A tech company is the type of business whose primary aim is to develop, manufacture technology, and provide technology as a service to people. This type of business has a wide range, and it can involve business relating to digital electronics, e-commerce services, manufacture of software, and other internet-based services. Examples of tech companies include giants such as Apple, Samsung, Google, Amazon, eBay and so on. The bigger the company, the more they spend on research and development. However, these companies didn’t start with billions or millions of dollars. They started little and built their companies to the point that their product started attracting investors. This article would focus on how you can start your tech company.
What Makes A Tech Company?
The definition of a tech company is pretty straight forward. You should consider yourself a tech company if you earn your income by applying information technology, or scientific knowledge in solving problems.
How To Successfully Start A Tech Company
The success story of tech companies is different and peculiar. However, there is a common denominator to all of them, which is motivation. All the successful companies have had their share of doubts, failure, disappointments, tribulations, milestones and so on. However, one thing they all share is that they kept working, and stayed motivated to remain on their course. Below are some of the ways you can start your tech company:
- Create your product: This might seem obvious, but it is essential. Your focus and energy should on creating the best product you can make. Studies have shown that building a product represents about 30% of the job. The other 70% of the job focuses mainly on the business side which includes marketing, sales, customer support and service to customers. The kind of product has to be good, and something people would want to buy. If it’s a new thing, then you’d have to find a way to present it to people that it’s a product they can’t live without.
- Ask for help: You should not hesitate to ask for help if you’re stuck. In a lot of cases, two or more heads are better than one. You could seek for the input of someone who you think would add and give a significant boost to the quality of the product. You should also present your product to trusted friends or relatives and get their honest feedback.
- Employ sales staff and engineers: A lot of tech companies hire sales staff and engineers for their immediate needs. However, this should not be the case, as it doesn’t support growth. You should employ workers based on where you see your product in the next one to 2 years. Although, this is not to say you should run yourself into debt because you want to hire a huge staff. This should be done within your budget. You have to find a way to maintain a balance. A lot of companies kill their growth potential because they only employ workers based on their current needs. You should do the exact opposite of that.
- Maintain your focus: Most companies generally have two identities, and this includes the service and the product. However, the most successful companies choose one for their vision and allow it to guide the decisions they make moving forward. If you select the product, then you ensure the products you create and sell to the public are unique and different from one they’re used to.
- Start regardless: The truth is you can never be really ready to start anything. There is always new information flying around. So regardless of what you want to do, be it products creation, sales, hiring, how to market, and so on. You should start as soon you’ve acquired the relevant and best information you can get. A lot of companies are held back by consistently seeking better information, and not executing. Companies grow by making plans and carrying them out, not waiting for the perfect information. This is not to discourage the value of information. However, the point is to start executing the ideas you already have, and not waiting for a better one.
- Fail: Failure is part of growth, this is why it’s important to experience quick failures. The best thing about failing is that it allows you to make corrections, and improve your product. You should never allow failure discourage your path. The most valuable tech companies in the world now have had their shares of failure, but the world doesn’t remember that. They only get to the see the good and shiny side. However, you should know to stop. If your product has a little chance of survival or has a high chance of failing again, you should when to call it to quit, unless you really believe you can make it work.
- Don’t compromise your work: One of the things that kill newly started tech companies is a compromise. They get to attract a customer and keep modifying their product to satisfy that one customer’s needs. This eventually kills the company. It’s important to always focus on your vision, and why you started the company. You should never change your goal because of the needs of a particular customer. This usually starts as something trivial, until it gradually builds up into something that could undermine the success of the company.
- Marketing: As mentioned earlier, building your product represents just about 30% of the job. Marketing your product to potential buyers is the difficult part of the job. The job starts after finishing building your product. People have to know you, and what you do. A lot of tech companies that were able to raise a lot of money even before launching the product usually spends a lot of money on advertisement. Not having money for marketing puts you in some sort of disadvantage. However, this would help you learn how to market your product, and increase your audience organically. The best way to go about this is finding your target market online, and find your way into such places. This includes social media platforms such as Facebook, Twitter and so on. You can also develop a mutually beneficial partnership with some companies that rely on the type of product or service you provide.
How To Start A Tech Company With No Money. (2019). Retrieved from https://www.forbes.com/sites/quora/2017/03/09/how-to-start-a-tech-company-with-no-money/
Huddleston, R. (2019). From Idea to Successful Tech Company in 8 Steps. Retrieved from https://www.entrepreneur.com/article/234841