We are witnessing a steep rise in the number of startups being established each year and when you think of creating a business worth 1 billion dollars, you are most likely to feel overwhelmed by the sheer thought of it! Having said that, it is certainly possible for a business idea to flourish to that extent.

One of the first things you should consider in such situations is to have a very specific plan in mind. It becomes much easier to get things moving after you've developed a strong strategy for achieving your ambitions.

In 2020 alone, 475 unicorns came into existence! Statistically speaking, over 90% of startups fail, and just 40% of the startups that do survive become profitable enough for longevity.

These statistics should not discourage you from venturing into the world of startups. Our goal is to encourage improved practices and careful planning to launch a successful business.

Now that we’ve got that out of the way, here are some important points that could help you through your start-up journey!

1. Why to pursue the Tech Domain for your start up

Technology is everywhere and getting involved in the tech industry is arguably going to prove as the wisest move. There are many things left to discover in this niche.

We are at the beginning of what is proving to be the greatest change the world has experienced. And if you want to build a business that has the potential to become a unicorn, stepping into the world of technology is the answer!

2. Industry related analysis

There are many industries making use of technology today and it is very difficult to say which one is ideal. This requires some analysis to be conducted at first as there are many options such as transportation, communication, education, agriculture, retail etc.

You must make sure that you spend some time making the right choice. Hesitation and last-minute changes are not good for a business startup.

3. Idea validation funding for your start up

The purpose here is to find the answers to questions like: ‘Is there a big enough market for your business idea?’ or ‘Are their people looking for the solution your idea will provide?’ etc. to then validate that your business idea will work. This can be done by conducting interviews, brainstorming sessions, creating an MVP, and performing surveys to get the customer's point of view to name a few.

A validated idea that shows potential will in turn brings investors to secure funding. Checking investor portfolios to understand the kind of technologies they invest in is one of the key tasks you should spend some time on.

4. Documentation and its importance

If you are sincerely thinking about your business growth then documenting your ideas, plans, suggestions, and changes should top your list! Documentation should not be considered as an option but rather a necessity. This will be helpful in developing an actionable plan, defining standard procedures, defining roles and eventually helping raise capital.

Standard operating procedures, Scope of Work, Licensing and Confidentiality Agreements are some of the documents which you need to have.

5. Should I hire my own resources or outsource to a software solution provider?

This depends on a number of factors which need your attention and consideration. You have to start by deciding how much you are willing to spend in-house or how much you wish to spend to hire a professional team that works remotely.

It is a time-consuming process in many ways and you have to consider many aspects associated with it. Proper guidance on how to take these steps is crucial.

6. Choosing the right software development partner

Developing the best software product is a complex process involving many precise interactions. And choosing the right software development partner is not going to be easy. This decision has a very strong effect on your ability to grow and prosper all the way to unicorn status.

7. Benefits of an On-shore vs off-shore software company

There are many pros and cons when deciding whether to choose a local software company or go with an offshore company to get your work done. You need to weigh many factors before you make that decision.

8. Things to consider while designing developing a website / mobile app

One of the most important aspects of any software development and design process is the costs. Having said that, in software development, time is another important factor to consider when you are looking to succeed.

Similarly, there are several other factors that would need careful consideration prior to kick starting your website or mobile app development.

9. Cost of developing a mobile/web app

Website development at a modest level with simple features is very affordable in most cases. However, the high-end software development costs are a completely different story. This is the main reason why it is essential to partner with the right mobile app development team.

10. Difference between Native or Cross-platform apps

Without going into complete details native apps are built specifically for one operating system being operated on specific devices whereas cross-platform apps are the ones where the code is written only once, and the same code can be utilized for multiple platforms.

The foremost concern here is the budget. Whether you can expect a mobile app to be developed within your planned budget. Every alternative will have its own pros and cons- you just need to think about the bigger picture and understand the objectives you are trying to achieve.

11. Importance of building a Secure web / mobile app

Safety seems to be the biggest concern in the digital era, and this makes sense given the dangers of data identity theft and cybercrime in general. Hence, creating a secure website and mobile app is of huge relevance in any project.

Choosing a development team that is extremely efficient when it comes to handling security issues is the best way to ensure a successful development process.

12. Importance of User Experience while developing web app / mobile app

This is a huge part of the development of any app, but it seems to end up getting neglected in the majority of the projects. The user experience determines how smooth, seamless, and intuitive the navigation and the browsing are for the users which makes this a critical factor to consider while developing your mobile/ web application.

13. Time required to create/develop web and mobile apps

Mobile apps and websites with a high degree of complexity aren't going to come together in a span of a few days. Instead, they can take several months to complete, and sometimes more than half a year!

As we mentioned before, it's paramount to consider the entire time frame for a project. That will also reveal the estimated costs for the project.

14. Challenges to be mindful of while developing your mobile app

There are always going to be challenges and roadblocks when you engage in the process of app development. Regardless of your choice in terms of working with an in-house or an external team, you will face challenges.

The best way to handle this is to be mindful of such situations and to have the right kind of guidance on how to navigate through these challenges.

15. SEO and the importance of creating an SEO-friendly website!

According to industry experts, content is still the king and this is something worth considering. The core of a good SEO (Search Engine Optimization) campaign is to have good quality content.

There are many aspects to consider in this situation e.g., quality of the content, target audience, optimization of the text you publish, etc.

16. What is SMM (Social Media Marketing) and how can it help your business

Social media has become one of the most powerful tools for anyone to reach their target audience. Now that we are heading into Web 3.0, social media is becoming an even more complex and crowded phenomenon.

Being able to take advantage of social media for your marketing purposes is going to prove essential for your success.

17. Building a user base

The creation of a user base for an application is just as relevant and important as the web/mobile app itself. There is no value in developing an app or website if no one is visiting or using it.

Understanding the efficient and effective steps to build a good user base for your app and website is critical for your success.

18. Retaining users on your mobile or web app

Once you have managed to get new users to visit your website or mobile application, you also need to consider retaining them.

Your long-term success will depend just as much on this factor.

Final thoughts

Each of these above steps is complex in its own way and it is important to understand that before getting started. Learning the details on how to handle each of these is a huge part of your business strategy.

These are points which we’ve highlighted to make you aware of the necessary tasks that would be involved in your journey to build a tech unicorn. Going forward we will deep dive into each point in more detail to better understand the intricacies involved.

Now that you have a better idea regarding the steps required, how about you start evaluating the best approach for your project.