Top 5 Things You Must Have Before You Start Up A Tech Venture

5.) Realistic Personal Budget

As you begin to start your own startup you will need to pay just about everyone else off before you get to pay yourself. If your company doesn’t pay its bills your business will fail to prevail. It could be up to maybe a couple of years before you see your own first paycheck. That means you might need to cut your personal budget down to the barest of minimums that you’ll require in order to live. Pay off your debt. Downsize your living space. Sell your car if you are living in an area that has its own public transportation. Do whatever you need to in order to need as little as possible to survive.

 4.) Money

Make sure that you will definitely be able to live on this lowered budget for at least six months, if not maybe a little longer than that. Anyone who has a spouse who can support them or who can possibly work a day job as they build their business may be able to skip this step. Most of us do not have the latter, and can’t really give this business our full attention when distracted by the former.

3.) Marketing Strategy

Many startups launch even though they have no idea at all how they are going to market and get their products or services out there. And because of this, they spend a lot of their time spinning their wheels in circles. Remember that you will have to have a budget in marketing. It doesn’t need to be a huge marketing budget at first, but it surely should be bigger than “zero” if you really want to receive the kind of traction that will grow your startup quickly.

2.) Sales Technique

Once people have a transparent idea of who you are and what you’re aiming to do, you’ll probably have to figure out how to close deals with other companies. A business that isn’t making any sales is a company that probably won’t be around for very much longer. You should concentrate mostly on getting your sales infrastructure in place: sales scripts, sales contracts, proposals, and whatever else you’re going to have to acquire in order to get items into the hands of people who will pay money for them.

1.) Stamina

You will probably have to work harder and more tactfully than you’ve ever worked before in order to make this startup company make it. Seven-day weeks and 12-hour days are not at all rare in this field. Never try to launch if you’re at the same time struggling with a chronic illness, dealing with major family issues, or if you’re just  not that interested in working that hard for this. Make sure you’re in it for the long run and that you’ve got the stamina to put in the required work before you start. Sure, you’re going to have to do things that will make you extremely uneasy at times, like the sales and marketing aspects of it. You’re going to have to make many sacrifices–like working 12-hour days on a strict ramen noodle diet. But, if you get all of these necessities done with no problem then you might just be bringing in millions of dollars in two to five years. Then, all that effort that you put into starting your company off on the right foot will all be worth the struggle and the wait.

Watch the video below for some more tips on starting a tech venture!