Startup Pain Points – Need to Overcome
21 NOV 2017
Starting a new business in this economy may be tough, but it’s not impossible.
There are 305 million total startups recorded annually on a global scale with 100 million startups opening each year. These are huge numbers by any standards. While there are new beginnings, there are also exits, thousands of startups exit each year due to the pain points they are challenged with. In 2018, 4228 startup exits were recorded worldwide.
So, now the question remains, how many startups tend to survive the violent waves of problems that have completely transformed the very nature of today’s tech startups? Especially, startups with a mobile application.
Challenges are everywhere. And businesses – in general, and startups in particular – are no exception to the myriad of challenges that we face today.
Mobile technology is improving with each passing day and you see new mobile devices introduced regularly. As a startup with an innovative mobile app, you face the big challenge of ensuring your application works seamlessly on a smartphone as well as a tablet. This means you need to pay attention to different aspects.
Overcrowded Market Problems
One of the biggest challenges faced by tech startups is how to penetrate the overcrowded market.
The best way to overcome this hurdle is you need to find answers to questions like:
- How do you survive in such an environment, differentiate your product, and get your startup to grow?
- What are the strategies to get space in this crowded market?
- How do you promote your business through mobile apps?
Once you reach your target market and understand the pain points of the target audience, you can promote your business in the language they understand and hence overcome the challenge.
Running out of Cash
90% of startups fail within the first 5 years because of investment. Companies fail when they run out of cash before they achieve their set objectives. Do you know apps built by web app developers cost around $500,000 to $1,000,000? For startups, these costs might also go higher as they also need funds to keep the company afloat. Startup entrepreneurs need funds for operations, accounting, and other expenditures.
There are several online crowdfunding platforms that bring investors and entrepreneurs together. All you need to do is explain the business idea in the best possible way to invoke interest and you will see the funds pouring in.
Poor Management Team
An incredibly common problem that causes startups to fail is a weak management team. A good management team will be smart enough to avoid it. Poor management has always been proven to be an instant start-up killer. Disagreements between co-founders, poor decision-making, bad staffing practices, lack of quality leadership, and a myriad of additional reasons are associated with the death of a startup. The challenge is here how efficiently you can form an efficient organizational structure and effective communication channels to overcome the ‘poor management’ pain point.
Marketing and Promotions
The success of a startup will often depend on its marketing strategy which includes lots of PR, media planning, social, and viral marketing. Unfortunately, the vast majority of startup founders have little to no experience or marketing. A mobile app development company with experience in marketing applications successfully is a good idea. You can communicate with them and create an effective marketing plan to penetrate the app market successfully.
App Store Optimization
App Store Optimization is something every app publisher has to do. It refers to the process of optimizing your mobile app to rank higher in search results of app stores. Just like SEO for websites. It is important for mobile app discovery and success. Startups with no ASO experience find it hard to improve ASO for their newly launched apps.
When to Launch
Selecting the perfect time to launch can be a bit difficult. Launching early before sorting out bugs and issues would only invite negative reviews. Waiting too long also means losing the opportunity to impress users with your unique app. It also means waiting for an extended time to receive initial feedback.
Professional support doesn’t end when the app is released – that’s just the beginning. To simplify things and to take the pain out of your mobile application maintenance, you need to hire a mobile app maintenance service company. Here is a list of important points to remember when planning application maintenance:
- Update Plans
- Don’t forget to test app upgrades
- Enhance features over time
- Utilization of metrics and feedback improves an application
Takeaway: All tech startups face challenges, but it can be avoided with careful planning. For more details or App development & maintenance, contact us.