I have seen a lot of ideas executed as tech startups locally but they don’t take off as fast, or ever! There are some things I have noticed that are a pattern with almost all of them, and these are the 5 things you need to consider before launching that tech startup anywhere.
1. Purpose – Why are you even creating this thing? What problems does it seek to solve? How viable and sustainable is it in the long run? Is it better than the current competition? These are all important questions before you even step out to involve other people or partners like investors for your tech startup. Do not just start something just to say you started, it needs to have a goal. Some startups that weren’t built on purpose crumble because even the founders are not as passionate as they should be with an original idea, or an idea that was reasonably researched.
2. Target market – Who are you building for? Will they afford it? Can they access it? Is it costly for them based on the financial environment you’re launching it to? All these factors must definitely be assessed before the launch of the startup. The product must be relevant to who you’re creating it for, and must be the best possible alternative to any other product that provides the same or similar service for you to attract clients.
3. Copying – Too many startups copy an idea from another country or even use templates that may not work in the area your product is being launched in. For example, if you’re launching an online store, do you have payment options that are in local currency using local payment options, or is it a template that uses another currency and is not fully functional for other countries? If the tech product is targeted at a global market, maybe you can get away with that, but local is usually lekker because they are most likely your starting market point.
4. Partners – It’s important to have the best support system, people who understand your vision or share the same goals. You might end up carrying the entire startup on your back if you get the wrong team. Remember, starting out with anything is usually difficult so find people who are in it for the long run. Partners may also include mentors and investors, as much as they are providing business support and finances respectively, make sure that your idea is not changing its original direction to suit their needs and not yours or your target market. Be careful with who you sell your startup soul to.
5. Regulations – It’s amazing to create something that excites you and your team but is it actually allowed in your country? Make sure to check all necessary regulatory issues before launch, be compliant with all the relevant bodies, and sign up for whatever statutory obligations you need to as well. You’re finally a business, so act like one.
Got more tips? Add them!