Australia is home to many tech startups, so you’re not alone if you’re wanting to build your own. With so many overnight success stories, many people jump into building a tech startup without a proper plan and without the proper tools. In order to turn your big idea into a big tech startup, there are a few things you’ll need to do. Note that these things aren’t meant to be done in order and will likely have to be done simultaneously.
1. Build your team
No one is expected to run an entire company on their own. You don’t need a massive team, in fact most startups are run by small teams, however, you do need a group of people you can rely on. The founding team can follow a 3H model, a Hipster, Hacker and Hustler. The Hipster brings creative and design skills, the Hacker brings full stack technology skills and the Hustler brings these skills together to make a growing, marketable product.
As the startup grows, so will the amount of people you’ll need on your team. Some of the hottest jobs in tech startups right now include product managers, data scientists, engineers, UX and UI designers, and sales and business development managers. Tech startups need people who are agile and can work in a fast-paced, demanding environment.
2. Build your business plan
A business plan is arguably one of the most important parts of your tech startup in its initial phase. This involves a written description of business strategy for the first 3 to 5 years of operation. Companies with a business plan have a higher chance of obtaining a loan, receiving investment capital and growing their business. Building your business plan should be one of the first things you do.
3. Build your product/s
One of the most important parts of building a tech startup is developing your product or products. Most of time, a startup begins with one main product before branching out into launching others. It’s important to construct a product roadmap that maps your product’s features and outlines how you plan to develop your product.
4. Build your brand
Building your brand is just as important as building your product. In the initial stages of building a tech startup, building your brand will include naming your company, getting your domain, designing your company’s logo, launching your site and potentially creating a company blog. Make sure your brand is memorable, easy to spell, engaging and representative of what your company is about.
5. Build your funding
Securing appropriate funding is an important part in the initial stages of most tech startups.
Obviously, every company will need a different amount of capital to get off the ground. This is where your business plan comes into play, not only so that you can estimate how much you need but so that potential investors can understand your tech startup.
There are a range of sources you can obtain funding from. For instance, friends, family, angel investors and venture capitalists. You’ll likely need to put your own personal savings and credit into the company. There are also grants and assistance programs offered by the government that can help kickstart your tech startup.
No matter how much planning and preparing you do, you can still expect there to be unexpected speed bumps along the way. The business life cycle will likely be full of ups and downs and that’s okay. The most important thing is that you can learn from mistakes and adapt to changing environments.
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