Ideas take birth every moment, but not each one succeeds.
There are many reasons why this could happen. Sometimes it is due to lack of resources; sometimes it is due to inadequate research. Planning and implementation are also factors that play an important role.
In today’s article, I’m listing five important questions that you must ask yourself before getting your tech startup idea out in the market.
How are you going to fund your startup?
The first step to bring your tech startup idea to life is to arrange funds. Developing an app or website would require money and not every investor you approach will let you use his or her money right away. He or she will want to see a prototype.
And even if you’re able to convince an angel investor, it will take months to close the deal. So, have other sources. Decide if you want to use your savings, take help from friends or family, or win money through app contests.
So, before you plan to build your million-dollar idea, outline how you will arrange the funds for your tech startup.
Will you focus more on the mobile app or the website?
The next important question is whether you need an app or a website to implement the idea. If the user needs to log into the service frequently (e.g. social media), you’ll need an app. But if it includes plenty of calculations and analytics (e.g. HRMS) to help the users, go for a website.
Also Read: What different types of investors are there for funding your startup?
Then, consider compatibility, maintenance, and upgradability. When you upgrade your app, users will have to download it again to use the features. That’s not the case with websites. But through an app, your service is easy to access.
So, get into the details of your idea and research your target market to decide whether you’ll develop a mobile app or a website.
How will you monetise your idea?
Once you have decided on the platform – website or app – chalk out your revenue strategy.
You can go for the freemium model where you provide some services for free while charging for the others. It works for products such as cloud storage or music streaming apps.
You can also opt for the subscription-based revenue model, as in CRMS or wealth management software.
And if your idea is to build a marketplace to connect customers and businesses, you can earn through commissions on transactions. You can even opt to play ads and earn through them.
Depending on your tech startup idea, research your competitors, interview your target users and find all the potential ways to monetise.
How will you attract the top talent?
Implementing your tech idea will need talented professionals too. But, a team of programmers, web developers, and UI designers won’t be easily attracted to something that doesn’t even exist. You will have to make efforts to hire top talents who understand your vision and sync with your idea.
You can scour freelancing sites or take help from your network. And then, list out the various ways you can use to attract those potential talents. You can offer them the opportunity to work remotely, or the freedom to experiment with their creativity.
Remember, it’s not always about money. So, work on all the possibilities.
How will you stand out from the crowd?
Even if you all the resources, this won’t ensure success. You have to be different. When we started InVideo, an online video editor tool, things were not easy for us as the market is already crowded with many online video editing tools. However, our easy-to-use, simple, interface won the battle for us.
So, find spots where your competitors lack. Your offer can either be a missing feature, a few tweaks for a smoother experience or a pricing model different from your competitors.
Also Read: How to finally get your startup idea off the ground in 2020
You can even target a specific customer segment with features that suit them. The possibilities can be endless; you need to observe.
Find what makes you unique in the crowd, before you decide on a grand launch.
Yes, putting a tech startup idea on-air is easy. But making it a successful venture is a path full of twists. It will take dedication, hard work and even some sleepless nights. But even before that, you should have got a clear vision for the future of your startup.
These five questions are vital to helping you decide if your tech startup idea is feasible enough to put to practice.
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Image credit: Eunice Lituañas on Unsplash
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