10 Tips on Technology Start-Up Success

Posted on May 31, 2016 by ATB Chartered Accountants
BUILD SOMETHING YOU WANT

The best business ideas come from individuals who see a gap in the market, and look to close it. These business ideas are ones that other people find aren’t worthwhile, but once you make it, people want it. Google and Facebook are perfect examples of this.

OFFER EXCEPTIONAL SERVICE

The level of service that you wouldn’t be able to afford in a large scale offering is the kind you need to be looking at for a start up. For the technology industry, people aren’t accustomed to exceptional customer service, but if you can nail this, you’ll already have loyalty, and people talking about you.

DON’T OBSESS ABOUT THE COMPETITION

While competition is highly important in all businesses, including start-ups, you shouldn’t be concerned with competitors making your dream a reality before you can. The success of start-ups depends more heavily on efforts rather than what your competitors are doing.

DO YOUR START-UP WITH FRIENDS

Very few start-ups developed by one person have actually succeeded. Its too much of a complex process for one person to take sole responsibility for. Even if you are the one doing majority of the work, talking out decisions and brainstorming are important factors which ensure you are making the right decision for your business. People tend to be more motivated when working in teams with people they have a close relationship with as they don’t want to let their friends down.

LAUNCH YOUR PRODUCT AS SOON AS POSSIBLE

If you can get a prototype, or your actual product onto the market as early as possible, you are given the opportunity to talk to users about what they like, dislike, and what needs improving. It allows you to understand what you should have been developing rather than what you did actually develop, and from this, you’re given the upper hand in terms of fixing your product to make it better suited to people’s needs.

MAKE PROFIT YOUR PRIORITY

As much as you may be passionate about your start-up (and you should be), there is no point in going into business if you aren’t generating a profit. Making a profit needs to be your number one priority, and it should not be taken lightly. In business, if you’re not making money, you’re loosing money, and this money is really hard to make on accident.

MAKE A FEW USERS VERY HAPPY

You can’t be all things for everyone, and you shouldn’t try to be. In business, it’s better to make a small group of users very happy, than a large group of users kind of happy. The more you are able to understand and meet the needs of your target market, the greater your start-up’s success will be.

EVOLVE YOUR PRODUCT

Listening to your customers’ feedback is crucial in product developing and innovating. You need to ensure that your consumers feel comfortable in telling you how they feel. You need to understand that your customers are going to dictate what your business will be, regardless of how fantastic your ideas are, and this is perfectly okay. If you keep going down the wrong track, you won’t be making any money.

USE PROGRAMMERS TO MANAGE PROGRAMS

Unless you are a programmer yourself, it’s going to be a struggle for you to understand which competitors are doing good programming so you know what to do. You need to know that your business is not inherently flawed by poor programming, and so it’s more time and cost effective to get a professional in to do this for you.

KNOW YOUR TARGET MARKET

Finding a gap in the market, and people who need what you can provide is the most important factor of all businesses. Unless you know who your target market are, you will never be able to fully satisfy your customers. The easiest way to tap into this in the technology industry is to create something you need, and other users will also want this.