So, you have a great idea for a new tech product or service? If so, congratulations! But – I have news for you. So do many other people. Turning that little nugget of an idea into a fully fledged business – and succeeding – is a big ask.
The question is, have you got the drive, knowledge, and business nous to make it a success? Here are a few ideas on everything you need to get your new tech business up and running.
Focus on your market
Before you start developing anything, consider who this product or service is for. You might think your idea is great – and so might your family and friends. But is there a genuine need for it on the high street? Will it solve people’s problems? And will others feel like they have the solution they have been looking for all this time? Without this knowledge, your product or service will be lucky to make an impact – so put aside a lot of time on thorough market research.
Work out who you are
The next step is basic branding for your business. Who are you – and why do you exist? What are your goals, and how are you going to represent yourself? Ensure your branding matches the look and feel of your target market. For example, let’s say you are developing a product to make an accountant’s life easier. You should have a serious, professional image – just as they will. However, if you are offering something that might help a clown organise their bookings, you can afford to be a little relaxed.
Find the perfect space
You don’t have to rent an expensive office to get started in business – and it’s an expensive exercise if you go down this route. Until you are well settled, it’s far better to either work from home or use a shared space to keep your costs down. With the former, I recommend using an address service to give you a more professional sheen. With the latter, try and find a startup hub that caters for other people in your field The connections and contacts you will make could come in very handy.
Clear the red tape
There are a few things you need to do to protect your business. None of it is particularly exciting, but only a fool would miss this vital step out. You will need a basic knowledge of tax law, so you don’t pay too much – or too little. You should also protect your product or service with intellectual property cover. Planning on hiring people? Then you will need to understand the rudiments of employment law and contracts. There are also a lot of industry-specific regulations you’ll need to wade through. You could do all this yourself, of course. But in my experience, it is much more efficient to hire a relevant lawyer instead.
Of course, all businesses need money when they are just starting out. Unless you have significant savings, you will need to beg and borrow – but not steal. Look for investors with a good track record in your field. Ask friends and family and offer them a return on their investment that is higher than their current savings account. If you can attract the right people, it can prove invaluable – and not just in financial terms.
OK, so get all this done, and you should be in a much stronger position. Good luck – and let me know how you get on!