A quick video from me on the (big, big, big) difference between a product that actually functions and a business that really works.
- Getting the product to ‘function’ means you can use it.
- Getting the business to ‘work’ means that you optimise it so that it creates lots of value.
And my rough guide for your budget;
- 20% – on your first version. Most will be thrown in the bin as you learn so much about the business.
- 20% – on your second version. So much better than first version.
- 10% – refining the second version so it’s really good (UI, design, optimise).
- 50% – to market, manage, maintain towards traction/profit.
So try not to put 99% into the first version…