Research conducted by Shikhar Ghosh of Harvard Business School lists lack of strategic planning as the primary reason due to which 75% of the startups generally fail. In his expert opinion, the beginning stage of any business is crucial, and therefore, entrepreneurs should pay utmost attention to devising the plan.
Table of Contents
1. Decide What Your Niche Will Be
Determining the industry that you want to provide your services for is important. Your business should not follow a generic model and instead have a plan that is unique for the market. See what innovation you can add to an already established industry. Sometimes, the answer lies in the loopholes of the other startups so your study needs to be extensive.
2. Know That Market Has Unique Patterns
Dreaming about a business while dealing with your mundane 9-5 job might make the idea seem much grander than it actually is. Your product might sound appealing to you but does it even have a current market? Does the service you are offering up-to-date with today’s trends? These are the questions you need to ask before you invest your time, energy, and capital in a startup.
3. Research Is the Key
While your idea may be unique, chances are that someone in the world has already thought of it and is running a successful business based on the plan. This does not mean you should not proceed with your business. The secret to a young entrepreneur’s skills lies in the amount of competitor research they do in order to achieve individuality.
Check out business models of preexisting startups and see what improvements you can offer.
4. Work within the market frame
If your product sounds too unique and has no competitors, then it might mean that your idea is far-fetched. The customers determine the trends of the market, so if there is no demand for your service, then you need to rethink your brand.
5. Plan it to the last detail
The success of your startup heavily depends on the minute things that young entrepreneurs sometimes ignore. Once you have settled on the industry, you need to plan the operations down to the last detail. Determine whether it is going to be an office-based setting or remote work, calculate the costs of monitoring, and prepare the annual budget before you invest.
6. Say hello to innovation
Always remain open to ideas and suggestions. We understand that the initial idea is your brainchild but sometimes, this approach can prove to be quite detrimental to your startup. Make sure you are aware of the growth in your respective industry and adapt accordingly.
7. Communicate with your investors
This is the trickiest part of any startup. Your idea sounds intriguing to you but now the challenge is how well you can present it to the investors and get their capital and attention. Be prepared for all kinds of questions and make sure you do in-depth research before the meeting so you can satisfy all the concerns with hard facts.
8. Be your own critic
You need to look at your business from a three-dimensional perspective. Know what your weaknesses are, just as well as your strengths. This helps you work on the weak areas better you will be to avoid unnecessary hurdles during the process.
9. Choose your team wisely
This is one of the important steps. The people you hire need to be clear about the vision of the tech startup idea so that they can add valuable input to the business. Experts say that you should work with people with who you are already familiar as they are aware of your passion and determination.
10. Build a network
Do not underestimate the power of networking. Word-of-mouth can sometimes benefit you more than you think. Keep a track of all the conferences and seminars involving startups and register on our online B2B marketplace. You never know who ends up as your potential client in the future!
11. Keep the communication alive
Building a startup can be difficult and you might end up losing the time to monitor individual aspects. However, make sure you have weekly meetings to know where each department stands and resolve the issues by ensuring no one is unjustly pressurized.
12. Attract your customers with a website
Your first introduction to your clientele is the website. So, make sure you work extra hard to make it as appealing as possible. When the customers sign up or email you their queries, reply as soon as possible to build a good rapport.
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13. Celebrate your successes
Your achievement might seem insignificant compared to the business you idealize. However, it is important to celebrate every success and milestone so that your team feels appreciated.
14. Invest in cybersecurity
Usually, young entrepreneurs think cybersecurity is not an issue for them but that’s where they are wrong. Since the websites are left unprotected, the new businesses become an easy target for the criminals and before you know it, your safe space is infiltrated.
15. Hire a digital marketing agency
Digital marketing is the fad today. If you are not known on the social platforms, then your startup might as well be non-existent. Therefore, hiring a digital marketing agency to assist you with establishing a strong online presence is important if your budget allows it.
16. Customers should feel you care
The reviews of your website matter more than you think. If you are not responsive and take days to get back to your clients, you might not leave a good impression and as a result, they would not want to come back. Therefore, your means of communication need to be operational 24/7.
17. Opt for leasing tech startup idea
If your budget seems too less to buy any new tech, then it is better to just lease it. Many companies provide facilities for tech equipment and also offer maintenance services as computers are not quite cheap.
18. Introduce a FAQ section
Mentioning questions like “How can you contact us?” and “what services do we offer?” proves to be beneficial since you are directly addressing the queries of your customers. This guides them directly to the relevant page and works in your favor.
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19. Do not give up in your tech startup idea
Many tech startups do not start earning revenue until two to three years after the company is built. So, do not get discouraged with initial failure and keep working on your idea with all the tips mentioned and soon, the results will prove where you stand.
20. Follow your one-year plan
It is tempting to deviate from your business strategy if things are going downhill. While adjusting to new trends is recommended, do not lose perspective by experimenting too much.
Follow these tips to build a successful tech startup and progress on your journey of building a solid fool-proof business plan.