The Essential Guide To A Successful Tech Startup
If you’re in the process of setting up a new tech startup, congratulations! You’ve taken on the biggest hurdle to your success and managed to get over the inertia caused by fear and uncertainty. Now that you’ve taken the bull by the horns and you’ve got progress to show for your hard work, it’s time to make sure success is in your sights. Mistakes will inevitably be made – it’s a big learning curve after all – but here is a checklist of the major things to consider as your startup develops, so that the road to success is as smooth as possible.
Hire the best people
It can be easy to hire friends or ex-colleagues because they’re a known entity, but this isn’t necessarily the best way to guarantee quality. Invest trust in new people, and spend time looking for the right person for the role. If you’re particularly inexperienced, it could be worth hiring very experienced project managers who can offer some guidance. If you’re more confident, hiring younger people in whom you can see a lot of potential can be a great way to build a loyal and innovative team.
Don’t scrimp on your tools
In a tech company, your tools are everything. Both your hardware and your software should be the top end of your budget if you want to create high-quality work every single time. While you’re still building your reputation, you haven’t got the opportunity to take risks, so go for the best software testing tools, the best computers, an excellent website, and the best accounting software, and ensure you advertise what you use.
Keep on top of your accounts
You don’t want to be scrambling around in a few months time trying to understand your expenditure, your savings, and what you owe the taxman. It’s so important that you keep a good grasp on your accounts from the start, and that you save and file all invoices logically from the outset, so that you’re never caught short. Keep a calendar of financial deadlines near your desk so that you’re never late sending money, and set personal deadlines for keeping track of your finances such as a weekly audit or monthly stocktake, and stick to them.
Follow a plan for the future
It’s important that you know in which direction you want to be taking your startup, winging it never works as well as you might expect. Make sure you do your research, and you stay up to date with the relevant marketplaces. Set company goals, including profit at intervals, the number of clients at various intervals, and company worth going forwards. Celebrate hitting deadlines, and keep readjusting them as necessary. You’ll only ever progress when you have something pulling your forwards, so you always need goals for the future, and plans for how you will obtain them.
Making your tech startup a success is all about careful planning, investing smartly in people and technology, and always looking forward. Your success is down to your choices and your drive, so make wise decisions and always seek advice.