10 Easy Steps to Successfully Launch Your Tech Business
Every successful tech business today was once just a mere idea. Transforming that thought into a successful existence is what made leaders out of ordinary people. We all have that talent hidden within us, and we are all capable of coming up with such ideas, but how we pursue it and make it happen is what matters the most. All those enthusiastic future entrepreneurs who are passionate about turning their tech ideas into a prosperous reality should follow these ten easy steps.
Step 1: Conduct Market Research
Conducting market research is the initial step to decide whether you truly have an idea worth seeking after. Start your research and explore by noting down what you think the issue is that your business idea would be able to comprehend and solve. Write it down on a piece of paper and keep it right in front of you.
Put an effort and try to estimate the number of individuals who are facing the issue you are trying to resolve while simultaneously finding a way to converse with them. You can make use of an adequate survey or questionnaire to review the needs and requirements of these potential customers. After getting the outcomes of these surveys, look at the leading company and other competitors and analyze if you are sufficiently diverse and unique to compete with them.
Store this market research and the outcomes when you are done, as they can turn out to be helpful in securing funding in the future.
Step 2: Think Thoroughly
Keep your mind open to every perspective and consider the positive as well as negative view of your idea. List all the strengths and opportunities regarding your idea, and focus on retaining and taking full advantage of them. After reviewing the positive side of your idea, list all the possible weaknesses of your business idea and make an effort to work on them and minimize them as much as possible.
Break you idea into simpler parts and ponder over them one by one. Examine your idea this way to analyze if your business idea is viable or would it be able to have an influence on the market. Even though, the ideas of coming up with a new software product or setting up an IT company can be very startling and being optimistic about them can be quite easy, but there is always a need to consider the pessimistic approach along with it.
Once you are confident enough about your idea and believe that the positive side outweighs the negative side, you are on to step 3!
Step 3: Build Your Product
It is time for you to turn your idea into an existence, and build that new software that you have been thinking of for so long. Before introducing it, make sure that your product is minimum viable product (MVP) which means that it consists of all those basic and essential features for the issue that you have been attempting to solve or to achieve the main objective.
Building your product is almost a quarter of the total work for your startup tech idea and hence, it has a significant part in the success of your idea. Therefore, it is quite necessary for you to build your IT product which is effective as well as efficient. Another important thing to keep in your mind before launching your product is to validate your MVP time to time in order to know the worth and value of your product.
This means you need to know who will be willing to pay for you product, what is your target audience, who are the potential investors, will your product be profitable in the long term, and will your product be able to meet the requirements of your customers. Once you get all the answers and are satisfied with the outcome, your step 3 is finished.
Step 4: Protect Your Intellectual Property
Intellectual property is the process through which a business or an individual is able to own the rights to the product it created. The ways to secure your intellectual property include trademarks, copyrights, and patents. It is quite essential for success of your new product that you follow the guidelines and proper protocol to secure your product.
By protecting your IP in an early stage, you will be saved from the copycats. On the contrary, make sure that the product you built is unique and you yourself are not a copycat not even unintentionally. Verify that you would not contravene any of the non-compete agreements or any existing intellectual property rights, otherwise, you will have to confront serious legal consequences. As soon as you are ensured that there are no legal constraints regarding your product, apply for your copyright or trademark or file the patent.
This step will secure your product and will only give YOU the ownership over it, giving you the right to sue anyone who tries to copy your product. Once, you are legally the owner of your product, it is time for you to move on to the next step!
Step 5: Develop a Business Plan
Developing a good business plan is utterly significant to set your startup in a successful manner. Making use of the outcomes of the market research conducted earlier, design a plan that reflects the future activities of your business.
A good business plan should consist of the objectives that are streamlined and placed in a level of hierarchy. It should clearly reflect the main objectives of your startup business, determine the milestones and targets you have set, and the actions you need to take to achieve those goals. Make sure your business plan is comprehensible and realistic.
