As we head further into the future, technology will play an increasingly important role in all of our lives. It will encompass areas such as healthcare, energy, education and personal finance. Tech will also be where many jobs and potential revenue streams lie, which for the budding entrepreneur, presents a lot of opportunities.
With a lot of choices in front of you, setting up a tech business needs plenty of thought. As with setting up any startup, picking a niche is a must. Ideally, it should be in an area where there is demand without there being too much competition. Also, it should be a niche that you have at least some basic knowledge of.
Preparation is hugely important, particularly if working in tech. If you have an invention or something like a new smartphone app to sell, make sure you patent it. In the UK, you need to go through the Intellectual Property Office if you are selling an invention.
Also, do your research, in case your idea has already been made by someone else. The last thing you want when going into business is a lawsuit to contend with. Speaking of research, when drawing up your business plan, look at where the demand is for what you want to sell. Search for terms online relating to your product or service and see what comes up.
Other parts of your business you should prepare in advance before opening include:
- Your website and marketing tools e.g. social media, flyers, online ads
- Legal paperwork, particularly for registering your business and paying any tax
- Finding an office space and registering that as your business address. To save money, you could always work from home
To work in the tech industry, you need a pretty sophisticated skillset. If you are building an app, gadget or something bigger, without the skills to turn those ideas into reality, you’re stuck. Look at what skills you need and see if there are any qualifications you need to boost your expertise.
If you plan on becoming a computer programmer, you need to learn at least one coding language e.g. C#. Tech giants such as Microsoft offer programming courses, which are not too expensive. Code is also useful for becoming a web developer and putting together software. Doing multiple courses will make you seem like even more of an expert.
It’s not just code you might need to learn to make it in tech. Using existing apps and software to see how they work can prepare you for all kinds of difficult tasks further down the line. Learning forex trading with Hantec Markets can give you an idea of how a successful tech product works, as well as the numbers and stats behind it.
Any startup that wants to keep going should have sufficient funds behind it to pay all the bills and weather any early storms. While some tech startups won’t need too much money to begin with – if it’s just an app or you are working alone, expenses are minimised – any backup funds are welcome.
The money could come from your own accounts, investors, a business loan or even startup grants. For the latter, the UK government offers some financial support for tech startups in the form of a low-interest startup loan. In other major global economies such as the US and Germany, similar schemes are available. Learning how to manage your finances through businesses like WHIreland can give you an idea of how a manage wealth and get insightful information on managing your businesses and its finances.
If you take out a loan to finance your business, make sure to read the small print around repayment. Should you be unable to pay it back on time, there is every chance that it could send your business into liquidation.