Tech is the present and the future. And if a business isn’t up-to-date with the industry, chances are it will get left behind.
While this could be something to worry about for most people, it’s an advantage for you. You’re tech-competent and passionate about innovating, and the world needs you, girl!.
So, why not start a tech company and offer your services to share your skills with them?
Do You Have What it Takes to Design a Successful Company?
If you have the talent and the drive to run your own business, the things that scare other people off (the techy stuff) aren’t going to deter you.
The fact is tech companies in the IT industry have a ton of demand, but a lot of competition, too. Your business savvy has to be equal to or greater than your content know-how.
We already know, it takes more than this to stop you from joining the tech industry as an up-and-coming leader. We’ll guide you through the entire development process to help you create a successful tech company in this guide.
Keep in mind that every business is different, and your startup is going to have challenges along the way.
Following these steps will give you a framework to refer to so you can stay on track with your business model planning and execution goals.
Step One: Put in the Sweat Equity Early
You’ve heard the phrase, “Work smarter, not harder.” Now it’s time to make it your motto, in as few syllables as possible.
The more time you spend in the thinking and planning process before you lift a finger, the fewer mistakes you’ll have to fix later.
The first thing to consider is whether a tech company is the right avenue for you. Are you ready to take the risk and throw all your eggs into one basket? Or do you prefer the safety net of a steady paycheck?
Yes, there are lots of amazing benefits that await you in your future, and aiming for them is an incredible goal. Still, you need to understand and be okay with the consequences of a failed business investment. As they say in tech, ‘Fail fast, fail often.
While your business is still in its early stages, run the figures, analyze that data, and research your target market. That way, you have a better idea of the money making reality of what you plan to do.
This info will help you create your product roadmap and give you a clear idea of any obstacles that may stand in your way.
Step Two: Clarify Your Idea in Mega Detail
What service or product do you plan to offer? Break it down into detail, then break those details into a more detailed version on top of that.
Research the market for that product or service. Collect customer feedback from a test user pool, hire expert data analysts to see how typical users interact with your competitors, and use all that information to get as clear as possible with your goals.
Your tech startup could very well be the amazing solution that no one else has thought of yet. But if there’s no market for it, you’ll have to decide if it’s a viable option based on the data you collect.
Ready to keep moving on?
Get excited – step three is where all the fun starts!
Step Three: Design Your Product or Service MVP
Let’s look at an app development process as an example here. Before the tech team ever gets started, the developers must conduct usability tests, figure out which particular features increase customer retention and attention, and come up with tech solutions to meet the app’s goal.
All of these details interact with each other, and the ongoing process changes based on what the previous results were. So, you can start generating interest and build customer excitement for your product.
But if you didn’t go through all the steps to ensure that the app can be made to do what you planned before releasing the idea, it could be an expensively advertised flop.
Before you sign up any paying customers, it’s essential to create a prototype of your product or service and collect valuable feedback. In the case of a tech company, this means using good business sense and making sure you:
- Check domain availability before you decide on a dedicated web hosting site to advertise
- Take advantage of free tool sites that quickly generate company names to help you decide what to call your tech business
- Research what’s already out there before deciding on your company’s logo (you don’t want to get sued for copyright infringement)
- Design a minimum viable product (MVP)
- Run the product or service through from start to finish
Every step of your company’s business is going to include milestones that will change based on the results that came before it.
Don’t get too far ahead of yourself with your entrepreneurial idea. Stick with your framework and think ahead, but don’t act on those thoughts quite yet.
Step Four: Focus on a Lean Startup and Expand From There
Sure, there are venture capitalists out there that could help you fund your company.
Until you have a plan of action and a minimum viable product or service (like you create in steps two and three), your tech startup expenses need to stay on the lean side of things.
Make a list of the essential expenses you’ll need, such as:
- A web hosting company
- A web host or a virtual private server
- A professional logo
- Test landing pages
- The creative and professional services that you can’t do yourself
- Your essential team members
Your startup is going to grow from the inside out using the feedback you get, the results of your test runs, and other variables.
All you need to get started is your knowledge and, if you want, a co-founder and/or Chief Technology Officer (CTO) to help you with the structure and stability.
You don’t need to go into debt or create an LLC yet. That’s just asking for headaches, tax issues, and red tape that you’re not ready for, nor do you need.
Whether you have a co-founder or you’re doing it all yourself, stick with the crucial parts of the company’s buildup. And if you have to keep your day job to pay for it all, go even leaner.
Step Five: Create Workflow Processes
That “work smarter, not harder” philosophy we mentioned earlier? Here’s where it really kicks into gear.
Your business is going to be full of workflow processes. Think of these like cogs in the grandfather clock of your company or software codes in your developmental program.
When one piece is delayed or clogs up the system, the entire operation is affected. This might be a simple “glitch and move on,” or it could be a bug that causes major problems.
Never Skimp on the Processes
As you grow your tech startup, focus on designing one workflow process at a time.
It doesn’t matter if it’s something as basic as creating your startup’s logo. You must lay out every step of the following method. Otherwise, it’s easy to “forget” a common-sense part of the job.
Define the roles each person has or the tasks you need people to do. Work both ways, from person to job and job to person. This way, you’ll cover all the parts of the job descriptions as well as make sure every task is assigned.
Examples of Processes to Establish
When you need a graphic, for instance, consider every factor.
Can you find a free online web application that lets you create professional-quality flowcharts? Will you need to have your chief technology officer do the work, or is it something beginning designers can do?
Another essential part of a startup is the way you bring in more organic traffic to your site. You’ll need content to show up on SEO rankings, so who is going to create your landing page and write your company blog? Who will set up your Google, Twitter, Facebook, Foursquare, and other accounts?
While you establish these processes for every single task, no matter how small, list the important features vertically from most complex to simplest. Provide detailed explanations of every step so new team members can jump right in. Collect feedback from your own team as you implement the process, and be willing to adapt as necessary.
We Have Lift-Off
Now that all five of those steps are solidly in place, you can confidently build a customer base with soon to be customers! Before, you used potential test subjects and had developers create quick prototypes to test for feasibility. But all that useful and insightful information is finally paying off.
Your informational blog posts are in place, and your marketing business plan is rolling out. Your do it yourself version of the platform has been replaced with a solid mobile app design and a simple website wireframe tool.
Your early adopters saw the marketing rollouts designed to increase customer anticipation, and they’re ready to hire you!
It’s time to put those numerous paid usability services to work and launch your tech company. Whether you have a web hosting service featuring unique niche components or you’re jumping into the security sector, your startup is now officially developed.
It’s time to get your piece of the tech industry pie. Your hard work is going to pay off because you invested time into planning every line of code that makes your business’s final design. You don’t need luck; you have the undeniable skill and a solid foundation!