Business Plan Writing Update
Last weekend I submitted the first draft of our business plan, which made it really clear which areas my co-founder team has spent a lot of energy on and which we have not gotten to as deeply. In particular I felt like I was doing a lot of extrapolating to write the operations section, which wasn't terrible, but I was aware that these were things that we really need to discuss more. My priority on this for future meetings is job/role descriptions.
Also I am hoping to do some primary market research through surveys, but we still need to finish hashing out what we want to ask in our informational interviews. The good news is that we have so many contacts in our target markets, but there are also many that I do not want to hurt relationships by making wasteful/less than productive use of their time.
We had a really productive meeting yesterday that I felt good about. It sounds like we are in good alignment in terms of expectations now. And we reached the decision to go with a B-corp model. Next up I will be revisiting our financial model to work through what that will likely mean for our expected revenue from donations, which will no longer be able to take advantage of matching donations.
Sadly one of the original group who had help us start to sketch out this idea has decided that she needs to be placing her energy elsewhere right now. I really respect her self-awareness and how seriously she considered where she was in her life right now. This brings us down to 3 co-founders, and I am thinking about what sorts of skill sets we will need to acquire from outside this group.
Whats in a Name?
The naming process class material was particularly timely, as name was brought up again in our co-founder meeting. C would really like use the company name to honor the memory of someone, and I am still mulling the branding implications and potential opportunity costs. I don't have a really viable option to offer though. I know I tend to be a functional/descriptive namer. We definitely need a brainstorming session.
One of the pieces from the online lecture that really jumped out to me was the point about creative testing names with actual people from your customer groups/markets. I see how importantly and potentially different this would shape your naming results, but it is something I would not and did not think of doing on my own. I am excited about the idea though.