7 Essential Checklists Before Launching A Tech Startup
Did you know that 9 in 10 tech startups fail?
This means at least 90% of startups don't make it past their early stages.?
With a success rate as low as one percent, it’s paramount that tech founders/owners carefully plan and prepare before launching their startup company.?
From the ideation phase to the execution phase, you have to be meticulous and strategic in order to beat the odds and create a successful startup. There's little room to make delicate mistakes or skip important parts of the process.
In this blog post, we’ll discuss the seven checklists you absolutely cannot afford to ignore before launching your tech startup. These checklists will help ensure you’re covering all the necessary bases needed to keep you on the right track.
7 checklists before launching a tech startup.
About 34% of startups fail because they don’t launch the right product into the market.?
Before you decide to proceed with your product idea, you must first make sure that it is viable and in demand.?
Ask yourself: Is there a need for the product you are designing? Will customers be willing to pay for it? Is there a gap in the market that your product can fill? What makes your product stand out?
To know this, you must conduct a thorough market research to identify and understand your target audience, their pain points, and how your product will be useful to them.?
The goal is to ensure your product is something customers will be obsessed with and eager to use. Even with competitors, you should still be able to find a unique selling point that will attract customers to your product.
After ensuring that there's a genuine demand for your tech solution, you need to develop a minimum viable product (MVP) , which allows you to test your product hypothesis with minimal resources. This will help you solidify your product concept and gather early user feedback.
Having a solid team in place is like having a strong foundation for your startup. With the right team, it’s easier to navigate any unforeseen challenges.
To find your perfect team, look for individuals with a diverse set of skills, experiences, and perspectives. You want a team that shares your vision and is passionate about bringing your product to life.?
You can use platforms like LinkedIn to find and recruit top talents that are suitable to join your tech startup.?
Or, you can outsource to companies with a standby team ready to support your project.
At hubinit , we save you the stress of searching for the perfect team by providing a curated network of experienced professionals who are ready to help bring your product to life.
Just like with any business, launching a tech startup requires initial capital and then a whole lot more along the way.
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If you want your product to grow beyond its initial launch, you need to start making financial plans way ahead of time.?
Plans like crafting your pitch early, building relationships with potential investors, knowing things to avoid when pitching to investors , and exploring different funding options such as venture capital or angel investors are all crucial steps to take when making your financial strategy.
After ensuring there's a demand for your product and you have gone through all the necessary MVP and product testing, it is important to start creating a buzz around your product before the actual launch date.
Have your team develop a comprehensive go-to-market strategy that includes a detailed marketing plan, sales strategy, distribution channels, and pricing strategy.
As a new tech founder/owner, choosing the right technology and infrastructure to use to build your product can make or break its success in the market.
Take the time to thoroughly research and choose the best tech stack that aligns with your product’s requirements and meets its security needs.
In this day and age, we all understand how important it is to protect our intellectual property. Every data your startup handles is liable to various threats such as cyberattacks, phishing, and theft.
Hence, it is imperative for you to take proactive measures by establishing policies and regulations, complying to data protection laws, and taking legal ownership to protect your startup's interests and mitigate any risks.?
Launching your tech startup is only the beginning.?
As you go, you need to make plans for continuous adaptation and innovation in your company.?
The tech industry is constantly evolving and changing. There will always be new trends to keep up with. Being agile and prepared to improve will help you stay ahead of the curve.?
In Conclusion
Launching a tech startup is like embarking on a thrilling adventure. The journey is filled with exhilarating highs, lows, and nerve-wracking uncertainties.?
If you don’t do things right from the beginning, it may be difficult for your start-up to survive in the long run.
By taking the time to check every step on this checklist, you can significantly increase your chances of success.
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