Mitchell Fasanya, founder at SearchLand and Fanbytes discussing pivots and the power of staying lean
Sep 4, 2023
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Mitchell Fasanaya, founder with three businesses to his name, discusses startup pivots and the power of staying lean. He shares real-life examples from his ventures and emphasizes the importance of moving fast with platform decisions. Mitchell also talks about the qualities he looks for in his first finance hire for SearchLand. Throughout the podcast, he explores the importance of practical skills for young entrepreneurs, the birth and journey of Fanbytes as an influencer marketing agency, pivoting into the property sector with Searchland, funding approaches and finding product-market fit, and how Searchland is revolutionizing the construction industry with technology.
Fan Bytes adapted their influencer marketing strategy by pivoting from one social media platform to another, following their target audience and changing trends.
Starting a business with a lean approach reduces risk and allows for faster adaptation to market changes.
Deep dives
Pivoting Platforms and Pricing at Fan Bytes
Mitch Versenia shares how Fan Bytes had to pivot from one social media platform to another, focusing on YouTube, Snapchat, and then TikTok as their primary channels for influencer marketing. They realized the importance of following their target audience and adapting to changing trends. Additionally, Fan Bytes made a pricing shift, increasing their prices to reflect the value they provided, rather than undercutting competitors.
Building Searchland and Solving the Housing Crisis
Mitch discusses his latest venture, Searchland, a platform that helps property developers find off-market land for development. He shares his background in business and coding, which led him to the idea of solving the housing crisis. Mitch highlights that the UK's housing demands and the industry's inefficiencies create a great opportunity for innovation. He also mentions future plans to expand internationally and bring technology to a traditionally non-tech industry.
The Importance of a Lean Approach and Product-Market Fit
Mitch emphasizes the value of starting a business with a lean approach and achieving product-market fit before seeking significant funding. He explains that being lean reduces risk and allows for faster adaptation to market changes. Mitch discusses the need for a predictable sales strategy and the importance of forecasting, ROI analysis, and financial modeling, especially when looking to raise larger rounds of funding.
Scaling and the Role of a CFO
As Searchland reaches a stage of growth, Mitch recognizes the need for a CFO or interim CFO to support financial modeling and forecasting. He discusses the importance of hiring a CFO when businesses require predictable growth and need to evaluate the impact of hiring decisions on cash flow and runway. Mitch also mentions the potential for international expansion and the goal of transforming the construction industry into a more efficient and tech-driven sector.
Mitchell Fasanya is a founder with three businesses to his name, two of which came into being even before he graduated university.
In this episode Mitch takes us through the critical world of startup pivots, with brilliant real life examples from his most recent ventures. We talk through some deep insights on moving fast with platform decisions, when to stay lean and what he’ll be looking for in his first finance hire for SearchLand.
Contact details below for any listeners keen to connect with him