HOW TO LAUNCH YOUR STARTUP. Powered by

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1 HOW TO LAUNCH YOUR STARTUP Powered by

2 CHAPTER 1: EARLY EXPOSURE How did you get early exposure for your startup? READ BLOG

3 The best thing I ve ever done for press was join YEC, the Young Entrepreneur Council, which allows me (and hundreds of other top entrepreneurs across the country) to contribute articles to the world s most reputable business publications. Brittany Hodak

4 What we did was determine who our core consumer was and how they shopped our category. With these insights in mind, we focused on a few pillars: In store placement and impactful pos, sampling, website and social media, and public relations. Matt Schnarr

5 Our early networking strategy was getting in front of key technology entrepreneurs who ve started similar companies before, allowing them to share their feedback and advice. Those mentors turned into my investors and because I had them on my side, Loverly attracted the tech press. Kellee Khalil

6 When I made Charity Miles, I didn t try to get any PR, but instead focused entirely (and I mean entirely) on making an app that people would use and tell their friends about. That is the best strategy. Our members love the app, spread the word for us and get us all kinds of press. Gene Gurkoff

7 I hustled. I went went to Meetups, conferences, launches, and parties showing everyone the first app I built. I did everything I could to associate myself to mobile. Rameet Chawla

8 Be patient, but be relentless a startup only fails if you walk away from it. Neil Capel

9 CHAPTER 2: Funding What s your best advice for founders to raise their first round of capital? READ BLOG

10 Investment by founders first. You need to show skin in the game to make others believe. Matt Schnarr

11 The number one thing that helped us raise our first round was finding someone who believed in us to invest and then pitch us to others. When you are raising your first round you are an unknown entity and since no one is going to return your cold s, you need someone to make introductions for you and do a lot of the pre-pitching. Ethan Austin

12 You ll need to sell the dream, so come prepared to answer the question Where can this company go? Kelle Khalil

13 Be able to answer, Why now? and then be able to explain, This isn't crazy because..." Rameet Chawla

14 The best strategy is to just focus all of your resources on making a product that people love and somehow generates revenue. That won t necessarily make the investors knock on your door. But, at least when you get the meeting, you can provide them with a real opportunity. Gene Gurkoff

15 Before giving up equity, look for alternative ways to finance your growth, using tools like charge cards or lines of credit. Brittany Hodak

16 CHAPTER 3: Finances How did you manage money during your first year operating? READ BLOG

17 Once we got our first charge card, an American Express Business Gold Rewards card, it literally transformed our company. We went from only being able to finance one or two projects simultaneously to being able to finance four or five, and that led us to 350% revenue growth between our first and second years. Brittany Hodak

18 Since payroll is often the largest expense, put all of your effort into minimizing it. Then, you ll have the ability to be generous in other areas of the business, and still come out ahead. Rameet Chawla

19 Set out a budget and only spend on those things that are crucially important. Matt Schnarr

20 Every CEO is frugal, but I definitely paid close attention to every dollar going in and out of the company. Kellee Khalil

21 CHAPTER 4: MARKETING Which marketing strategy has generated the greatest ROI? READ BLOG

22 We probably got 30 nos for every yes in the first year. But, we ended every no conversation by politely asking people to refer us to anyone that might be a better fit...don t be afraid to say to someone, Please keep my business top of mind in case any of your colleagues or friends might find us useful in the future. BRITTANY HODAK

23 The most important strategy that we employed was differentiated packaging. It is the foundation that the brand is built on and it needs to work for us even when other marketing strategies (i.e. advertising and promotion) are not present. Matt Schnarr

24 We ve seen huge growth in traffic and on-site engagement due to our aggressive content creation strategy. Putting a voice to our brand has been monumental in getting our name out there. Kellee Khalil

25 Personal branding...i have worked to become a thought leader in the mobile space by publishing articles and speaking at conferences. Rameet Chawla

26 CHAPTER 5: CULTURE How do you implement an ownership mentality for your team? READ BLOG

27 Given that Loverly is a lean startup, we demand employees take ownership of their domain and I encourage people to feel empowered by helping them visualize their goals and creating short term wins that contribute to moral. Kellee Khalil

28 When people have the power to make their own decisions, any consequences are also a direct result of their personal actions. As a result, they feel a significant sense of ownership over their projects. Rameet Chawla

29 Understand what motivates your employees. If you can t pay a lot, ensure that your people are getting something that they can t get somewhere else (ie experience, fun, flexibility, empowerment, appreciation). Matt Schnarr

30 One of the best things we ve implemented to help with employee morale and team camaraderie is a rotating program called Culture Captain. Every month, a different member of our team takes a turn being in charge of fun activities for the team, both inside and outside of work. Brittany Hodak

31 CHAPTER 6: personal growth What s the most important lesson you learned your first year that informs every business decision you make today? READ BLOG

32 When you start a business, you learn very quickly that it isn t what you can do, it is what you can afford to do and/or when you can afford to do it. Cash flow is the holy grail of small companies and cannot be taken for granted under any circumstances. Matt Schnarr

33 Sales will fix all problems. No matter what problem you have, sales can get you out of that hole. Rameet Chawla

34 It s easier to get forgiveness than permission....if you aren t getting your hand slapped every now and then, it means you aren t pushing hard enough. Brittany Hodak

35 Knowing change is a good thing and it s inevitable. Kellee Khalil

36 What s your best advice to launch a startup? tweet us! Tweet for a chance to be featuring on our newsletter and website.

37 Have a different question?

38 A HUGE THANK YOU TO THE FOUNDERS WHO CONTRIBUTED: BRITTANY HODAK KELLEE KHALIL RAMEET CHAWLA MATT SCHNARR TUNE IN TUNE IN TUNE IN TUNE IN Zinepak.com lover.ly Fueled.com awakechocolate.com

39 A HUGE THANK YOU TO THE FOUNDERS WHO CONTRIBUTED: GENE GURKOFF NEIL CAPEL ETHAN AUSTIN TUNE IN charitymiles.org TUNE IN sailthru.com TUNE IN giveforward.com

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