I recently had the opportunity to speak the founders of CoachUp, an online marketplace where athletes can connect with private coaches across a variety of sports. The site, which launched just three years ago, has started to see some significant growth in its user base and has attracted some big name professional coaches including Julian Edelman, a wide receiver on the New England Patriots and Steph Curry, the 2015 NBA MVP and NBA Champion. But before CoachUp got to where it is today, the founding team had to take an idea and prove it could be a viable company. Below are three lessons that any entrepreneur should know when pursuing his/her own endeavor.
- Be scrappy. In speaking with the guys from CoachUp, it was apparent that part of their success was due in part to their scrappiness. When the company was looking to grow its user base, they didn’t spend a ton of money on advertising but instead used many free resources available to them to reach their customers. They were able to identify watering holes where they could find the right people to fill their database; they went on LinkedIn, Facebook and other social sites and joined the relevant groups to get the word out and this free and scrappy method turned out to be extremely successful.
- Experiment to see what works and be nimble when you find out what does. For any innovation driven startup (meaning not a family-owned small business), the company is creating something that likely hasn’t existed before and as such, the only way to find out what really works is to experiment. For CoachUp, this lean method was utilized when trying to attract athletes to the site; initially they believed SEO and online methods would work as they had for attracting coaches, but after trying alternatives such as seeking partnerships with summer camps, the team quickly switched to a more effective method.
- Know your customer and build your product for them. In the early days, CoachUp was able to attract an initial user base of coaches who were willing to sign up to the site without any pressure from the company. This genuine interest demonstrated that there was indeed an opportunity for a business, at least on the coaches’ side of the marketplace. As for the athletes, CoachUp did not offer any freemium type discounts because they wanted to see if the business model was viable from day one, and they found out it was. Once they had customers on both sides of the marketplace, they worked closely with them to build out the product and as such, were able to create a product that customers would like and use. To this day, they continue to request and receive feedback from customers and enhance the site to fulfill their requests.