You may have heard of Minimum Viable Product, but what is Minimum Viable Income?
Firstly, let’s identify what Minimum Viable Product is.
The Wikipedia definition is “a product with just enough features to satisfy early customers, and to provide feedback for future product development”.
What, then, is the definition of Minimum Viable Income?
I define Minimum Viable Income to be the income required to pay all expenses of the business, no more and no less. In accounting-speak it is called Break-Even.
Minimum viable income is essential when starting out in business. It is essential in those early days when you’re spending money getting started before your first sale. And then in those months when sales are starting, and you’re building the business.
Knowing your Minimum Viable Income figure becomes the very first goal in business — the goal to have sufficient income to pay all the expenses....