Thinking of starting a tech company? Unless you’re based in Silicon Valley – and even then – you might have a hard time. Tech is a ridiculously competitive industry, with everyone looking for the next big trend that’s going to move the industry forward and make everyone millionaires. If you genuinely think you’ve got that idea, then, by all means, go for it, but you don’t actually need an innovative concept to start your tech business. You will, however, need a lot of other things. Here are ten things your tech startup will need if you want to succeed.
That’s right – it may seem obvious, but your business venture isn’t going to get anywhere without a decent supply of capital behind it. Thankfully, there are lots of avenues you can look down if you want to know how to get money for a business. Small business loans are a great idea as always, but you could also consider unconventional sources like logbookloans.co.uk, a great website that offers quick cash against your vehicle. Speaking of which…
If your business isn’t based somewhere in the heart of a city, you’ll want a reliable mode of transportation to help you get around. Naturally, this goes double if you’re trying to start a tech company related to transport itself. You won’t be able to move around, pitch your ideas to important people, and visit clients if you don’t have a reliable method of getting around. That could be a robust public transport network or a personal vehicle; what form it takes is up to you.
3. A good idea
Although it’s true that you don’t necessarily need a completely original idea to start a tech business, your idea does have to be good. That is to say, you need to have researched your idea thoroughly and you should understand completely what you’re going to bring to the sector. If your idea doesn’t stand up to scrutiny, then you’re going to be torn apart by an extremely competitive industry. Talk to people beforehand and gauge whether there would be interest in your idea.
If you’re not immersed in the tech industry already, your competitors will sniff you out and know that you’re not the right material for starting a business in the sector. It’s possible to start a tech business without money or skills, but it’s absolutely not possible to do so without some knowledge of the industry you’re going into. Before you start your business – and while you’re operating it – it’s important to conduct research into every aspect of the tech industry.
5. A good product
Naturally, as a tech startup, your company is going to need a knockout product. Again, it doesn’t have to be innovative or new; many companies have simply developed iterations on other companies’ products, refining them and offering better alternatives. You could identify a product you’ve personally used that needs improvement and try to produce something that fits the bill. Whatever you decide to do, a good product is imperative if you want to succeed.
6. A demographic
Not all tech companies are aiming for the same demographics. While the tech industry itself is mostly made up of white men, the demographics that consume tech are many and varied. If you want to position your business correctly, it’s a good idea to identify a core demographic and stick to it. Trying to be all things to all people won’t work; pitching a smartphone for “all users” is a bad idea because all users don’t have the same requirements.
7. A network
Don’t be tempted to be hostile towards other tech businesses because they’re technically your competition. A great tech startup needs to understand that the best way to make a name for itself is to network. That means going to events and talking to other business owners. If you don’t do this, you risk entering a fiercely cut-throat business environment without any help, and that’s borderline suicidal in the tech industry. Make partnerships and get your product out there!
8. A website
You might be tempted to think that, given the prominence of social media these days, all your business needs to succeed is a strong presence on social media. While your business definitely does need a profile on all the major networks, having a dedicated website is also crucial. If you’ve got a website, your business looks more professional; you can attract more business and impress potential customers with a well-designed frontend.
9. A blog
Even if your tech company has the greatest product ever conceived, you’re going to struggle to find an audience if you don’t engage them with regular content. It’s crucial to let your customers know that not only is your product amazing, but you’ve got a team of dedicated writers who want to tell them how best to use the product, as well as recommending other products they may enjoy. Content marketing is king, and this has never been truer than it is right now – so get writing!
10. Love for the industry If you don’t wake up every day and feel lucky for the position you’re in, then you might not want to pursue a career as a tech entrepreneur. Obviously, you won’t necessarily feel indebted to the industry every day and feel overjoyed to go to work, but on balance, your feelings about your job should be positive. Otherwise, what was the point of leaving the desk job? Entrepreneurship is a daily challenge, but it’s also full of delight, so make sure you love what you do.