Technology startups are a massive business news item, and in 2018 alone there have been 19 new tech unicorns in China; however, success is nowhere near guaranteed.
Research by Australian tech startup advocate found a stunning 75% of startups failed within their first year. A tech startup ran properly is about more than just a good idea, and it is crucial for would-be business owners to prepare.
A good digital business will be professionally presented. It will find a way for the customer to experience the drive and enthusiasm has for your business.
Finding sales and a client base is only part of the picture, though, and you need to have grips on your personal and professional finances and business acumen to succeed.
How To Begin A Revolution In Technology?
1. Professionally Managing Your Finances
A common mistake made by business owners of all types is thinking there is a complete disconnect between their personal and business finances. In reality, the truth couldn’t be much different. According to business guru David Weliver, intermingling personal and business finance spells litigation in the long term.
On a personal basis, it can mean your business does not receive the resources it requires, and your personal finances can suffer leading to stress. Ensure that your finances are in order before setting up a business; retain savings, keep your business debt levels in check and monitor your relief options.
Bank credit is invaluable for business services, but should not be relied on indefinitely. A Budget for everything, and budget comprehensively.
According to Business Insider, 82% of small business failures are down to money – it’s your responsibility to stay up to date.
2. Be Realistic With Planning And Growth
When you first taste success, it can be intoxicating. A series of great sales, marketing or exposure will make you feel it could be time to take your business up a notch. This, too, can be a pitfall.
According to Inc, a study found that the long-term value of a business is actually improved where initial revenues were lower – which seems counterintuitive.
However, it spells a clear picture. Grow slowly, and surely, rather than rapidly expanding. It will allow you to keep on top of your finances and grow a sustainable project.
3. Stay On Top Of Trends
Your big idea may well be one that lasts for years. However, in most exceptions, businesses need to adapt to survive. Blockbuster is a commonly cited, though brick-and-mortar, an example of this. It seamlessly transferred between VHS and DVD, but then utterly collapsed at digital delivery.
Consider this for the delivery of your business, or app. Trends like automation and voice recognition are completely galvanizing the industry, and the likes of Google will not find space for businesses like yours in their algorithm without comprehensive planning to encompass emerging technological trends.
A business is no mean feat. Whereas a hobby website or app can gain some good traction and make you some extra cash, making a living out of it is a whole different ballgame.
Luckily, making a success of yourself is down to hard work and concentration on a budget – skills which anyone can pick up with the right dedication.
So, are you ready to start the tech revolution on your own? Share your priceless thoughts in the comment section.