What to consider while starting a Tech startup?

The business world is growing faster than ever before. More companies are registered as compare to previous years.  In the United Kingdom, 608,110 businesses were registered In 2015. In 2016 from January to June 38,872 more businesses are registered as compare to the previous year in 2015. As Kate Palmer of Telegraph “Record 80 new companies being born an hour in 2016”.

Businesses are the power house for the national economy. Hence, Governments of every nation support new startups and help at various stages. Also, various departments of governments run campaigns, educate entrepreneurs, give training and help to launch the business as well as offer support to export the product or service.

If an entrepreneur has an idea about a product or business, the best point is not to jump and launch a business without consulting expert advice. There are government organisations which offer free advice and tests your ideas. If you are UK resident, you can contact to Innovate UK, which is an executive non-departmental public body, sponsored by the Department of Business, Energy & Industrial Strategy. Innovate UK provides guidance for business and academic organizations on how to get funding to test ideas and develop innovative products and services.
Sometimes entrepreneur is more enthusiasts and overconfident about their product and unaware about competition or risks involved. If the idea is well-tested before its launching, the premature demise of a startup can be avoided.


Importance of Business plan:

The UK and other governments give help for a new startup also provide templates to write a business plan. This business plan will help you for brain-storming your business idea and lead you to answer: why will your business succeed when so many others fail?  The business plan will help you to know your market and finance required, also it will make you aware of unknown risks about your business.

 

What are the lucrative startups to consider?

Please google it about which “business ideas to consider”, you will find many business ideas for startups. However, my suggestion is to consider tech company even if you are not a technical expert for following reasons;

1. No repeat investment to develop – Once you develop an application or software, you can sell your software or apps to as many as clients without repeat investment like in manufacturing.

2. Lower Risk – If it fails for any reason, you can diversify it with adding other features or make it simple and easy to use and faster in operation.

3. Fewer resources – It requires fewer resources to develop a tech product, such as compare to another services such as logistic, where you have to hire a lot of people, get them trained and then get the work done.

4. Less Space – It can run from anywhere even from home and doesn’t need warehouse for storage. Use cloud storage, such as Microsoft Bizpark.

5. Short Time – It can start in less time. Just you have to engage with your software engineers on daily basis.

6. Quick – Faster speed is the key ingredient of any strong economy, the same for a business and a product. Thus faster the speed much can be done in a shorter time.

7. Outsourcing – Resources can easily be outsourced from any other country i.e. hire a graphic designer, script writer, video editor, software engineer or marketer etc.

8. Easy to Export – Can easily be sold globally without any barrier and need of logistic to deliver.

9. Easily scalable – It can easily scale up by upgrading your servers to accommodate a large number of users.

10. Innovation – It is easier to innovate to fulfill the market demand or change in circumstances.

11. Eco-friendly – It isn’t a harmful to the environment. No risk of contamination, expiry or environmental hazard.

12. Security – It is secure and safe.

 

Important resources for tech startups;

Here are few helpful resources for tech startups

1.. Fiverr – Get professional Services for starting $5 or less: Market Research, Branding Services, Presentations, Business Tips

2. Freelancer.com – This Website Design cost $390 Hire expert freelancers for your job online

3. Microsoft Bizspark – Eligible startups may qualify for up to $120k of free Azure cloud credits . Join BizSpark to receive free software, services, technical support, and Azure cloud

4. Google Cloud Platform – Use Google’s core infrastructure, data analytics and machine learning. check Secure and fully featured for all enterprises. check Committed to open source and industry leading price-performance.

5. AWS Activate – Amazon Web Services provides startups with the low cost, easy to use infrastructure needed to scale and grow any size business.

Sources:

1. http://www.telegraph.co.uk/business/2016/07/12/record-80-new-companies-being-born-an-hour-in-2016/

2. https://www.gov.uk/government/organisations/innovate-uk

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Author: Maqbool

Maqbool Masi is a marketing and sales Director of Urenus Global Ltd. He has around 20 years work experience in various industries and a founder of revolutionary payment system TheQuickPay. His work experience includes project management, automation, sales and marketing. He is an author of a book ‘Causes of Insolvencies in large businesses’.

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