Tip: Before creating your business plan, examine the position, strengths, and weaknesses of your competitors, to be prepared in a better way to face them as a new tech company.
Step 6: Raise Funds
For turning your tech idea into a thriving business, you need to have funds to invest in the company. There are various external sources of finance that might help raise the capital when your personal funds are not sufficient. Many entrepreneurs take the help of venture capitalists or angles investors that provide a significant amount of money in return of a specific share in the company. Other sources of finance include bank loans, potential investors, government funding, and business incubators.
Before raising capital for the startup tech business, you need to comprehend and estimate how much funds you need and the impact it will have on your startup. It would also help to know what investors look for in startups as this will allow you to refine your strategy for success. After you figure out the amount you need, that is when you decide the ways to raise that capital.
However, before considering any external source of finance, you must determine the cost of capital and the long term liability it would be for business to see if it affects the profitability of your startup business in a significant way. Moreover, in case the business does not survive, you should be able to cover this sunk cost in the future.
Step 7: Recruit a Highly Skilled Team
The workforce of any organization has a great impact on the success of that business. In order to make your startup business successful, you need a workforce that has potential and is effective. A motivated and ambitious workforce is ready to work hard and give its best to the company. The characteristics of such workforce include reaching the targets in a given period of time, meeting deadlines, believing in working as a team, thinking in the best interest of the company, and not losing hope in case of failure.
Also, the staff that you hire should be skilled and talented too. Since, this will be your startup business, you are advised to hire a few employees but the best ones. This will lessen the expenses on the newly set up business and will fulfill the need as well.
Once you recruit the suitable staff for your startup tech company, make sure you prove to be a good leader, serves as an inspiration to them, help them identify their weaknesses and helping them to overcome it.
Step 8: Recognize the Workflow
This means the way you will handle your business. Once you have launched your new product and the business is working, you need to focus on recognizing and organizing your workflow in order to manage your business in an effective way.
The workflow of your business refers to the way your staff is getting things done. At this point, your job is to define every task to your employees, and assigning those tasks to the suitable workers. Begin with identifying the duty and responsibilities of every worker and what position they have in the hierarchy of business. Then, analyze their capabilities and frequently motivate them to get things done in an efficient manner.
Step 9: Stay Focused
Now that you have set up your startup tech business, it is time for you to begin the actual hard work, to get fully committed to it, and keeping your focus entirely on achieving the goals that you set in the beginning. Set a vision for you and your company and make a combine effort to accomplish your aims. Keeping in mind the vision, you will make the effective choices that will help your startup business to move forward
Do not let yourself get carried away with the success of other businesses which will make you rush things out. Every business moves forward at its own pace and that requires your focus and patience towards turning your tech idea into a successful business.
Step 10: Learn from Your Failures
Many notable tech businesses have faced immense failures during the course of their operations. It is important for you to face those failures. These failures bring opportunities for you to review your mistakes and weaknesses, learn from them, and then allowing you to bring a change to overcome them.
Every successful tech company today, faced uncountable failures before reaching this level. So, even if you fail many times, do not lose the hope or let it affect you optimism. Face your failure and make an effort to perform better next time.
Following these 10 easy steps will set you on the path of transforming your tech idea into a streamlined business. The famous tech businesses such as Facebook came into existence in a dorm of a college when no one knew what it was and is now worth $54 billion. Similarly, the most well known tech company “Google”, initiated from a dorm room to an ordinary garage to the most successful company today of worth $632 billion. Another well known example is Amazon which was founded in a garage of a rented house and now is worth $1 trillion. These all successful tech companies were once just ideas of people like you, however now stand as an example for businesses all over the world.
These great examples show that nothing is impossible to achieve. Even your mere idea can become a successful tech company if you have the will, power, and ambition to make it happen. The steps given above are just the beginning of turning your tech idea into existence. The list goes on when it comes to making your company move forward to an endless success.