Working for your own company has definite benefits. You no longer have to be stressed out about the hiring process, any profits the company makes goes directly to your company (although you’re now responsible for wages for any employees that you have), and ultimately what happens is up to you. Business owners are much more autonomous in a lot of ways. However, starting up a tech company is a complicated and risky process. Here are some things that you must know before starting a tech company.
1. Have a Brilliant Idea
Businesses don’t just happen on their own. It’s difficult to start a successful business without a clear vision. Determine what you can offer customers that no one else can. Make sure that no one else is currently creating the same thing you have in mind and that there’s no danger of trademark violation. Ensure that your idea is either unique or will come to fruition sooner than everyone else’s. We live in a world where businesses generate new content on the daily.
2. You’ll Need Patents
Patents tend to strike fear into the heart of new tech company owners. Patents recall bureaucracy, delays, and legal jargon. It is a difficult field to navigate, and that’s why many business owners hire attorneys and other employees to obtain patents for them. Another risk associated with patents is patent infringement. Patent infringement also frequently requires intervention. If you live near Utah, consider hiring a Utah patent infringement attorney to deal with infringements on your patents or infringements you may have done. If you don’t live in the area consider finding a patent infringement attorney regardless because you don’t want to lose your intellectual property.
3. Technology Moves Fast
This tends to either be a huge benefit or an issue for businesses. Businesses like Apple capitalize on the fast-paced technology environment by providing frequent updates and new products whenever an old one starts to become obsolete. Create a product that will either stand the test of time or be willing to come up with new ideas fast. Also, make sure that the ideas that you have will happen as soon as possible. It doesn’t matter if you come up with the original idea for a shopping app if someone else makes it first.
4. Can You Sell It?
You can’t sell a brilliant idea no one wants. Make sure that your creation fulfills a need in the market. It doesn’t have to be something consumers are asking for, but you should know exactly what problems your product solves and should be able to sell to that need. There’s a high possibility that your idea is amazing and unlike anything seen before, but that doesn’t matter unless people recognize that they need your product. Make sure that your product will do what you say it will unless you want to rack up low online reviews.
5. Be Willing to Fire Customers
Many new businesses feel obligated to keep any and every customer that comes their way in order to build up a reputation. However, this can be a dangerous mindset. If you have a client that costs much more than they bring in and seems dissatisfied regardless of output, don’t be afraid to fire them. Habitually dissatisfied customers are difficult to appease and often require some of the longest hours with the lowest pay. For the sake of your business, move on.
6. Pick Yourself Up
As you’ve probably heard, most startups fail. Failure is frequent and even large companies experience their own failures. The fact that businesses will fail is less important than how those businesses react to failure. Be willing to get up and start again with a new idea when necessary.
Starting up a tech company is simultaneously overwhelming and rewarding. Make sure to do your research beforehand to prevent unwanted surprises. As long as your idea is golden, and you have a strong work ethic, there is a high likelihood of attaining feelings of fulfillment or maybe even sweet success.
by: Dennis Hung