV = enterprise value (overall valuation)

For example, assume you determine the final valuation for each of the three outcomes as follows:

1. Best case = $7M (30% chance)

2. Average = $5M (60% chance)

3. Worst Case = $3M (10% chance)

Then, you essentially calculate the expected value of outcomes to get the overall weighted valuation: $7M*.3 + $5M*.6 + $3M*.1 = $5.4M.

This method can be modified to be as complex as you would like it to be. For example, if you determined there were more than three possible outcomes, it easily allows you to model four, five, or any number of outcomes and probabilities. This can allow you to account for "black swans" - those extremely improbable but very-high-impact types of exits.

Pros and Cons of First Chicago Method

Pros: very detailed and thorough; based on concrete estimates of future value exits and cash flows; provides a range of potential outcomes; accounts for unlikely but high-impact outcomes.

Cons: very complex and time-consuming; requires a lot of knowledge of the business and future estimates to produce accurate results. Not useful for pre-revenue startups.

Which Valuation Method is Best for Crowdfunding and Angel Investors?

While Venture Capital firms more often employ the First Chicago Method and Discounted Cash Flow methods (especially because they typically invest later in a startup's lifecycle), these valuation methods are often overkill for smaller angels or crowdfunding investors.

There are many other methods - such as the asset-based or book value method and others - that we didn't even touch upon here because they aren't as relevant to early-stage startups.
So what is the best valuation method for angels and crowdfunding investors?
The general consensus is that it's a combination of several simple methods.

David S. Rose, author of Angel Investing, suggests starting with the Scorecard Method and including one or two other methods (e.g. Berkus, Risk Factor Summation, or VC). He suggests using a few of the methods side-by-side to see if they are in the same range.

Personally, I started out using a combination of the first three methods (Berkus, Scorecard, and Risk Factor). Honestly though, after screening hundreds of deals, I don't spend as much time on the valuation anymore for crowdfunding offerings. This is because:

1. Valuations are pre-determined by the funding portal (for those that negotiate), and so negotiation isn't as important as it is for angels and VCs, and

2. I am much more familiar with valuations in different areas and have a sense of what feels right when screening a deal because of the number of deals I have screened

That being said, if a valuation feels off to me, or I look at a startup in a new sector that I am not experienced with, I will use a combination of those three methods to see if it is in the ballpark.

Since using multiple valuation methods can be important to check your results, there is an important way to compare them that I like to use called the football-field approach.

The Football-Field Approach for Visualizing Valuations

One of the best ways to assess where your valuations overlap is by using the football-field approach.

Plot your range of valuations that you obtain via the different methods, as shown in the following figure:

Assume that you performed different valuation methods and got ranges as shown. If the startup was offering securities at a $3M pre-money valuation, you could rationalize that it is reasonable, since it agrees with 2 of the 3 of your methods, and is still close to the third.

But what if that same startup was offering financial securities at a $5M valuation? Depending on how big the disconnect is, there are only two possible explanations:

1. The founder is wrong. They have a disconnect with reality in terms of what the market value of their startup is or have received bad advice.

2. You are wrong. Look again to see if you are missing a key piece of information and update your models as necessary.

Investors must be humble when investing in startups, since it is not possible to be correct 100% of the time.
You will only improve your valuation skills over time if you practice and make use of feedback when it is offered to you.
Valuation in Equity Crowdfunding Deals

My number one suggestion for crowdfunding investors (based on my own approach) is to try to estimate valuations while doing your research before you look at the valuation being offered.

This is unique to crowdfunding offerings, since individual angels do not have the luxury of looking at what valuation is being offered (except for angel groups, syndicates, or unless there is a lead investor already). Thus, angels typically spend a LOT more energy on negotiating valuations.

In crowdfunding deals, depending on the funding portal, valuations will either be negotiated by the funding portal in advance, or the founder will choose the valuation (or valuation cap for convertible notes and SAFEs), and then leave it up to the crowd as to whether to invest. If the founder chooses to offer too high a valuation, then their campaign may fail to reach its minimum, so the founder is incentivized to select a valuation that they believe is fair in the eyes of investors.

The upside to investing on crowdfunding portals is that you leave the valuation up to an experienced team (i.e. the funding portal) who see hundreds of startups a year.

