By 2021, almost 32.5 million startups had been registered across the US—7.1% in the Fintech industry. For tech startup founders, this means lots of people to get advice from—and also lots of competition.
Building a business till it becomes successful is not an easy feat. Many successful founders will tell you they mastered many skills along the way (and endured failure) and also learned the pitfalls to avoid.
If you recently launched a tech startup and feel like you can’t take the heat, here are some great tips to help you carve a path to success.
- Hire Smarter People Than You
It’s impossible to run a successful business alone. So, find people who can take your company’s vision and run with it. In other words, be picky about the people you bring on board. Look for people with great potential and hire those who are smarter than you. Some startup founders hire individuals with minimal experience in their field. This is a grave mistake.
Don’t look for people who are book smart, look for those with valuable skill sets and competencies—people who add value to your tech startup. Although 99% of startups are considered small, they can still increase their value by hiring people with great skills.
- Research More
That great product you see is a culmination of years of extensive research. Most founders have great ideas, but they limit their research to the execution stage. Use research to develop an awesome product with the end-user in mind. But first, research your audience and discover what they need. Can the product solve people’s current problems?
Also, get customer feedback and improve your product. Research shows that every customer complaint ignored results in 26 customers lost. Invest in continuous learning to improve your business processes and product.
- Identify a Business Model
Before you start developing your product, have a plan. Get all your ducks in a row then identify a business model that works for your tech startup—based on the research you’ve done.
A great business model is a revenue-generating machine, and business operations and processes will depend on the model you choose. For instance, most car retailers that give out complete online title loans say that creating a marketplace has helped them increase sales.
Ask yourself these questions before determining your business model:
- What business model suits me best?
- Do I want a marketplace, freemium, or subscription model?
- Am I looking for a unique model for my startup that combines other tried-and-tested business models?
- Keep Up with the Latest Industry Trends
It’s easy to ignore what’s happening in your industry when you’re busy building a business. But you may miss out on great opportunities. You can quickly lose customers you’ve worked years to attract if you’re ill-equipped to meet their needs. Keep up with the latest market trends to discover the changes in your industry. For example, emerging technologies will experience a growth rate of around 104% by 2023. Keep up with the latest trends, adapt early, and land valuable clients
