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What are your 5 tips for founding a tech startup?originally appeared Quora: a place to gain and share knowledge, helping people learn from others and understand the world better.
answer By Hunter Ray Barker, Co-founder of Bullfrog Digital Marketing Agency & SEO Company Quora:
So, do you want to go into the lion’s pit and start a tech company?
Friends, there are so many things to think about and sometimes you don’t know where to start. So taking the time to research and plan ahead can make a big difference in the success of your next great venture.
Tip #1: Know Your Audience (I mean I really know your audience!)
Before you start thinking about your product or service, it’s important to understand who your target market is.what needs Is there something in this market that your product or service can address? What are their weaknesses? What is keeping them up at night? Where will they hang out? Once you have a good understanding of your target market, you can start developing a product or service that meets your needs.
Here’s a great story from legendary direct response copywriter Gary Halbert.
“Imagine opening a hamburger stand on the beach. If there was one thing you needed to run a successful business, what would it be?”
Students who provide all kinds of answers:
- Quality meat!
- Killer location!
- Delicious secret sauce!
Gary told them how wrong they were all…
“What we need is… a hungry crowd!”
You can get the best products and services in the world. Without the starving crowds consuming it, it would be difficult to keep the lights on.
Tip #2: Go out and do research like a mad scientist, a stalker
Doing your homework is really important when starting a new business. This means researching your industry, your competitors and your target market. This allows us to better understand the circumstances in which we operate and make more informed decisions about new businesses.
Too many unsuccessful businesses are started “indoors”. So the founders don’t leave the office, they don’t leave the bubble, they don’t listen to the market. Instead, they create a product or service that seems great to them and spend a lot of money hoping to turn it into a business, only to find that no one wants it. No.
Get out of the office, talk to your target market and what to build your startup on they want… What they really want (not the type of “want” offered in basic email surveys sent to family and friends telling them what you want to hear!)
Tip 3: Create a solid business plan
A well-thought-out business plan is essential for any new business, but it’s especially important for technology start-ups. what would you actually do… do you do business?
This document should outline your business goals, strategies, and plans to achieve them. It should also include financial forecasts and marketing plans. A strong business plan gives you a roadmap to follow as you launch and grow your new business.
Tip 4: Raise Capital (or not?)
Whether it’s angel investors, venture capitalists, or crowdfunding, there are many ways to raise the money you need to get your new business off the ground. Doing research on different options and finding the right one for your business can help you secure the funding you need.
But not all tech startups need Fundraising – and some rebellious startup founders work desperately to turn a profit from day one.
One interesting way to do this is to create information products about your core business (e-books, video content, virtual events, etc.) and sell those products digitally to consumers to drive new business. is to raise the necessary funds for
Tip 5: Build a better team than yourself
One of the most important things for a startup is building a strong team. Also, I believe the players on your team should be light years ahead of you in their respective divisions.
This means bringing together a group of people with skills and experience who share a business vision. Having a great team in place increases your chances of success when it comes to entering the market and growing your tech startup.
this question originally appeared Quora – A place to gain and share knowledge and help people learn from others and understand the world better.