The downside to investing on crowdfunding portals is that there is no negotiating. So if you don't agree with the value being offered, you either have to pay more than you would like to pay, or you don't invest at all.

Summary of Startup Valuation Methods

To sum up today's lengthy topic of valuation methods, I suggest that angel investors and crowdfunding investors practice the following when valuing companies:

1. Practice makes perfect. There is no substitute for experience. There is no magic formula that will give you exact valuations. The more you practice valuing companies, the better you will become.

2. Keep it simple, especially when starting out. We suggest starting simple and using the Berkus, Scorecard, and Risk Factor methods. As you become comfortable, adjust and try some of the more advanced methods. It's a matter of investor preference, but also impacted by how much you are investing in a deal.

3. Use multiple methods. Use the football-field approach to visualize ranges and check how the outcomes of different methods compare with one another.

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Top 7 Methods for Valuing Startups - Valuation (Part 2) | Crowdwise

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Valuation often feels like a tug of war. On one end, there are founders who want the highest valuation based on optimistic future revenues. On the other end, there are investors who want the lowest valuation based on current revenues and metrics.

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Mirip dengan penyedia slot gacor 2023 Pragmatic Play. Perusahaan PG Soft sendiri saat ini berada di bawah naungan Malta Gaming Authority LTD (MGA), sehingga membuktikan bahwa perangkat lunak PG Soft atau Pocket Game didukung. Permainan situs raja slot yang aman. Dijamin untuk bermain dan mendapatkan semua yang ingin Anda mainkan. Sampai hari ini, PG Soft penyedia layanan judi slot online berfokus mengembangkan produk judi raja slot online yang menawarkan setiap permainan judi dengan kualitas terbaik di kelasnya.

Nama penyedia slot resmi terbaik adalah Pragmatic Play yang sudah banyak dikenal dan dikenal oleh para pemain game Indonesia. Didirikan pada beberapa tahun lalu, Pragmatic Play telah berkembang menjadi salah satu perusahaan pengembang. slot gacor 2023 terkemuka dengan sejumlah besar sangat berkualitas. Ada lebih dari ratusan jenis slot online gacor yang berhasil dirilis oleh provider Pragmatic Play, dan semua permainan yang dirilis Pragmatic Play dapat menarik minat masyarakat karena raja slot gacor di Pragmatic sangat besar dan banyak jumlahnya.

Joker Gaming atau dikenal juga sebagai Joker123 atau slotter adalah sebuah perusahaan yang saat ini berkantor pusat di Asia yang merancang dan memproduksi permainan judi slot online terbaik. Lisensi dan Izin Operasi Resmi PAGCOR Joker123 / Joker Gaming Pemerintah Filipina sudah memiliki jaringan pasar yang sangat luas di kawasan Asia, sehingga tidak heran jika permainan slot gacor besutan Joker Gaming atau Joker123 ini begitu populer di kalangan para gamers. Kalangan judi di Asia termasuk banyak pemain slot di Indonesia.

Menandai penyedia Habanero sebagai salah satu perusahaan pengembang perangkat lunak raja slot online teratas di tahun 2012, revolusi permainan slot resmi online. Ini adalah koleksi yang lengkap dan sangat inovatif. Namun, itu tidak mungkin. Maka tak heran jika banyak sekali pemain yang sudah membuktikan betapa seru dan memuaskannya bermain slot gacor 2023 dari Habanero ini. Sama halnya dengan provider terkemuka dan berkualitas lainnya, Penyedia Habanero menawarkan ratusan permainan untuk memuaskan para pemain karena mereka dapat memilih semua jenis permainan habanero pada situs raja slot online gacor disini untuk dimainkan.

Untuk kamu para slotter yang selalu menginginkan berbagai macam permainan judi slot resmi yang mudah untuk dimenangkan. Itu karena Play N' Go terlibat dalam menghadirkan dan merilis serangkaian game judi slot gacor 2023 berkualitas tinggi tahun ini menggunakan beberapa teknologi terbaru dan inovatif. Anda tidak ingin kehilangan minat dari pengembang game situs raja slot online lainnya. Semua keuntungan bisa Anda rasakan termasuk jackpot di semua jenis permainan slot online yang dirilis oleh Play N' Go, Sebagian besar game sudah memiliki persentase RTP dan volatilitas yang tinggi.

