David Cummings on Startups

Get 10 Paying Customers and Let’s Talk

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David Cummings

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Last week an entrepreneur approached me after an event and said he wanted to get together and talk about his business idea. Having experienced a similar encounter many times before, I knew the next question to ask: how many paying customers do you have? Now, I’m not trying to make a statement that I know he likely doesn’t have any paying customers (he didn’t), rather I’m trying to focus the conversation towards an area that I can add real value.

See, I’m almost certainly not his ideal customer and I don’t think he’s looking to do customer discovery with me. Entrepreneurs want validation and positive reinforcement from anyone, even if that person isn’t relevant to the target market. I want to help, I really do. With so much great content online about customer discovery and the cost to build a minimum viable product so low, the bar is higher now.

For entrepreneurs requesting a meeting, requiring a one page strategic plan in advance makes for a much more efficient conversation. Taking it further, requiring a one page strategic plan and at least 10 paying customers really applies a strong filter and results in even better conversations.

What else? What are your thoughts on the idea of asking for at least having 10 paying customers before meeting?

Comments

2 responses to “Get 10 Paying Customers and Let’s Talk”

  1. Andy Wilson (Logik) Avatar
    Andy Wilson (Logik)

    10 customers seems pretty arbitrary. And a required one-page strategic plan will turn away a lot of people who already shun rules and guidelines: busy entrepreneurs.

    That said, if that’s the goal, to be very selective, then this will definitely work. It sounds similar to filtering new recruits. 10 customers = experience. One-pager = cover letter. But in the scenario you’re referencing, the person doesn’t likely want a job. They want advice, connections, or maybe investment. If meeting = IRL, then maybe meeting should = phone call. I know the people asking for your help would greatly appreciate a quick 10-15 min phone call. And you never know, maybe the person with < 10 customers, but a great idea + a little bit of traction will become a mutually beneficial relationship for years to come.

    Reply
  2. Jonathan Mills Patrick Avatar
    Jonathan Mills Patrick

    Interesting comments David. I have a friend that is an internationally recognizes Marketing speaker. He gets requests all the time for people wanting to “pick his brain” but not pay his fee. The way he sees it, the content (books and resources) he has created are for that purpose. Meaning, to answer the common questions he gets from people wanting his time. He simply states so and points them to where they can download or buy that content.

    Reply

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