How to boost the success of your tech startup

Technology is a fiercely competitive and ambitious industry. Over 3 million people work in the tech space in the UK which continues to provide unparalleled growth and innovation. Offshoots such as fintech, medtech, agritech and software as a service (SaaS) show just how lucrative the markets are. If you’re starting your own tech venture, here are some of the best ways to boost your success.

Clear goals

To boost your performance, first outline what success looks like to you. Do this by setting out clear and attainable goals that you can work towards in all facets of your tech venture.

This could be to hit X amount ofrevenue by year-end or to achieve a certain number of members for your subscription-service business. Underlying ambitions tend to fuel the every day and big-picture proceedings, so work out what drives you.

Build the right team

Startup success so often revolves around the team you develop. People are the heart and soul of so many businesses, which makes choosing the right candidates all the more important.

Try to hire professionals as enthusiastic and passionate about your tech as you are. It’s time-consuming to be involved in recruitment processes, but it’s certainly worth it to find the right individuals to boost your performance and success.

Seek business advice

You may be the founder of your startup, but you’re likely to have flaws in your business skillset somewhere, as does everyone. Bringing consultants and specialists on board isn’t a sign of weakness or defeat, but more an acknowledgement that you realise your strengths and weaknesses and want the business to thrive.

Identify areas where you could use some assistance, whether that’s technical development, sales and marketing or customer/client relations. However, don’t take all business advice at face value – you know your business inside out and a consultant may not. Ideally, you don’t want to be starting a professional negligence case against your advisor if their work has had more adverse impacts than good.

Professional networking

Forging connections with other like-minded individuals and organisations is a great strategy for both you and your business. Not only can they guide you through the entrepreneurial journey, but they may be the gateway to partnerships that could take your tech startup above and beyond. Seek local networking events and trade shows in your area to get the ball rolling.

Hone your sales and marketing skills

The key for any startup is to get your product or service in front of the right people. Whether you’re offering SaaS or a physical tech product in stores, your sales and marketing channels will have a big influence on your venture’s success. B2C methods can be wildly different from B2B, so consider where you’re investing your budget and why.