If you’re looking to start your own business, the burgeoning technology industry offers a wide variety of appealing avenues to take.
From high-profile sites such as Facebook and Google to less public fields such as machine learning and precision agriculture, there are tech businesses to suit all skills and backgrounds.
No matter whether your interests lie in software or hardware, a technology-savvy entrepreneur entering this field can look forward to a bright and interesting future. In this post, we will take a look at some top tips for starting your own technology business and how to make it work.
Find top talent
The quality of your staff can make or break your company, and it’s true that a business is nothing without its people.
When recruiting staff, the internet is your friend. Sites such as GitHub, Toptal, and AngelList are hotbeds of potential staff members looking for their next big break, and by designing accurate, relevant job descriptions, you can maximize your chances of getting high-quality employees.
If you’re good at speaking, for example, you could offer to deliver a keynote at a networking event free of charge – and reap the rewards when audience members approach you afterwards asking to work for you!
Go crazy with marketing
Marketing is often seen as a chore, but it is vital for getting the word out that you’re open for business.
With marketing, you’re playing a slow game. You’re not just looking for quick sales but also for a more general audience who over time could become customers and brand ambassadors.
When you have the benefits of the internet on your side, it needn’t be difficult to generate traction for your tech start-up. The key – especially in an industry such as tech, where knowledge and specialization are key for development – is to promote your message where it matters.
This means spending time researching where is best to go to promote your message. General sites such as Product Launch, Hacker News, and more might be useful, or you may need to go to a more specialist place to reach the audience that you need.
Build an MVP
It may seem like jargon, but proving that the market likes your offering through a minimum viable product (MVP) is an essential part of your business’s growth.
This means that in order to build a successful tech business, you’re going to need to conduct market research and put your product in front of others as soon as a basic version of it is ready.
While it may seem like a waste of time, it’s essential to prove to investors that your offering is viable – so don’t neglect it.
Seek support from investors
While it may be tempting to save money by bootstrapping your company as much as possible, the reality is that very few businesses are able to grow without external investment to help them along.
It’s not just about cash, either – investors often also provide top-quality advice alongside their cash to ensure that your path to growth and profitability is as smooth as possible.
No matter what part of the tech industry you seek investment from, there are investors ready to work with you. Axel Preuss-Kuhne, for example, is a partner at Robax Investments LLC and made his name in real estate in Florida’s Miami-Dade area. With skills in accounting, sales, marketing, and logistics under his belt, he is the sort of investor that’s ideally suited to giving entrepreneurs focused, pinpointed advice for growth.
Regardless of what sector you’re looking for investment from, there are a multitude of investors ready to help. The key is to remember to search for an investor who has experience as well as money in order to make the most out of the relationship.
Think outside of the box
Many people have a vision of tech businesses as swimming in a sea of money, but the reality is a little more complicated than that.
To fill cash gaps, consider hiring out yourself or your staff as freelance consultants and developers, or even think about taking a side job working for a company such as Uber or Deliveroo to bring in some cash and demonstrate dedication. After all, potential investors will be looking for a strong work ethic and an entrepreneurial spirit in the founders that they choose to back. By demonstrating that you’re willing to work your socks off to make your start-up work, you’ll be maximizing your chances of attracting support.
While the future certainly is bright for those working in the tech industry, there are also lots of challenges for those who wish to start their own tech business. Luckily, with the assistance of basic online resources and investors willing to support your company’s growth, it’s likely that with a dash of hard work, you’ll be able to find a support system that works for you.