Tech giants like Google, Amazon, Facebook, etc., have one thing in common. They always try to innovate and create new ways to outsmart their competitors. Their each new product or service is better than previous one and capture the market share they have in mind. Their amazing growth and a huge potential in the tech arena inspire many people and companies to venture into this field. But it is not an easy job to do; everyone need some tips in order to make it big. The following tips can be handy if you want to make a name for yourself as a tech firm competing with the all the big players in the market.
1. Having a Viable Proposition
A huge number of businesses fail in the first few months. While the reasons are aplenty, a viable proposition can solve the problem for a startup. A detailed and goal-oriented plan can take you there so this should be your first priority. The initial few months after starting the business are the crucial ones because there problems can spring up regularly. Use of cloud computing like Google Drive can be a good option for you instead using your own servers to cut initial cost.
2. Relationships are Important
Start the business with building relationships with like-minded people. As you will deal mostly in the tech world, you need to gel well with the people having the expertise in this domain. If you are starting the venture with a partner or 2-3 people, having a cordial and easy-going relationship should be your priority. The communication channel should be stronger and without any ambiguity so that it can prove beneficial for you in the long term.
3. Location of your Headquarters
If you are a startup in a small city, then your preference should be around the business district. It’ll be convenient to you as well as being economical. But in a big city like NYC or Chicago, it can prove very costly as only the multinationals or conglomerates can afford a place in the Downtown area. Be reasonable in your approach and pick a location where tech companies are situated.
Right from the start, your focus should be on the larger issues that can be extremely vital for the presence of your company in the market. But that doesn’t mean you should lose focus on smaller issues. That’s why your operational team should be highly experienced as surviving in the cut-throat market place is difficult. And in the tech field where priorities change in a short-span of time, you always need to be on your toes in this regard.
5. Recruitment Strategy
Try to dedicate enough time to hire the best people in the business. The tech world is a merciless place where a slight mistake can be the death sentence for you. Building up a competent team will ensure that you have a strong and talented workforce that will drive your business forward. It is actually an investment that will reap rich dividends for you in the long term. So make the recruitment process your priority before launching your product/service.
6. Competitors and the Price War
You also need to keep an eye on the competitors. Initially, your product or service should compete with the small and medium players in the market as being a startup you won’t be able to compete with the big guns in the market. Keep your price according to industry average and don’t try to gamble much in the form of huge discounts in the start. The decision may backfire and your future will be doomed in a matter of few days.
7. Product/Service and Professional Development
You need to absorb as much information as you can from the mentors in the field. LinkedIn is a good place to get the advice and suggestions in this regard. In this tech-savvy marketplace, a startup simply can’t afford to lag behind in a must-have feature. The professional development of your employees should also be a top priority for you and you need to check their performance too. A can be the best way forward.You need to absorb as much information as you can from the mentors in the field. LinkedIn is a good place to get the advice and suggestions in this regard. In this tech-savvy marketplace, a startup simply can’t afford to lag behind in a must-have feature. The professional development of your employees should also be a top priority for you and you need to check their performance too. A task management software for startups can be the best way forward.
8. Making After-Sales Support/Online Help Accessible
No firm would want their customers hunting for the support. Make sure you prominently put the support icon on your website and the staff should be available round the clock. Being in the tech market can only be rewarding if you are playing your cards right. The support whether physical or online must be impeccable to satisfy the clients completely.
9. Managing the Client and the Process
The two factors mentioned above are very different. How to manage your team and satisfying the client are two factors which should be taken care of exclusively. The management of a tech startup must create a procedure to carry out both tasks concurrently and with full commitment. You may be really good at managing the process but you also need to focus on managing clients better as this aspect is equally important.
10. Manage your Growth Properly
You need to build up cash reserves for rainy days. In the initial period of the business, cash flow is usually not steady and that’s where you need to be extra cautious. Unforeseen financial problems can arise and can be a deterrent in the steady cash flow. That’s why you need to manage your growth by applying strict checks and processes.