Startups often try to launch a product or service without experience in the technology industry. The desire to do everything on your own can lead to failure. But attracting more experienced workers can be a lucky ticket for your project.
There are mistakes from which you can learn and move on, and there are mistakes that cost your project its life.
Here are the most likely mistakes and solutions that will help avoid them.
- Product development in the darkness.
Initially, most startups go blind and try to find and claim their place in the market relying on intuition. IT wisdom says: if you believe your product is unique, you probably haven’t done enough research of the market.
You have to start with defining your future customers and determining a significant problem. The next stage is to find a solution and create a product that solves it.
Market research and learning critical parts are essential in the software development process. You will be successful if you solve a specific problem and fill gaps in the market.
The more money you spend on the development and launch, the harder to reach the needed return on investment, so it is much better not to spend huge amounts of money on mistakes until you haven’t earned them.
Tip: Ask for consulting from an experienced product owner with relevant experience and a good understanding of market needs and competitive advantages before you start development.
- Investment money without a plan
It is worth looking for funding sources only after calculating all possible costs. We are not talking about folders of accounting documents. Make a chart or presentation to help potential investors ensure you understand what you need money for.
Moreover, startups often need to go beyond the budget due to unexpected expenses or price increase. The fear of lack of funds forces them to save money excessively. And this will directly affect the quality of development and product.
Newcomers underestimate the impact of technological complexity, scale changes, and other risks. As a result, software projects often go over budget and take longer than expected. Another critical point is to support your startup after the launch, and it is necessary to make a long-term plan.
Tip: Software companies calculate their services for free, so you should take advantage of this and go to an potential investor with an exact price. JetSoftPro makes calculations and helps to get acquainted with investors and venture funds.
- Lack of diversity in the team
People working on startups often burn out before the project is completed. You can’t rely on friends if you want to make a marketable product and compete. Friendships do not guarantee the expertise you need, and lack of expertise often disappoints young teams.
Tip: Outsourcing. It formalizes the relations between the idea leader and the team and gives a guaranteed result in time. Strengthening the team with competent developers, designers, and project managers will increase your chances of success. People with experience will help plan, track, and schedule the development.
You will find a great team to help you achieve your goals quicker and more efficiently and will also help you avoid mistakes.