Microgaming adalah perusahaan perangkat lunak permainan raja slot yang didirikan dan dibangun pada tahun 1994 dan merupakan satu-satunya provider terawal di industri iGaming. Karena itu, Setiap jenis permainan yang diproduksi oleh Microgaming selalu dapat menjamin keamanan dan kenyamanan para pemainnya selama bermain permainan slot resmi online. Dalam hal penyediaan permainan judi online, Perusahaan Microgaming menawarkan permainan slot gacor 2023 dan permainan kasino. Microgaming ini diperkenalkan pada tahun 2004 dan selalu menjadi yang terdepan dalam mengembangkan game situs raja slot terbaik. Didukung dan dapat dimainkan melalui perangkat seluler.

Playtech tidak hanya ada sejak 1999, tetapi juga merupakan pelopor dari beberapa game slot online terbaik di industri iGaming hingga saat ini. Kelebihan dan Kekurangan Provider Playtech Dalam Mengembangkan Produk judi raja slot mereka memberikan teknologi dan sistem terbaik untuk setiap permainan, sehingga anda bisa bermain sepuasnya. Karena itu, Sebagai penyedia game slot resmi paling berpengalaman di industri iGaming selama lebih dari 20 tahun, Playtech memiliki banyak anak perusahaan di setiap wilayah di banyak negara. Hal ini membuat game slot gacor 2023 yang dirilis oleh Playtech selalu populer di kalangan penggemar judi ini dimanapun, bahkan dari setiap penjudi di Indonesia.

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RTG atau nama resminya Real Time Gaming raja slot merupakan platform game online/penyedia tertua juga di Asia sejak tahun 1998. Memiliki jaringan pasar yang sangat luas, RTG dan semua jenis permainan dapat diakses oleh penggemar judi slot gacor. RTG saat ini menawarkan slot resmi online terlengkap untuk pemain judi di Indonesia. Selain itu, Setiap permainan dari provider RTG atau Real Time Gaming menawarkan pengalaman bermain slot gacor 2023 yang paling memuaskan dan luar biasa dengan Return to Play (RTP) terbaik.

Asia merupakan salah satu wilayah penghasil situs raja slot ternama dan terpercaya di dunia, dan CQ9 Gaming merupakan perusahaan pengembang slot online yang beroperasi di Taiwan. CQ9 memiliki ratusan permainan judi online Ini membuatnya sangat menguntungkan untuk menghadirkan permainan raja slot dari tahun ke tahun. Setiap jenis permainan slot resmi yang dirilis oleh CQ9 Gaming mengusung teknologi terkini dari penyedia software terbaik. Menavigasi dengan mudah melalui perangkat seluler seperti Android atau iOS.

Kemudian, Bets adalah nama provider judi slot gacor 2023 jackpot terbesar dan terkemuka dimana anda bisa memasang taruhan melalui Live22, situs judi online terbesar dan terpercaya di Indonesia. Live22 sendiri merupakan salah satu platform/penyedia taruhan situs raja slot terbaik dan menawarkan berbagai keuntungan dari setiap jenis permainan slot online yang diciptakannya. Semua yang ditawarkan oleh penyedia layanan Live22 disesuaikan dengan preferensi pemain game Asia, jadi masuk akal jika raja slot online yang ditawarkan oleh penyedia layanan Live22 selalu diterima oleh pemain Asia, termasuk pemain indonesia.

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Jika Anda memutuskan untuk memasang taruhan judi raja slot online terbaik, Anda pasti akan memenangkan lebih banyak hadiah. Berikut beberapa kelebihan dan kekurangan yang mungkin sulit Anda temukan di situs login slot resmi gacor. Memang, agen dan situs judi online memang beragam, namun tidak semua bandar slot online lain dapat memiliki keuntungan lebih.

