At the time when you become a tech startup founder, and have finally launched your startup, your hope and prayer would surely be to succeed at what you do. You would work day and night to make sure that your tech startup ends up as a successful venture.
As much as you might want this, and you might think it all points down to the profit, which would be true, except that there are other indicators that could be used as a hint that you now run a successful tech startup.
There are many things you need to be successful at in your tech startup, before they would now translate into increased revenue and profit which many take to mean a successful tech startup. These are the things we would be considering today.
Your tech startup addresses a problem
You can be said to own a successful tech startup knowing that your venture addresses a real life problem. Why is that? Because to begin to be successful with your startup, you’d need customers and addressing a problem would surely bring loads of them to you, as everyone wants their problem addressed.
So at this point, if you have seen indicators that your startup is a problem solver, please do have it at the back of your mind that you already own a successful tech startup.
Customers keep coming back
Yes, you addressed a problem, but are customers satisfied with the way you addressed that problem? The day you start losing customers because of the substandard service or product you offer is the day you start crashing down.
Point is, when you do notice that your customers have been somewhat loyal to your service, and you are beginning to have a substantial number of unique users on your platform, then it would be safe to say that you are running a successful tech startup, because one time customers won’t build your startup for you, it’s the loyal ones that will.
Your tech startup is becoming self reliant
You know at a certain point in the running of your startup, you keep pumping in funds even while it seemed those funds were getting wasted, as you did not get any return on them. However, if you do run a successful tech startup, there would come a time when you do not need any money from outside to run your startup. You can now run it comfortably from the revenue you discover. In such periods, the only thing you’d need money outside for is expansion.
Revenues are on the rise
For revenues to be on the increase, it means the above two points have also been put in place and it is a real indicator of a successful tech startup. Revenue is the total amount of money gotten from sales and other sources meant for your startup. You don’t know this yet, please read this post and see why you should.
You start making profits
Again, I decided to save the best for last. This is the most rampant and popular indicator people use to judge that a startup is successful. To an extent, you cannot claim to have successful tech startup that is not making profit, especially if it has long passed the period of time we suggested in this post for a startup to reach profitability. This is the main aim of most startups.
No matter which stage you are on these listed points, it is important to note that it is very rare for a tech startup to reach profitability immediately it is launched. Thus, you just have to take it by steps, counting each stage as a success in its own right. This will enable you to keep going till you reach the pinnacle, and can be said to actually own a successful tech startup.