A startup may have to face many challenges, risks, and uncertainty.
A common question every entrepreneur may have is: How much money should I have in my bank account to start my entrepreneurial adventure?
The simple answer to this is that there’s no secret trick or ‘exact amount’ you would need for your startup.
Ask Yourself Before You Plan Strategy for Startup
If you’re a tech entrepreneur, you may know that finding funding can be difficult. Most of the investors look for good and valuable products that can help you get good returns. Before launching a product, you may need to consider the labor costs, development costs and other overhead costs. Developers may charge variable amount of fees for the development of product.
Useful Steps that will Help you Launch Tech Product
Firstly, you would need a domain name. It is advisable to ask your developer or register your domain on your own. As soon as you decide the name of your app, you should start hunting for relevant domain names on reputed sites. You may have to pay a fixed amount of cost every year for domain name registration. Some service providers offer the first year for a lower cost. You can compare the prices and choose the best service provider for registering your domain.
You should look for some options for setting up your business. Some service providers may offer the option of setting up emails for free. You can check the same and buy the required storage space as per your usage. It can be a good idea to set up forwarding from your business email ID to your personal ID. You can use Gmail and enable your account to send emails as your business mail ID. This would reduce the efforts and time needed to login to your business ID.
After you’ve purchased the domain and set up your business email, you should try to tell the potential users about the great product you’re building. At this phase, you would require a website to help the people know about your brand.
One major issue with the static website is that people forget it soon. It can be a good idea to offer them a chance to test your beta product. Even if isn’t quite ready, you can inform the visitors about it. You can use a third party service that allows the users to sign up if they’re interested in your product. Setting a referral campaign can also help you reach more customers.
Once your product is up, you would need to monitor its uptime. There are several tools that help to monitor the performance of the website in real-time. If you find that your website is down, you will be notified immediately and you can take action faster. There are several free and cheap website monitoring services available to help you.
After your product is launched, you would need to invite the prospects about your brand. You can plan effective email marketing campaigns to inform the potential users about your app.
When you build your new tech product, it is a known fact that there would be customer service attached to it. During the emerging stage, there may be frequent customer issues that need to be taken care of. It can be a good idea to install CRM software to manage and track customer requests and resolve them.
An entrepreneur may have to deal with several issues. Rather than thinking of the costs alone, one should also focus on launch plan of the tech product and maintain it with highest customer satisfaction.
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