If you’ve made the decision to start your own tech company, then congratulations: you’ve taken your first step towards becoming a successful entrepreneur. It’s an exhilarating journey, one that’s fraught with danger but also with the potential for massive reward. Of course, there’s much more to starting a tech company than simply setting out with the idea. You’ve also got to realise that dream, and doing so takes practical steps. Here’s how you can start your very own tech company, and what you’ll need to do so.
Have a great idea
It goes without saying that the central tenet of starting a tech company is to have a great idea. Just wanting to start the company isn’t enough; you also need to make sure you stand out in an increasingly cutthroat and competitive world. Don’t worry too much about being original, because the chances are that whatever idea you’ve got – especially in the tech world – someone else has already had it. Focus on doing what you do well, efficiently, and with great customer service.
Sweat the small stuff
Sure, you’ve got sky-high confidence and a great idea, but how are you going to actuate that idea? Great companies require more than good leadership; they’re also all about the small stuff, the physical stuff, the way you actually ship products to customers. There’s a physical side to business that you need to familiarise yourself with if you’re going to succeed. Make sure that’s all taken care of. Need warehouse equipment? Why not look at Trucks and Trolleys? Trust us – this isn’t a step you want to miss.
Create a step-by-step plan
No business will ever succeed on the seat of its metaphorical pants. If you want your tech company to thrive, then you’re going to need a plan to make sure it does. Don’t just leave everything up to chance. Sit down and think about exactly where you want your business to be in one year, five years, and ten years. If you don’t have a concrete plan for the future, it’ll show in all your dealings. Be optimistic, but be realistic. Don’t plan for things that don’t have a chance of happening, but don’t undersell yourself.
Keep up with the competition
Tech is one of the fastest-moving industries there is. By the time you’ve conducted the appropriate market research on your product, the industry will have moved on significantly and you might be left in the dust. It’s important to always stay abreast of new developments, which means being glued to news, chatting to other people in the know, and effectively becoming obsessed with the tech industry. After all, if you’re not obsessed, what are you doing in this line of work?
Implement strong branding
A company is essentially nothing without a strong brand identity. If you’re not forging forward into the tech industry with a clear idea of what your company is and what it stands for, you’ll quickly be overtaken by hungrier and more successful rivals. Spend some time thinking about what your brand identity needs to be. What is your company’s mission? How can you best communicate that mission via your logo, slogan, and marketing? All of these aspects are crucial.
Have a website
In this age of social media, it might be tempting to believe that having your own website isn’t important. In reality, nothing could be further from the truth. Having a website is important because it’s a core constituent of your branding; when you have a website, you’re lending a professional and fully-realised tone to your business. Of course, you do need to maintain a social media presence (more on which in a moment), but a well-designed website can mean the difference between success and failure.
If you’re not on Twitter, you don’t exist. That’s the attitude a lot of your customers will probably take with you, especially if you’re a tech company. A technology-focused startup without a strong social media presence is like a bakery without an oven; it just doesn’t compute. Set up a Twitter profile, an Instagram account, and a LinkedIn profile for your company at the very least. Facebook is also a good idea, although it’s less essential than it used to be. Continually monitor and post to these accounts.
Hire the right people
Once your business starts to gain enough traction that you’re able to hire further staff, make sure you’re not skimping on the hiring process. Picking the right people for your company will enable you to deliver on your mission, further your objectives, and in the end, to become more successful as well. Asking questions and learning about your staff is critical; you might miss something in the interview stage if you’re not diligent. Make sure you know as much as you need to before you finalise a hire.
Allow yourself to fail
Failure is a natural part of business ownership. You can’t beat yourself up every time a decision doesn’t quite come off as it should. Instead, look at what you did and see how you can learn from it. What mistakes did you make? How can you ensure you don’t make those same mistakes again? If you need to, talk to other staff members and see if they have any insight on the problem. Failure doesn’t need to be a stopper – it can and should be an opportunity instead.