A black blank space with the word “tech”

DO NOT LAUNCH YOUR TECH BUSINESS WITHOUT READING THIS!!!

In recent times, we have seen a remarkable emergence of new businesses. Every other day, businesses in different industries are being launched, both offline and online — ranging from the finance sector to health and a lot more. The tech industry is inarguably one of the fastest growing industries in 2021. This is largely due to the fact that everyone wants to somehow belong to this industry as it is rumored to be very profitable. Regardless of the reason, we can all agree that the industry offers various business opportunities for people with various skill sets. Some great examples of tech-related businesses to start are blogging, computer training, social media marketing, web design and so on. And so, whether it is as simple as starting your YouTube channel or designing a new app, the tech industry offers amazing opportunities therein. However, like any other venture, starting a new tech business is not a walk in the park. Several factors should be taken into account when starting one. These factors are from funding, brand assets to even team members. Curious to know what they are? Keep reading then!

THE PLANNING PHASE

What you do in the planning phase greatly determines the outcome of your business, which is why you must carry out adequate research during this period. A lot of trials and errors are done in this phase as well for optimum results. I recommend writing down your business goals first of all as this will help you in decision making as regards other aspects of the business. Also, your offer (product/service) should be clearly stated and be of high quality and demand. To ensure high quality of your offer, send out as many surveys and questionnaires as possible and then use responses to create various packages that fit your target market. Another key note is to take into consideration the best practices and licensing are required for the type of business you want to run. This is very important so you do not get into trouble with the higher authorities in your region. Brand assets are just as important as your offer. Chances are that people are going to judge your business based on its logo and other assets. Spend some time working on these and ensuring that whatever you come up with represents your business adequately.

YOUR COMPETITORS ARE YOUR BIGGEST STRENGTH

Capitalism allows for competition. This means that different businesses are allowed to run in the same industry and there is no room for monopoly. And so, it is usually the man with the best offer who stays ahead of others. Studying your competition is a hidden secret every business owner should know about as it forms decision making as well. Doing research on your possible competitors is key, especially as a new business trying to break into the market. Carrying out a simple SWOT analysis of your competitors will reveal their weaknesses and then, leveraging on these weaknesses ensures that you are giving the best value with your offer.

WHO IS YOUR IDEAL CUSTOMER?

Unless you plan on selling to just anybody (which is a recipe for disaster), knowing your ideal customers cannot be overemphasized. This helps you narrow down your audience, especially when promoting your business online. An ideal thing to do is creating a persona of your perfect customer, from a typical day in their lives to their potential pain points. Another trick is creating a product targeted at a particular location or group of people. Please note that your product/service is what greatly determines if these people would eventually end up being your customers. This is why much effort should be put into the actual offer itself.

WHERE THE MONEY RESIDE

Who, intending to build a tower, will not first sit down and calculate the cost? This is applicable to starting a new business, especially in the tech industry. Funding is a major hindrance in this industry. This is because most tech projects are capital intensive and will require a lot of funding to be carried out. Assuming you have a budget, write down all potential business-related expenses and check if they fit within your proposed budget. If not, other alternatives for funding are investors, crowdfund, bank loan, support from loved ones, etc. Please note that it is risky to spend above your budget especially as you are just starting out with no customer base yet. Planning extensively will help cut down on some costs, hence saving money.

DO NOT FORGET TO HAVE FUN

Starting a business in the tech world is demanding. However, do not be so consumed with the works that you forget to enjoy the process. Having a good work-life balance is important to avoid burnout and stress-related health issues. Every now and then, take breaks and indulge in your favourite hobby. You will definitely enjoy the process even more.

Contrary to popular belief, starting a new tech-related business should not be a herculean task. With the right information (like the one shared above) and mindset, you are 80% ready to launch that amazing business! Go forth now and do exactly that. I am rooting for you!

Hello there! I am Annie, a content writer based in Nigeria. Do say hi!