#buttermilkorbust Triad Startup Lab 2014: Week Four
#buttermilkorbust is a weekly recap of our experiences going through the Triad Startup Lab 2014 Session B. For less formal updates you can follow #buttermilkorbust on Twitter. Missed a week? Click below to get caught up:
Time flies when you’re having fun right? Well guess what- it flies when you’re not having fun too! Here we are in Week Four of the Startup Lab- it feels like we just started but we are a week away from the halfway point? Scary. Time is zooming by. And what do we mean about not having fun? Well we don’t actually mean we aren’t having “fun” per se, but to be fully transparent, going through the right steps to start your business is no joke. We’ve been scratching our heads and staring blankly at each other more than we’ve had “aha!” moments or a sense we know whats going on or where we’re going. It’s been challenging for sure.
But you know what? It’s these very reasons why we know we’re on the right path (whatever path that is!) Frankly, if you’re not scared shitless and not making it up as you go, then you need to shake things up because you’re boring and not using what you’ve got to its full potential.
Week Four brought us some experts in their field. First off we got to sit down and meet with Steve Brock, Business Coach Rock Star. We got the low down from Steve about how to strategically plan for marketing. Steve shared with us a tool called the “Five Ways” model. As he puts it, “It is a framework for managing/driving revenue and profits.” The “Five Ways” makes the connection between leads and revenues, and gives you a great idea of “If you want to make this much money, you need to connect with this many customers.” We’re going to sit down again with Steve soon and continue our discussion now that we’ve had a little time to digest what we talked about.
Later in the week we met with Michael Hentschel. Michael helped us navigate a financial cash flow spreadsheet, no easy task for designers to wrap their heads around. But Michael was patient and explained the important cells we needed to focus on. He also helped us set up a “Client Pipeline” spreadsheet to help us start to map out potential business, who it’s coming from, and what we can expect as far as sales go. What that will do is start to give us a picture of what type of business and clients constitute the bulk of our work so we start to better focus our position in the market.
So like we said, this week was not necessarily what folks would consider “fun” but this is the work that needs to be done if we want to make this happen. And you want to know the exciting news? We’ve got 6 weeks left to keep working, keep learning, and keep having “fun!”