[34]ML Empowering Startups

Here’s to all entrepreneurs and startups out there: we believe in you and your idea, and we’d love to see you realise your vision.
If you’re just starting a new business, we understand that it’s a journey, and can seem very uncertain at some points. But with the right type of knowledge, everything is possible.

With that said, we at 34ML have summarized a few points that we believe you need to get you started on the right path during this crucial phase.
We’ve also added a few of our favorite, start-up friendly, agencies that we’ve worked with and recommend, to help you in each step of the process. Those are listed below.

Now it’s time for you to dig in!

• As said by Brian Tracy, “a sustainable business model is the process that you can use to generate profits”
• Always think big here; big yet achievable, no matter how far down the line you’ll be achieving it. You also might want to step outside your direct product to answer this.
• Your goal should be clear, yet also agile enough to adapt to any problems, changes, or opportunities.

• Merge between your vision and your customer pains.
• Should this product be built?
• Can we build a sustainable business around this set of products and services?
• Put yourself in a position to observe actual consumer behavior when first interacting with your product, how they actually end up using it, whether they go back to it.
• Allow yourself to be surprised when customers behave in unexpected ways, revealing information you might not have known to ask about.

• Branding is the first step. You want to have a clear branding strategy that is based on your values, your USP, your strategic positioning, brand persona and your tonality.
• All the elements of your brand, from the name, the logo, the identity, the tagline should act as your brand ambassadors.
• Your brand persona should be able to smoothly travel all the way to your marketing and communication strategies with the same consistency and clarity.
• Think about the best and most effective channels to reach these customers, and the channels that are true to your brand persona and strategy.

• How much money do you need to start?
• How much does it cost to produce this product or service?
• How much can you charge your customers for it?
• How much profit can you earn and how long will it take?
• Do you know your breakeven point?
• “The true measure of a runway is how many pivots a startup has left: the number of opportunities it has to make a fundamental change to its business strategy.” – Eric Reis.

• Properly use your network to your advantage.
• Involve your advisors and investors from early on.
• The real purpose of your pitch deck is to open investors minds to your vision, and get them excited to know more
• It is also to show the true growth potential of your business, your vision, what makes you unique, and how your own formula can be a winning formula.
• Avoid having too much information, whether about the product of the financials, and avoid having information that you cannot back up with on-ground facts.

• Know your strengths and weaknesses, as well as those of your partners and team members.
• Know how to allocate these strengths across all company’s tasks, and also don’t be afraid to shift around those roles if new strengths or weaknesses arise along the way.
• This does not just mean knowing how to manage your team, but also how to manage yourself and your expectations.