Every entrepreneur with two dimes to rub together is eagerly eying the tech world. Why? Because it is becoming ever clearer that the future of everything from retail to social events to turning on a heater is digital. What is occurring in the world of business is nothing short of a revolution; in 50 years, historians will view this time period as one of the great transitional periods in commerce and history.
App, website, and software solutions are highly successful because they are applicable to a massive and diverse array of situations. Most business sectors out there are a limited area where they are effective. Take, for instance, alcohol. Brewers have a variety of options for expansion:
- There are multiple levels of quality that can be offered
- There’s the facilities themselves that can be offered
- One brewer will frequently pay another for use of their bottling plant
- Distillers can offer up the services of their distribution route
While there are definitely other options, one thing that is clear is that a distillers options are pretty constrained the field of distillation. On the other hand, tech projects are constrained only by the minds of the developer and designer. They are not contained within the tech industry or any other industry.
Basically, technological solutions are and can be both a tool for other services and a service in and of itself; quite frequently, they are both. More importantly for the curious investor or entrepreneur is the low risk/high return aspect of a tech project. While there are definitely some get-rich-quick schemes out there, by and large a tech can be hugely profitable – both in terms of money and in terms of growth.
How to Get the Most From Your Tech Project
So how does one go about making a successful project? There are several key strategies:
Come up with an idea. As nice as it would be, most people don’t come up with the idea for a flux capacitor from a bad hit to the noggin. Sometimes a good idea is the product of the right time and place. Sometimes it’s as simple as a new design for a website. The key is to come up with an idea – and then it needs to be verified. Research needs to be conducted to see if the idea has any traction. Successful business ventures are one that respond to a need or want, so don’t focus on ideas that have no market. Research can be anything from online searches for market information, or surveying employees to see how to create the perfect corporate app. Importantly, verification also means talking to real people about an idea, seeking their opinions and feedback.
Create a business plan informed by real numbers, realistic projections, and actual research. There will always be a temptation to inflate numbers or fudge research in order to look better to investors. It isn’t a good idea.
First and foremost, most investors are smart people and will be on the lookout for just such a tactic.
Second, inflated projections will only make a company look bad in the future when it fails to meet stated expectations.
Third, if good research isn’t done there will be unexpected surprises and most of them will be negative. Heck, that’s going to happen no matter what, but with good research, an entrepreneur is better able to handle expected and unexpected hurdles.
Stay on top of the market. As mentioned above, tech is a rapidly changing field and doesn’t remain stagnant. Ever. There are always new methods, approaches, and breakthroughs occurring, so it is important to stay abreast of the current issues and trends.
The best way to do this is to get a development partner who is trustworthy. While most people are hesitant to bring in another party, having an expert development team working alongside you is undeniably useful. Good tech development firms also have a strong marketing contingent that can advise you on current marketing trends and strategies.
For instance, the modern consumer tends to expect a website that functions well on either a desktop computer or their mobile device; they expect a website to be trendy and hip impatient; and above all, they’re impatient.
Most entrepreneurs interested in tech solutions know that it’s important to have a responsive design. What most do not know is that there are different responsive approaches: Adaptive and responsive. Which should be used when, which is more advantageous, etc.
Another example is app platform development. Most appreneurs would love to develop their product on both iOS and Android, but should they? If not, should the emphasis be on Android? iOS? Are there differences in approaches to marketing between the platforms?
Those are just two instances where it is smart to have an expert development company on your side, but there are many more examples out there. In general, it is rarely a bad idea to work with someone who has expert advice.
In summation, a tech business can be a highly successful venture for the clever entrepreneur but, like any business, it requires hard work and dedication. Startups like Periscope, The League, and Jet.com are successful because they followed these steps; more importantly though, they are successful because they acted.
There are many companies out there who develop apps. But what you want is a reliable tech partner, who can ensure your idea comes to life! I would suggest SDI. A premier league app, website, and custom software development company based in Silicon Valley.
These guys are young, vibrant and full of new ideas buzzing in their office. If you would like to work with them on a project, feel free to email your vision to [email protected] or call 408.802.2885.