One of the things that nearly all entrepreneurs lay awake thinking about before starting their business is whether or not they’re going into the right industry. Your goal should be to build a company that provides a high-quality, necessary product or service at a competitive price. Not every industry or market offers you the opportunity to achieve that. Sometimes the pond is already too full of sharks. Sometimes, unfortunately, the business idea wasn’t good as the person thought it was. However, if you start a tech company and you’re good at what you do, then one thing you don’t have to worry about is whether or not you’re in the right game.
The tech industry covers many products, services, and markets, and it’s not an industry you ever have to worry about collapsing. What industry can survive without tech? As long as you’re innovative, can recognize consumers’ needs, and prioritize quality and customer satisfaction, your startup should be around long enough to become a staple. Continue reading to get some tips to help you launch a successful tech company.
Choose a niche.
There are so many services to provide in the tech industry that it can be hard to choose which area of the market to dive into. However, it’s important to choose and establish a niche for your brand. Your goal should be to establish your company as being the best or one of the best at a specific thing rather than good or okay at several things.
Trying to be a jack of all trades early on will make your company feel generic and untrustworthy to potential customers. There are plenty of data consultation companies, but what would yours focus on? Would you offer data analysis or storage? They’re two very different things, and if your company tries to do both while still in the startup phase, it could sink your tech company before it ever sets sail. Once you’ve established yourself as a leader in one niche, then you can work on branching out and providing more services.
Don’t fear diversity.
One thing that hampers many startups is they fail to diversify their financial assets. Even though the tech industry is stable, you might still have times where your capital is low, especially early on, and you may need alternative sources of revenue. It’s kind of like the old saying: “Never put all your eggs in one basket.” The more streams of income you have, the more secure your tech company will be.
The key to diversifying your investment portfolio is looking for opportunities for profits in unrelated sectors. Instead of investing in more tech, you could invest in a water bottling or direct-delivery company like Labrador Source. They’ve been delivering Canadian spring water longer than any other supplier in the country, and they’re the most trusted as well. That means you can also trust them to be a good opportunity to get a nice return on your investment.
If you don’t explore divergent industries, you could miss out on unique and profitable investment opportunities. Diversifying your investment portfolio and brand is a great way to ensure your tech company has a steady influx of capital, even in tough times.
You’ll need all the tools in your box to build your brand.
While the tech industry is lucrative and projected to keep growing, the competition is surfboard-stiff. You’re going to need every tool at your disposal to grow your brand and separate your company from your competitors.
Your marketing strategy will be one of the most important determining factors of how your tech company will fare in the early going. The good news is that you no longer have to have an enormous marketing budget to put out television and radio ads. Today, social media is as viable a marketing tool as TV commercials.
If you’re starting a data analytics company and are looking for new clients, then your best friends are Linkedin, Instagram, and Facebook. They’re affordable and effective ways to connect intimately with potential clients and grow your base by reaching new customers and increasing your brand awareness.
The keys to building your social media presence are to choose a few platforms to concentrate on, develop a unique strategy for each platform, and be consistent. Your goal should be to establish your tech company as an industry expert by posting engaging content with the hopes of luring prospective clients.
Being engaging on social media also bodes well for your personal career as a consultant. Samuel Ramey went from tech startup owner to lifestyle guru because people trust the social media image he built as a techy. Expertise in your field causes others to see you as an expert in all areas of life, and if you need further evidence, then we have two words for you: Bill Gates.
Find and develop your leads.
When you first launch your startup, even if you have a burgeoning social media presence, it may be hard for you to come across leads. However, when you get one, you have to treat it like a precious diamond.
The first step to finding leads is to narrow your targets down to specific types of businesses. If you provide data analysis services, you should choose to focus on a specific sector or market to increase your chances of one lead turning into more.
For instance, you could try targeting small restaurants in your city. Once one of them bites, it will be easier to sell to other mom and pops diners because of their need to keep up with their competition. When you tell a restaurant owner about the competitive edge your services are giving their rivals, they’ll feel all but supernaturally compelled to give your company a try too.
One way to establish contact with prospective clients is to send pre-recorded voicemails to leads. Pre-recorded voicemails are an effective communication and marketing tool. The voicemail is ringless, meaning the recipient doesn’t get annoyed by your calls, and you can send unlimited messages. It’s a cost and time-efficient way to ensure that you never let a lead slip through your fingers.
The most important to remember about building a successful tech company is to enjoy it. There isn’t much point in starting your own business if you’re not having fun with it. Yeah, you’ll be up to your eyebrows in responsibility, but at least they’re your responsibilities.