First Step: The Concept
The first step in any tech start-up guide is always the same: ensuring that you have an idea that you are passionate about and one that is worth chasing. It must be worth pursuing and it must motivate you to work hard. Regardless of the magnitude of the idea, it needs to be inspiring, stimulating and persuasive enough for others to follow you. You must be sure that your concept is fundable and that there is a demand for it. If no-one else is acting on it, then you must question why that is so. However, if others are bringing the idea to fruition, you must assess how you can do it differently and what you can contribute to the market. Once you have formulated your idea, consult with people who you know and trust. Be open-minded to suggestions, criticisms and reactions, and listen to feedback before deciding on whether it is worth investing your time and finances. Lastly, consult with experience people in the industry and test your concept.
Second Step: The Plan
The next step is to develop a coherent strategy that will progress your concept into an operational success. It will enable the business to be focused and directed and will justify actions taken and decisions made. Plans should be specific, avoid speculation and be based upon current market research. A well-organised business plan is beneficial for the progression of your business, as investors will ask to see it.
The plan must detail:
- where the business will act;
- why the service or product is needed, and how the business will be successful in the market;
- how much capital is needed;
- how profitable the business will be; and
- the long-term marketability of the business, including a vision statement.
Third Step: The Architecture
A fundamental step is to ensure that your business is set up and has the proper foundations to guarantee future success. It requires a well-planned business structure that will enable it to flourish legally and successfully. Various measures should be carefully considered, including: incorporation, insurance, the drafting and implementation of policies, trademarks, IP, funding agreement templates, employment agreements and the drafting of contracts and licences.
Fourth Step: The Team
Choosing the right team is fundamental for the success of the business. You must first consider which roles are needed, and the skill set required to fill those rules. This process assists in determining the fundamental, and supporting roles, and whether further expertise is required in certain areas. Responsibilities and expectations should be drafted to ensure that all parties involved know what is required. The team needs to be trusting and trustworthy, compatible with one another, with the ability to work in a cohesive and collaborative environment. Ultimately, you will need to build strong relationships with each team member to ensure that you are able to manage them effectively, and to allow them to be successful.
Fifth Step: The Product
The most important step is the actual development of the product, following strict processes. It is important to abide by a detailed product design, which should be designed in accordance with prior feedback, and accommodate the market needs. It is important to consider the option of participating in design partnerships, which can reduce costs and increase the overall quality of the product.
Sixth Step: The Launch
The final step in this tech startup guide is the launch. Prior to the launch you should ensure that you have gathered an audience that is eagerly anticipating the beginning of your business. Once you are ready, the launch should be memorable and should occur in a manner that guarantees that your business will have a prominent place in the market for years to come.
Setting up and launching a successful start-up can be an arduous process. It is hard to do it alone. At Warlows Legal we have worked with several successful start-ups from the concept stage until after their IPO. We offer fixed-price, quality service because we are passionate about watching start-ups grow. Get in touch now to see what we can do for your business.
