With pacing times, there is a great surge in technical product demand. Whether you belong to a technical background or not, if you have a product idea, you can become an entrepreneur!
For instance, if you are a technical person and want to learn how to start/run a tech company, here are a few skills that you must have:
On the other hand, if you think you can’t start a tech company because you are a non-tech start-up founder, you are totally wrong. It’s all a myth. You definitely can!
Either you can build a new product to solve the old problems or you can revamp a product to sort an existing problem.
Have you been thinking why start a tech company today?
There can only be a few reasons behind. Either you have a brand new product idea that does not exist yet and you will be the first one to bring it to the world. Another possibility can be that you have a clone which is not available in a certain geographic location and has a high demand there.
If you have one of the above reasons, your decision to start a tech company is absolutely right!
We have formulated an actionable plan that you being the technical or non-technical entrepreneur can follow step-wise.
To launch a start-up might not be very difficult, but to run one smoothly can be more challenging.
8 Easy Steps on How to Start a Tech Company with Ease
Is there any actionable plan to set up your own successful tech company?
Well, the answer is ‘YES’!
We don’t want you to relate with Phoebe Buffay from the TV show FRIENDS and say, “I don’t even have a plan-“.
Read further to have a proper plan to start your tech company with a bang!
Step #1 – Market Research
Studying the market firstly involves understanding the pain point of the public. Their pain point can be a missing product or a missing feature in the existing products.
Furthermore, this is followed by understanding the current problem that is being faced by the users. Once you learn about the demand of a missing product in the market, you can formulate a solution for the same that will get your user’s attention quickly. This stage also involves analyzing activities of the competitors and their strategies.
Note that you as a technical entrepreneur cannot present a similar solution (as the one existing) to your audience. You will have to add some unique elements to it. This element will become your USP in the business plan. Also, this will make you stand out from the rest.
Step #2 – Raising Funds or Invest Your Own Money
82% of total small firms in the USA fail because of cash flow issues.
All you need to remember is that you don’t have to be stinking rich to start your own business.
You can always start your own tech company with a small amount of money.
Nothing comes free in this world!
Well, there are ample sources to raise funds today. One of the sources that has gained a lot of prominence is crowdfunding.
Another great option is to invest your own money and enjoy all the returns on investment by yourself.
Step #3 – MVP & Mapping its Features
With less funds and no experience, it is a safe idea to launch an MVP, i.e., a minimum viable product. An MVP is a product with the most required basic features.
Find the best on-demand app development company and hire app developers to create your technical company’s MVP and wait to see the user response. Upon the feedback received, you can then launch an upgraded version of your product.
SEE ASLO: How To Build An MVP App?
Step #4 – Name Your Company, Branding & Website
You have an identity of yours. In the similar lines, your MVP should have an identity too. There are so many registered online companies. If you want your tech company’s name to be different from the rest, you will have to choose an available name.
3 Things to Remember While Naming the Company
Also, the website or application of your tech company should have a great UI and must provide maximum UX. You must consult a good mobile app development company for your web and app development.
Step #5 – Creative Section – Wireframes & Mockups
To get a stunning website as the end-product, you can instruct the designers and suggest to them the changes when web or app designing is in progress.
DID YOU KNOW?
DIFFERENCE between Wire-frames, Mock-ups & Prototypes
Wireframes are simple lines and layouts to create the structure of the app or website. On the other hand, mock-ups are like high-fidelity designs that look like the final product but are not clickable. On the contrary, prototypes use mockups and wireframes to test the user flow, transition and animation.
Step #6 – Hire App Developers
When the designing is almost completed, tech geeks, i.e., app developers can start their job. The app development takes place in this stage. Both front-end and back-end coding is done and integrated with each other. To know more about how to hire app developers, click here.
When the app coding is completed, you must ensure that the code base takes into consideration display sizes and resolutions for all devices – mobile, desktop and tablet.
Step #7 – Early Buzz & Pre-Sale Activity
Without creating a buzz for your company, you cannot survive in the market. You will get lost in the cluster of companies. We suggest you to use organic marketing methods that give you actual and worthy results.
When you start selling your product even before its launch, and you succeed in doing so; people pre-book your product. Furthermore, they give opinions and co-develop it with you. With their say and financial contribution, they hold an added financial stake in the company which ensures that they will stick with you for a longer time.
For more assistance on analyzing the market risks and opportunities, you can consult the experts at Excellent Webworld.
Step #8 – Be Prepared for Anything!
Running a business is like a roller-coaster ride. There are unexpected ups and downs and curves and turns that you have to be ready for. You must be prepared with a backup plan for anything can happen.
A basic backup plan has provisions for any unexpected loss or damage. Here is an image illustration to see how the business cycle works.
How To Start/Run a Tech Company? – A Conclusion…
With an appropriate action plan on how to start tech company, you can be one of those 10% start-ups that survive out of the whole 100%. It is definitely a long road ahead for your tech company to succeed, but with an expert CTO on board, you have nothing to worry about.
Get full leadership and control over your MVP and its expansion with the help of our experienced team of developers.
Frequently Asked Questions about How To Start a Tech Company?
To know how to startup a tech company, you will need an idea. This idea serves as the product or service that is a solution to a problem people have been looking forward to solving. Apart from the idea, you will need a reliable team that can give quality results. Also, you will need devices equipped with the software required for coding your client’s requirements into an app, or site. Lastly, you will need the never-ending fire in you to make your start-up the best it can be! You can contact a good agency to help you with business analysis and digitizing.
If there are two or more founding members, one of the two can be a non-technical person. Another situation can be when there is one CEO with a trustable junior who is a tech expert. Basically, you don’t have to learn coding to start your own tech company. But, to be on the safer side, you can begin with learning basics so it is not Greek to you when your co-workers talk about the technical side of the business.
No, you don’t need a technical background to start a tech start-up. There are ample technical start-ups founded by non-technical people. For instance, Brian Chesky founded Airbnb, Melody McCloskey launched the StyleSeat app, etc. You might need to adapt to the technological trends and have a basic idea about the concepts so you can understand what is going on in your company and also suggest new ideas if any.