Building a successful tech start-up is not only about bright ideas – it’s about creating solutions to real-life problems.
In today’s competitive business environment, it’s vital to implement the latest technological advances whilst also creating an engaging and positive working environment for your employees that welcomes team collaboration.
Here, I outline six top tips on how to build a successful start-up business.
A lot of new businesses are so focused on company growth, they forget the importance of putting your customer first. Customer focus really is key and you should always have their needs at the forefront of your plan, especially when starting a new business. Whether you’re aiming to solve a problem from a new angle, or you’re servicing an existing market with an improved approach, always keep in mind the needs of your customers.
Agility vs legacy
Use your start-up status and the agility that this creates to your advantage. Once you’re an established firm, you have the pressure of your widespread customer base and the legacy of the organisation on your shoulders. As a start-up, you’re able to freely make decisions about the best technology to implement, the strategy you’ll be working towards and the staff you want to hire, without any constraint. Past traditions, preferences and the heritage of the firm all start to impact decisions made once a firm becomes established, so enjoy the freedom that comes with being a start-up.
Making full use of your partner’s generosity is crucial as a start-up. Launching a business can be a costly process but assets such as expertise, hardware and software are critical to the success of a firm. However, securing grants, funding or credit can be of real benefit and can help to ease the pressure of those looming expenses. Don’t forget that you’re competing with big corporates who have large sums of cash at their disposal, so generosity, advice and guidance are indispensable. As an example, when we launched Quantexa, we used cloud and software provider credits to get our feet off the group and the ball rolling. This proved incredibly beneficial to the success of our organisation, helping to mould it into what it is today.
Don’t rush recruitment
When recruiting new members of staff, it’s important to take your time and not rush the process. You’ll be under pressure to source extra resource and expertise, however, keep your standards exceptionally high as these are the people who will ultimately help make your start-up a success.
Create a positive environment
Build a positive, healthy working environment for yourself and your team. Workplace culture is extremely important and is often something which is neglected and overlooked. Work on creating the type of company you’ve always wanted to work at, and it’s likely that others will appreciate this too. Providing free fruit on a Monday, having team socials and free drinks in the office on a Friday are little things that can make a big difference. Even offering flexible working options can not only increase general wellbeing in the office, but levels of productivity too.
You need to believe in yourself and your team in order to make your start-up a success. Being confident and persuasive are two key attributes that can make a huge difference during the start-up process. You’ll be pitching to investors, partners, other businesses and even venture capitalists so knowing your business inside out and trusting your own abilities really does make a huge impact.
Ultimately, there’s no denying that building a successful technology start-up is challenging. Be willing to do it all – IT, recruitment, website building and social media to name a few. As you develop and grow, you’ll be able to narrow your focus, and you’ll have a team of experts to pick up where you left off. Most importantly though, show that you value your team. These are the people that have chosen to support your startup journey, and in the end will lead you on a path to success.