The idea of being a young entrepreneur sounds fun and yet overwhelming at the same time – especially if you are a technology entrepreneur. A key to survival is to become surrounded by dozens of successful people who have walked the same path. 

A majority of tech startups aim to grow, demonstrate their product value and establish their business capability. How can small businesses like yours, which are in the early stages of development, compete against giant techs and become successful? For most tech startups, the entire future depends on one single question, deciding whether a startup will succeed or collapse from the get-go. The government started an initiative to empower and fund new entrepreneurs in the country. The program was named National Incubation Center under the ministry of IT & Commerce. To date, it is the largest private & government-funded technology incubation in the country.

Things to Consider Before Starting a Tech Company in Pakistan

You should keep the following things in mind when starting a great tech company in Pakistan so that your startup can be more productive and deliver more value.

Secure Appropriate Funding

Once you have a business plan, you must have enough funding to get things going. This isn’t a fixed amount that is applicable to every business. There will obviously be differences in startup costs from industry to industry, so depending on the situation, your company may require less or more funding. 

As little as Rs. 200,000 will be required by a small startup with little equipment, no employee salaries, and no liabilities. Other startups might cost millions of rupees. Every business plan includes these components:

Using these financial statements, you can figure out how much funding is needed to launch your tech startup. It is important to note that the number might end up being significantly higher than what you expected. 

Be Surrounded by the Right People

You will find it hard to launch a company on your own. There is no doubt that you need some professional assistance to get things started. So, how to begin?

A lot of people often get overlooked by entrepreneurs when they start their own business. It goes without saying that you will need a manager and a team to run your startup, but how many people will you need? Your decision will be based on the industry and the size of the business you intend to open. Many technology companies begin with a very small staff and very limited infrastructure before eventually growing to be giants.

Find a Location and Set Up a Website

As soon as you are ready to launch, you are going to need a physical presence as well as a digital presence for your tech startup. There are two options for the physical location of your business: either you can lease a property or buy it. Leasing a property is expensive, whereas owning a property lowers your overall expenses significantly. For this reason, you should ensure that you have enough funding to purchase a property. Investing in your own property will pay off in the long run, and you will save money.

Alternatively, if customers are searching online for your business, you want them to contact you digitally, even if you haven’t started your business yet. You must include all the information about your business and your products/services in the website. Not to mention the additional amount of money that you can earn through Google Ads when you have a website.

Create a Marketing Plan

No matter how good and unique your products and services are, if no one knows about them, your startup has little chance of success. For your business to be successful you need the following marketing tactics:

There are also some traditional ways of marketing that you need to utilize:

Establish a Customer Base

Your business plan should follow the same order as the one above. You are already on your way to building your customer base. Growing your digital audience, creating your own website, and becoming an effective marketer are all steps towards establishing a customer base. If you put all of these things together, you will have more customers when you open your doors. You don’t want customers just to come to you once. You want them to come back to you multiple times.

Expect the Unexpected 

The process of launching a startup isn’t easy and requires a proper plan to follow since there might be many obstacles along the way. You need to be prepared for anything, always expect the unexpected. Anything can happen. It’s a two-sided coin. Your business performance may be fantastic or it may be mediocre. You should not be discouraged when something goes wrong, as ups and downs are part of the business.