One of the main facets of any startup’s success is developing an early strategy to minimize overhead and maximize profits or growth. As a business owner, you know that spending the least amount of money for the most amount of profit is what, not just you, but everyone is looking to do.
In which case, when it comes to purchasing the technology your startup is going to require, it’s imperative that you analyze exactly what you’ll need, create a working budget, and then seek the best solutions for your specific requirements (not always the expensive choices).
Start with a Budget
While you’d probably love to integrate all the latest hardware and software into your startup, the fact is that today’s technology is expensive. Depending on your initial investment, certain components and ‘extras’ are not going to work given your overhead restrictions. That’s why it’s paramount that you spend time crafting a budget with your exact needs, resources, and employees in mind.
The type of company in which you’re starting is going to influence this budget. It should be no surprise that a tech company is going to have a larger and more complex tech stack than others – dependent on the situation. In which case, some foundation pieces funding may go to are:
- Voice Services
- Internal Servers
- Data Hosting
- Telephones (less and less these days, however)
By discerning between when it’s best to buy servers, or the best time to buy a laptop, and then factoring in the working budget, you can start identifying the type of equipment and software you’re going to need and also what’s realistic in accordance to the company’s funding.
Perhaps a Tech Audit?
Let’s be realistic: often the CEO driving forward a company is the least techy team member on the roster. Identifying, in tandem to the product or service sold, precisely what sort of hardware and software must be integrated might be a decision best left to a professional. That’s why executing a tech audit can help, at the very least, create a foundation for what’s needed. These services will identify technology that otherwise would have been left out of the tech stack. Components that could be vital to the company’s success.
Resources, Are They Available?
Dependent on what your company is selling or providing, there might be a situation in which the technology needed is niche and widely unavailable – especially if your company is tech-focused. This could be due to your location, what you’re trying to build, or the necessary team requirements. However, it’s important that, if your specializing in a ‘grey area,’ you research what sort of technology is available to you. Most importantly, how much it’s going to cost.
Expensive Is Not Always Best
As with most things in life, what’s most expensive may certainly uphold the highest standard of quality, but it’s application to you might be synonymous to a cheaper piece of hardware. The latest laptop would complement a student starting their first year of college but would a model a few generations before not have the capacity to accomplish the same tasks? When it comes to a tech stack, researching cheaper alternatives is always recommended—especially because technology is constantly evolving. Your new, shiny hardware and software might be current for but a moment until it’s replaced and eventually obsolete.
There’s nothing wrong with evaluating overall tech costs and finding places where you can lower the price via purchasing older or refurbished hardware, or stepping away from the brand-new purchasing model and utilizing alternative options (don’t forget that renting equipment, company-dependent, is always an option).
Watch Out for Google Searches
If you’re looking for a tech company to help with issuing out, consulting, and integrating your technology, then remember that a Google search is not always the best method to finding one. A technology company that ranks highly on Google could have a fantastic SEO-campaign and yet, for all intents and purposes, be a relatively bad company.
Finding the right technology company for your particular product or service is (often) best done via references and leadership articles. With a little guidance, your startup can be well on its way to success.