Oleh karena itu, salah satu hal yang harus dilakukan pemain sebelum bermain raja slot adalah mengidentifikasi dan mencari tahu opsi situs slot resmi mana yang dapat menawarkan penawaran lebih menarik, kemenangan lebih besar, Sekaligus sumber pendapatan lebih banyak. Posting semuanya di sini dan kirimkan ke pemain dan rekan tim kami. Artinya pemain bisa menikmati banyak keuntungan saat bermain taruhan slot gacor 2023 terpercaya. Berikut adalah beberapa kekuatan mereka:

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Selain itu, pertimbangan lain berkaitan dengan metode deposit dan penarikan slot777. Situs agen judi raja slot terbaik pasti menawarkan cara trading yang mudah dan nyaman. Demikian pula, Cara ini memungkinkan Anda untuk memproses transaksi pemain, baik pengisian atau penarikan saldo, menggunakan berbagai opsi metode. Bahkan, kami juga menawarkan layanan obrolan langsung berkecepatan tinggi yang dapat Anda hubungi kapan saja.

Salah satu keuntungan pertama yang kami tawarkan adalah Anda sebagai pemain lebih mudah untuk menang. Kami menawarkan berbagai macam mesin raja slot online dari banyak penyedia dengan persentase kemenangan yang tinggi. Tingginya tingkat kemenangan pada permainan situs slot gacor 2023 terpercaya bisa anda lihat dari nilai RTP permainan tersebut. Karena pada dasarnya, Semakin tinggi tingkat nilai RTP nya, Maka akan semakin besar kemungkinan untuk menang besar.

Kelebihan dan keunggulan lainnya adalah sebagai pemain anda bisa memasang taruhan judi situs slot gacor 2023 terpercaya pada deposit apapun tanpa ada potongan apapun. Metode setoran kredit merupakan alternatif dari penggunaan rekening bank. Namun, walaupun ini merupakan alternatif, sebenarnya banyak kemudahan dan manfaat yang bisa didapatkan dengan cara satu ini. Secara khusus, di sini Anda dapat melakukan setoran dengan cepat dan mudah tanpa potongan. Artinya, jika Anda menyetor dana untuk dikreditkan ke akun anda akan sama tanpa adanya potongan.

Terbukti Membayar Cepat

Keuntungan lainnya adalah memberikan jaminan pembayaran kepada semua orang yang bermain. Ini juga berarti bahwa sebagai pemain judi situs slot gacor 2023 terpercaya Anda bisa mendapatkan keuntungan apa yang akan Anda dapatkan dari kemenangan ketika anda menangkan. Tidak peduli berapa banyak kemenangan yang anda hasilkan, baik dari kemenangan anda atau dari bonus dan promosi akan kami janjikan, mereka akan dibayar 100% tanpa potongan. Proses pembayarannya sendiri juga bisa diselesaikan dengan cepat dan mudah.

Terbaru Berbagai Game Lengkap

Itu juga salah satu situs slot gacor 2023 favorit disini yang terus-menerus menawarkan pemain dan anggota berbagai permainan baru. Berbagai mesin raja slot baru tersedia mingguan dan bahkan bulanan. Artinya, Anda bisa menghilangkan kebosanan pemain memainkan game yang sama. Ada begitu banyak game tersedia, game baru adalah solusi untuk menikmati sensasi baru dan mendapatkan kemenangan lebih besar dari game tersebut.

Apa itu permainan judi online?

Judi online merupakan salah satu permainan klasik dibuat secara praktis sehingga mudah dalam berjudi yang tersedia secara online sekarang. Jadwal lomba sudah up to date. Ini berarti mengubah permainan judi yang ada ke versi online. Satu-satunya cara untuk membedakan sepatu adalah di sektor media, Sekarang hanya menggunakan komputer atau laptop atau ponsel untuk bermain.

Permainan slot online adalah salah satu pertanyaan paling sering diajukan dalam kehidupan penggemar dan amatir. Dari masa lalu, Setiap orang yang pernah ke kasino pasti sudah pernah mencoba permainan slot secara langsung. Siapapun sekarang kini dapat memainkan game ini bisa secara online.

Permainan taruhan judi slot gacor adalah istilah yang digunakan untuk menggambarkan jenis permainan dengan persentase kemenangan tertinggi. Biasanya, dalam permainan slot yang mengandalkan keberuntungan ini, Anda dapat mengetahui nilai RTP dari kemenangan permainan tersebut. Jika level RTPnya tinggi, maka game atau game tersebut bisa disebut Gacor. Kemudian, jika Anda membutuhkan dana yang tertarik untuk memenangkan hadiah dengan mudah di permainan judi online ini, Anda dapat mencoba permainan ini.

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