The idea of creating a startup can be super exciting and invigorating. You might be thinking about how innovative and creative your business could be. But the vast majority of startups fail before they really get up and running. If you're starting with little to no capital, it'll be especially difficult to start a successful tech company from nothing. Here are a few tips to make the process a little easier and help you decide if this is the right move for you.
Many business experts agree that the "Lean Startup" approach is best for business owners who don't have much expertise or capital initially. The idea is to get your business to start making money before you run out of cash. This means focusing on the bare minimum essentials of your business before getting bogged down by employing new workers or creating an LLC. At the end of the day, what makes your business successful is your product. It makes sense to focus all your attention and money on making your tech as amazing as possible when you're first starting. If you're the one creating the tech, all the business will cost you is time in the beginning. You can even start your business while working elsewhere as long as you have the time to spare. But a non-tech founder is going to need a CTO (chief technology officer) to handle all the code and syntax tree, so ensure you have a good pitch for your partner if that's the route you want to take.
The best way to approach developing products for your startup is to be extremely observant about possible problems you could be solving for your target customers. Tons of startups fail because they were unable to create products that were actually needed. Sure, they might have had a super sleek design or state-of-the-art functionality. But if your idea doesn't click with the consumer, they won't be interested enough to look into your product, let alone purchase it. Hopefully, you decided to start a business because you saw a gap in the market and figured out how to fill it. Starting a business for its own sake is rarely a successful motivation and can land you in hot water when it comes time to start justifying your reason for selling your products in the first place.
It's possible that your products will appeal to a wide variety of people and you won't have to look far to find your audience. But it's more likely that you'll need to get super specific, at least in the beginning. You need to find out where your customers spend their time and advertise to them in those spaces. Are there online communities or publications where your target audience spends time reading and learning about new products? If you or your co-founders are active in such spaces, it's easy to start community-driven marketing by simply beginning conversations about your product or website. Some tech startups have had enormous success by offering free on-site installation and troubleshooting of their own products, making an offer that was tough for their customers to turn down.
Once you've made some successful sales and generated traffic to your business website, you'll have some valuable data in your possession. Now it's time to make use of that data - what can it tell you about what's working and what isn't? If your product is an app, for example, you'll be able to see who your most active users are and see what they spend their time doing on the app. Making little changes here and there can often make a big difference in how many users you have and how long they stick around.
Starting your own business is intimidating, but it doesn't always have to be expensive. Use these tips to begin planning your startup today.
Publish Date: August 29, 2021 5:18 PM