Published on December 5th, 2017 | by Jose Vasquez0
Why Timing Is So Important for Startup Tech Companies
Timing is one of the most important aspects of a successful startup.
While planning your startup, you’ll likely think about its potential profitability, the cost of its operations, and even the brand you want to put forward. These are all important, but they pale in comparison to one key factor for success: timing.
The timing of your business can make or break its success, regardless of how good your idea is, and unfortunately, it’s a factor you may not have direct control over.
Familiarity and Novelty
First, understand that people are always looking for something new; that’s why new businesses with bold new ideas often take off. But they’re usually resistant to adopting something that’s so new it’s unsettling or unfamiliar. The best businesses are ones that are able to provide novelty, but with a sense of familiarity. If you introduce a brand-new, revolutionary technology, you could launch before people are truly ready for it. Instead, you need to make sure it’s available in a familiar package.
You also need to consider the competition. Chances are, you aren’t the first person with this business idea, and you won’t be the last. If you launch too early, before there are any competitors, you might be too novel for people to accept. If you launch too late, when the market is already saturated with competitors, there might not be any room for you to drum up new customers.
Finding the Balance
Obviously, the key to timing the direction and launch of your business is to find the balance between novelty and familiarity, and between launching too early and too late. But it’s easier said than done. Review your competition thoroughly, and make sure you survey and study your target audience. The more information you have, the better decisions you’ll make.