Do you know what the scariest part about starting your own business is? No, it’s not if your Facebook page gets enough likes - it’s failing. An average of 90% of all start-ups fail within the first five years. That is one worrying statistic.
If you want to avoid being the vast majority, and join the few that actually made it in the tech market, you should read, re-read, and then implement the following advice. They could mean all the difference.
Make Something People Want
If you want your story to be successful, create something people want, not necessarily something they need. One of the biggest mistakes entrepreneurs with a thirst for success can make is thinking about necessity more than desire.
People are driven by emotions. They base the majority of their decisions in life on their feelings. So even though someone needs a new pair of jeans, they will spend their money on a new video game, or smartphone because they want to.
Use this to your advantage and think of a product or service people would actually want to experience on a day to day basis.
Mass Consumption
In the global market, there is no room for catering to a selected few; it’s all about mass consumption. The great Robert Kiyosaki, author of “Rich Dad Poor Dad” and world renowned speaker and motivator once said that if you want to get rich you have to make your product available for mass consumption.
Ensure that your product or service is easy to use and optimize it for everyone. People love transparency and simplicity, so don’t overcomplicate your ideas - make them available to anyone.
A Strong Business Model
Charging into the market with just a product but without a growth strategy is kind of like taking a friend’s dog for a walk - it starts great but soon ends up with your face in the dirt. The same thing could happen to your company if you don’t plan out a sound business model that will encompass everything from your customer service and marketing methods to your long-term plans.
Be a Marketing Guru
It should go without saying that you need to market your product in order to achieve brand recognition. Unfortunately, many start-ups have to figure out ways to promote their services and products on a shoestring budget, which can be quite stressful, to say the least.
Make sure you’re utilizing social media, posting and sharing your content, frequent all networking events and send out newsletters to potential clients. In addition to these low-cost tactics, now a days you can build a good website on WordPress for the price of a double cheeseburger.
Legal Representation
One of the most important parts of leading a successful business is ensuring you have a legal team behind it. Like any other industry, technology is susceptible to legal attacks and copyrights infringements, and in order to protect your work you need a legal firm specializing in tech law such as the experts at Bayard Lawyers, who will ensure that your work is safe.
Customer Experience is Key
One satisfied customer can prove more rewarding than a hundred paid ads. This is why the way you interact with your current and potential customers will be a determining factor. Happy customers become your brand ambassadors, and if you cater to clients around the world, your ambassadors will spread the word across the planet.
Assemble a Strong Team
The people you surround yourself with will prove invaluable in the creation and growth of your business. Don’t think you can achieve everything yourself and be sure to let others contribute with their unique insights and ideas - they might prove to be game-changers.
The hardest part is starting, but if you make some smart decisions and focus on realistic goals, your business will soon be a part of the few that truly made it.
