Modification date: August 22, 2020

A Software Start-up

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Algothic
A Software Start-up: Where to Start?

It is often hard for new entrepreneurs in the software sphere to understand what it takes to be in the same arena as large international players like Microsoft and Oracle. Nevertheless, multinational corporations were not built in one day; they all started somewhere. Knowing what you need to get started can make or break your start-up’s future as a successful business. After all, as Behance creator Scott Belsky says, “It’s not about ideas. It’s about making ideas happen.”

So what does an early stage start-up need to focus on to make those ideas happen?

1. Conduct Market Research.

Market research is the first thing any business should undertake. Analyzing the market you’re entering to identify your major competitors and your target audience’s needs and preferences is critical to a successful start. Many start-ups’ failures are not the results of failed products but rather of oversaturated markets. If users are fully satisfied with the solutions that are already on the market, especially if they can use similar services at low or no cost, they may be not very willing to look for alternatives.

So, when you’re starting out, focus not on the software and its specific features but rather on your potential customers. Make sure that you are going to create a product that people actually want to buy and that the software you are developing solves at least one of the major pain points for your target market.

2. Work on a Business Plan

Having an idea is one thing, but having a comprehensive business plan is another story. The business plan will provide you with an outline of your business’s strategy, purpose, product, target audience, competitors, financial needs, and anticipated time to market.

A comprehensive business plan will also help to prove the potential of your start-up to investors or banks that you might be approaching to request the funds.

3. Start with an MVP (Minimum Viable Product).

Prior to moving forward with launching a sophisticated platform, validate your idea with an MVP — or a minimum viable product — first. An MVP is a piece of software that is developed just enough to enter the market for testing. Users test it, provide their feedback, and decide whether they would opt to use it in the future.

It may be rather tricky to identify what functionality actually needs to be in the MVP and which features may be introduced in further releases. As you make those decisions, stay focused on the value you’re providing to your users. What problem are you trying to solve? In what way are you making their lives easier or better? Make sure your software’s MVP achieves those goals, and don’t worry about too many additional bells and whistles right off the bat. You can always add more features later on once you’ve established a solid cash flow.

At Algothic, we always suggest running a discovery phase prior to beginning development. Discovery is the process of defining and approving all business and technical requirements and translating them into engineering tasks. The goal is to reduce uncertainty and minimize surprises by making decisions regarding every minor feature and component of the system prior to committing to the main development phase. This advance work will help you determine exactly which features will go into the minimum viable product and which can be added later.

During this phase, we ask our business analyst and a system architect to outline the product requirements in maximum detail, including all the accurate numbers and timelines and a clear understanding of the project to create a big picture for our clients. But even when you’re building software for yourself and not a client, this exercise will help you get organized, saving time and money in the long run.

The result of the discovery phase is a set of industry-standard documentation and an interactive wireframe allowing key players to navigate through the system and clearly see the business logic.

Learn more about the importance of discovery in our white paper.

Launching a start-up company is not easy, but the steps above will help you build a solid foundation for your new business. First, you need to determine whether your idea is worth turning into a business through market analysis, and then create a comprehensive business plan. These steps may not be glamourous, but without proper analysis and financial planning, your start-up doesn’t stand a chance.

Once you know the market and your target audience and have the business plan in hand, move forward with a prototype. Software prototyping allows you to get an idea of how the final product will look like before investing a lot of time and all the money finishing it.

And last but not least, if you know that your product will genuinely make a difference in the lives of a target group of users, don’t give up. You may have to change directions or take a path you weren’t originally expecting to, but with proper planning, research, and step-by-step progress, you may find success is closer than you think.

Publication date: September 30, 2019

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Algothic’s team was highly responsive and communicative, managing our project smoothly, responding immediately to any issues that arose, and delivering great software at a reasonable price.

Richard Harkness

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Elk Grove, CA

How we help ADEPT Driver Company

We developed a web-based driving simulator for teens and another for adults. The products run on Chromebooks, and the team added features that enable them to measure a driver's ability to avoid a crash.

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I don't think you could find a better company to manage and build your project. I get so many compliments on my application, and it has a lot of unique and complex development.

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The high-quality, user-friendly software Algothic created for us has helped grow our clientele, and we were very pleased with their partnership. Algothic was straightforward and consistent in their communication, met every deadline, and ensured a hassle-free development process.

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How we help FDI Creative Services Company

Following strict regulations and requirements, we used AWS to develop a custom e-commerce web app that includes shipping integration. Since the site’s launch, the team has continued to make updates.

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The application was delivered on time and within budget. Algothic explained their process thoroughly and accommodated to scope changes effortlessly. Their stellar project management, highly responsive communication, and proactive attitude set them apart.

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How we help Fahrenheit Marketing Company

We developed a large, complex .NET application with various third-party integrations. The team built the software from scratch based on existing wireframes.

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The end solution exceeded the client’s expectations. Algothic delivered high-quality products on time and at outstanding value. They provided frequent updates and repeatedly sought feedback at each stage. Customers can expect a highly experienced team that easily translates concepts into solutions.

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Our team built video streaming software as a web and desktop app for a third-party client. We completed end-to-end development—from scoping to feedback cycles to QA—using PHP and Wowza Streaming Engine.

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Algothic has significantly improved our existing platform, and they continue demonstrate their dedication to our business goals and needs by making thoughtful suggestions for enhancements. The Algothic team is communicative and reliable, mitigating all our concerns about outsourcing software development.

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Algothic has been an invaluable partner in development. Their impressive team was more than able to fulfill our project needs, and their expertise and dedication led to smooth collaboration every step of the way. The result was a successfully launched product that has received lots of positive feedback.

Chris Cox

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We provided staff augmentation resources for a development project. The team contributed engineers to follow an established roadmap to perform updates and add features.

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The database Algothic developed has empowered 40 organizations to help in the fight against COVID-19. A communicative partner, the Algothic team worked quickly and efficiently to launch the website, and they continue to invest their time and efforts into the project.

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How we help Covid Resource Network Company

The company developed a website that serves as a database where organizations can find and donate to other organizations. Currently, the team is working on enhancing the website and fixing bugs.

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Algothic was a patient partner, making this engagement feel like a true collaboration. The system they created for us will save our team significant time and frustration.

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The team built an information hub for a mobile home transport and permit service. After discussing the existing system and processes, we delivered a new structure for forms and data.

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The Algothic team is skilled at juggling multiple projects. Though they are in high demand, we were confident that they had the resources and the expertise needed to focus on our partnership. Their constant dedication led to a truly successful engagement, and the final product exceeded all our expectations.

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How we help Fox Business Automation Solutions Company

Brought on as a third party, we supplied ongoing development services. The team work on multiple projects and deliver according to predetermined design specifications.

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