It requires quite a lot of wisdom, dedication, strategic learning, money, and hard work to start any successful business. One can experience several failures before hitting a home run.
During the initial two to five years of the start-up, it is quite common to fail because of personal mistakes and inexperience. According to failory, 90% of the start-ups usually fail. But, what about that 10% who succeed in this run? What makes them different from others?
Here, in this article, we have shared our own story of building a tech start-up. Avoiding the mentioned mistakes can make such a huge difference that a new marketer can cross the borderline of failure and success.
Regardless of age, money, and location around the globe, all the marketers are at the same level when building a tech start-up. We started our company about six 8 months ago and faced a lot of difficulties to survive and grow in the market. But, now, we are at the level to guide the people about the essential tips that can let them build a successful start-up much quickly.
Some of those tips are mentioned here:
1. Define your Start-up’s Purpose
Before anything else, keep a keen eye on the services you are willing to provide to your customers. Consider the question of how your services can ameliorate their living standard? Your mission should be to save people’s time and assist them in making better decisions for their lives through your products and services.
Add a personal reason to your tech-startup. If you have a motive behind building a tech-startup, it will push you to work hard for it. The purpose of your tech start-up becomes more authentic when you have personal insight into it.
When we started up, we didn’t have any practical purpose of building our tech-startup except for earning money. It took us 8 months to define our actual and reasonable statement, and we have been growing ever since.
It will help if you define a purpose that you stick to, regardless of where your company stands out in the future. It needs to be resilient, relevant, and synchronizing with your thoughts.
A purpose-driven tech-startup helps you connect with the customers and gives them a better idea about your vision. It also self drives your employees to work for that purpose.
2. Be Brave and Practice Patience
According to Bill Gates, one of the richest men in the world;
“Patience is a key element of success.”
Patience and Bravery are two significant factors that cause you to work hard, and working hard leads to success. Instead of getting panic because of little issues in the start-up, you need to stay calm and hopeful as no man becomes a king in one day. Everything requires time and Patience.
In the initial months of our tech start-up, we were quite fearful of taking any significant steps, and so, we were unable to compete with other companies. Being afraid to lose all the money invested and efforts put in the company, we didn’t take any risk to jump higher.
But, this thing didn’t let us grow. We repented on this act of ours and did not recommend you to worry about these things. Business is all about taking risks, and you have to be brave if you aim to build a thriving tech start-up.
3. Choose your team wisely
When we started our company, we had a limited budget, which urged us to select the people with limited skills. We, unknowingly, hired the wrong workers for our tech start-up, which, in turn, didn’t work well. The start-up began to drop down rather than rising.
Selecting or building the right team for tech start-up is one of the most critical factors that lead you to success. Every tech start-up demands a diversity of skills and qualities which are not present in a single worker.
There should be a team built of people with a variety of skill sets to help the company grow. Select the right members for your team, even if you have to pay a bit above your budget because they can profit you a lot more than what you have paid to them.
4. Build your Online Presence
In today’s digital world, your business must have an online presence. It will help you to show your products and services, build connections with customers, and market your brand. You can use a free website builder to make your website but beware of scams. It can be quite hectic to look for an authentic free website builder. For that purpose, you can check free website builder reviews given by people. This will provide you with an idea of whether you should use that builder or not.
5. Choose Right Hosting for your Website
The selection of adequate web hosting service for your website is a crucial step to let it be successful. Many tech-startup owners look forward to shared hosting for saving their money, but a smaller price tag comes up with a bigger chance of slow site response and less visitor traffic as the slow websites do not appeal to the customers.
Alternatively, it will be best if you opt for Virtual Private Server (VPS), which is a bit costly, but it offers a faster and higher quality web performance, which in turn, provides you with better customer experience. Check out the web hostings, bandwidth amount, security features, and all such things before selecting a particular web hosting service.
6. Use the right security tools.
James Lyne, a Forbes contributor, quotes that:
“More than 30,000 websites are hacked each day.”
Security tools should be used to protect the valuable information of your tech-startup. As a new tech-startup builder, you might get confused in selecting the appropriate security tools for your business. Here, we have listed some, which helped us in keeping our data secured.
- VPN service
- Antivirus software
- Remote monitoring software
- Password Generator (For strong passwords)
Following all these tips can help you avoid a lot of trials and can save your time which otherwise, might have been wasted in the hit and trial. We hope for you to build a successful tech start-up!