Welcome to the Treehouse Community

Want to collaborate on code errors? Have bugs you need feedback on? Looking for an extra set of eyes on your latest project? Get support with fellow developers, designers, and programmers of all backgrounds and skill levels here with the Treehouse Community! While you're at it, check out some resources Treehouse students have shared here.

Looking to learn something new?

Treehouse offers a seven day free trial for new students. Get access to thousands of hours of content and join thousands of Treehouse students and alumni in the community today.

Start your free trial

Business How to Start a Business Product Market Fit Recap

Posted by ben goodenough
ben goodenough
Courses Plus Student 1,575 Points

Am i to assume that i should begin the development process of my service after this stage?

If after creating my business model diagram and confirming my assumptions, i am to start the development of my service i would require financing to do so. In addition to this i would think it a wise idea to generate leads before my service goes live to ensure a fruitful launch. Could anyone advise me on the best practises to both gather pre start up finance to create a fully functional service, hire required staff, complete and purchase key activities and key resources and create a pre launch marketing campaign using the techniques outlined in this series.

Thanks

Ben

2 Answers

Ken Alger
STAFF
Ken Alger
Treehouse Teacher
Ken Alger
Ken Alger
Treehouse Teacher

Ben;

That is really a difficult question to answer without additional information about your business model. What sort of service(s) are you planning to offer? Are you currently in the field now and have more hours per week than you can handle and can afford to hire additional staff? That in and of itself is a huge commitment. In terms of resource acquisition and financing for said resources, how expensive are they? Do you have the necessary tools to get the job done now and are just looking to upgrade? Can you put off the upgrade until you have a positive revenue stream? Will the upgrade pay for itself in time savings in a short enough period to make the investment worthwhile?

Lots of additional information would be helpful prior to answering or directing you to a place to get start-up capital. It may be the difference of asking friends/family ($), a bank ($$), or a venture capitalist ($$$).

Thanks,

Ken

ben goodenough
ben goodenough
Courses Plus Student 1,575 Points

Hi Ken,

Thankyou for your post. I wish to offer online payment gateway services, because of this i need to have my service fully functional so it can be audited and regulated by the FCA (financial conduct authority) before i am legally allowed to trade. In terms of staff, a lot of the operational areas can be covered by myself however i wished to build a core team of developers as i am in the belief that VCs are more willing to invest in companies that have a core team of experts opposed to a company that outsources these key processes, obviously to complete a project that will take a team of at least 5 developers including myself 6 to 8 months . Maybe now you can see my predicament, i will find it hard to start up without funding and i will find it hard to gain funding without having a positive cash flow. Help please !!

Thanks

ben goodenough
ben goodenough
Courses Plus Student 1,575 Points

Hi Ken,

Thankyou for your post. I wish to offer online payment gateway services, because of this i need to have my service fully functional so it can be audited and regulated by the FCA (financial conduct authority) before i am legally allowed to trade. In terms of staff, a lot of the operational areas can be covered by myself however i wished to build a core team of developers as i am in the belief that VCs are more willing to invest in companies that have a core team of experts opposed to a company that outsources these key processes, obviously to complete a project that will take a team of at least 5 developers including myself 6 to 8 months . Maybe now you can see my predicament, i will find it hard to start up without funding and i will find it hard to gain funding without having a positive cash flow. Help please !!

Thanks

webremy
webremy
8,606 Points
webremy
webremy
8,606 Points

I am not sure what answers you are looking to find in your question, nor am I staff of Team Tree House. However, I am a web developer, entrepreneur and therefore, a potential customer. The circular arguments of difficulty with starting a business plagues many entrepreneurs. We all have our ideal vision of how the business needs to operate. But, the videos here at this point suggest you do a market test of the potential offer you have in mind.

As an experienced consumer, given the service you are trying to create, it would be extremely difficult for you to convince me I should buy from you. The first reason is security of the transactions. Second, there exist many acceptable payment gateway options that already put me at ease. When comparing value, security is something I will not compromise.

I am just one person. Finally, I have seen large scale projects develop by one or two people who built the system piece by piece while holding a full-time job. So, if your research, as suggested in these videos, tells you to move forward, you may find yourself developing this gateway in your spare time, and your going out time, and your personal relationship time - either way I wish you success.