How to build your startup tech business
Johannesburg - While the world continues to provide tech developers opportunities to make their mark up into the world with new tech startups, it is also important for innovators to have all their ducks in a row as starting a tech business always comes with a set of challenges.
The South African tech space has seen many startups coming to the surface with various tech inventions. However, it’s not only innovative ideas that build a business but also a solid foundation to carry and sustain your business in the mainstream market. Here are some tips to help you succeed as you build your tech startup.
Create a plan for your business even though you probably won’t follow it
It is highly recommended in the traditional business world to write a business plan. It is extremely important for you to put your thoughts to paper, but a business plan is not necessarily required. The best thing you can do is put together a presentation with no more than 10 slides including a clearly defining problem, solution, business model as well as how you are going to do it. Putting together a 10-slide presentation is much less time consuming and will always be an iterative process.
Figure out your distribution strategy once you come up with an idea
Before going all in on a business idea, make sure you have identified several ways in which you will grow it. It is a waste of time coming up with an awesome idea, building it into a product or service and then not having a way to get it in front of people.
If you are trying to figure out how to grow your product quickly, think about how you can reach as many people as possible with the least amount of effort.
Have a unique selling point
Do something different than your competitors that is not easy to replicate. It may be a special feature that you have patented, the exclusive distribution deals you have landed, the large customer base you have built, or something else that’s tough for a competitor to do quickly. Regardless of what it is, you need to figure out what type of moat you will build around your business that separates it from your competitors.
Make sure you are building something customers want to use
With various social media platforms allowing many entrepreneurs to market their business, getting feedback from your customers can be quick. There is no point in building a product if no one is going to use it. Customer feedback can come in a variety of forms: verbally, in writing, through surveys and feedback tools, purchase decisions, or silent feedback through analytical behaviour tracking tools. No matter how you do it, make sure you put a system in place that allows you to get the feedback you need to build a great, targeted product.
*The South African Innovations Summit is taking place from 30 September - October 1st this year and promises to be a spectacular event that should not be missed.
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