What to do before you launch your tech startup

Developing a creative, functional idea is not the problem. It’s knowing whether or not your idea will add value to your community or the world at large. That is the key concern when launching a startup idea to the “world”. Becoming a success is not only about having an entrepreneur mindset, but rather about calculating the numbers, weighing up your options and being 100 percent confident in your idea.

You can be as positive and as creative as you want to be in your execution, but it’s really not easy. With so many innovative ideas out there, you need to choose an idea that is based on existing needs. You need to be confident in knowing that your idea is a solution to a problem, not just something that you created that could, potentially, benefit your life. So, before you launch your idea, you need to make some hard decisions on your startup idea and ensure that you clearly understand the purpose of your business.

If you feel the need to attend tech startup conferences to gather helpful insights about the industry or to network with influencers who can guide you on your business endeavours, do so. There are plenty of different tech conferences in Africa, so you will be able to learn exactly what you need to succeed.

Here are a few tips to consider before launching your business:

Analyse the current tech ecosystem

The tech market is huge. If you’re launching a product or a service, make sure that what you’re looking to launch isn’t already out there. And if it is, and launched by a medium to large business, the chances of your startup shining through and competing with theirs is low. So, do your research on the market and see whether or not your idea complies with local and international tech standards, and if it’s feasible. According to this article, “71% of businesses fail within 10 years”. And you do not want to be one of those businesses. It’s okay to stretch out your launch period by making absolutely certain that you have covered every element of starting a new business in today’s market. Your business plan needs to be extensive and concise, including everything from funding to resources, marketing goals and more.

Make sure you have secured finance

Starting a business always requires more than expected. You might think you have saved enough money to cover your startup costs but there will always be something that you haven’t taken into consideration. If you’re going to launch your award-winning idea, make sure you have applied for funding beforehand to assist you in getting your business off of the ground. And, during that process, make sure that you apply for the correct type of funding when you need it most. Each investor chooses to invest with a particular company at different growth stages, so make sure that you’ve done your research accordingly.

Consider your resource options

As a startup business owner, it’s not possible to cover every hat in your company. However, it is also not possible to pay people what they deserve when you’re struggling to keep your business afloat. Not only do you need to factor in salary expenses but also your infrastructure and equipment needed to operate. You will need to decide whether these elements need to be covered by finance or if you have the capital to pay for it yourself. Either way, you need to have the numbers before you can continue. Your application for finance will take a while, especially if you need to pitch to a potential investor on your concept.

Think about your marketing approach

If you want people to learn about you and your product or service, you will need to market yourself. Think about the most affordable platform to suit your business’ needs and budget, and strategise ways in which you can take your business to new heights with what you have available to you. If you decide to send out emails or SMS messages, you need to ensure they’re compliant according to the General Data Protection Regulation (GDPR) to avoid any hefty fines in the early stages of your startup business.

Final thoughts

Once you’ve created a business plan, applied for funding, considered your marketing and digital approach and started looking for your business’ dream team, you can proceed to get all of your other ducks in a row. For example, making sure that you are legally covered. Should anything go wrong during the beginning stages of running a business, at least you know you will be covered for any financial or legal concerns. It will be to your advantage to attend a local technology conference “rel=dofollow” and to network with other startup founders. You never know what you can learn from others in moments when you need it most.