7 Tips for Starting and Running a Tech Company
If you love all things technical and dream of owning your own business, consider starting a tech company. While you’ll have to work hard, your business could do well and provide you with a comfortable living. There are some important aspects of a successful business, however. Here are some tips for starting and running a tech company.
1. Create a Business Plan
Without proper planning, your startup might have trouble getting off the ground. Preparing a business plan helps you see all aspects of your startup journey, from the location to the funding you plan on obtaining, as well as your potential customers. Starting without a business plan is like taking a road trip without a map. You might get there eventually, but you save a lot of time and hassle by planning everything out first.
2. Take Advantage of All Tax Breaks
The government wants to encourage the growth of tech companies, and there are several tax breaks available that you might not know of. The R&D tax credit, for example, will pay you dollar-for-dollar for any research and development you do up to a hefty amount. It’s a great way to slash your tax bill so you can funnel that money to areas that will enable your company to grow.
3. Get Funding
There are a lot of costs involved in starting a business, so you’ll have to get startup funding for a business. You can obtain a loa n from a bank, although you’ll have to come up with at least 10 percent of those startup costs yourself. Another way to obtain funding is by contacting the Small Business Administration. While the SBA doesn’t actually loan you the money, the agency will guarantee that loan, meaning banks are more willing to lend you the money.
4. Develop Your Skills
You won’t just need tech skills, although they will be useful. You’ll also need skills in bookkeeping and marketing as well as social media placement. As your business grows, you can hire people to do those jobs for you, but in the beginning, money will be tight, so take time to learn them. You can take courses at your local trade school or learn online.
5. Find a Niche
The tech field is highly competitive, so you’re better off finding a small area in which you can excel. Consider the type of tech service you plan on providing. Study the competition in your area and think about something you can offer that your competitors don’t. By finding a niche, you won’t get every tech customer out there, but you won’t need to. By being a big fish in a little pond, you’ll find enough customers to bring in the revenues you need.
6. Market Every Day
Marketing your business needs to be a daily part of your routine. Depending on the type of business you have, advertise online and locally. Have a Facebook page and post on it regularly. Also, post on other social media platforms. Build a website and add articles to keep it fresh and to please the search engines.
Even once you start getting customers, you need to be marketing every day. Just because you’re getting business now doesn’t mean you’ll always have repeat customers. People move out of town or your clients change their focus. Life happens, so market daily.
7. Please Your Customers
Always make it a point to make your buyers happy. Train your employees to be polite and friendly. Go the extra mile for your customers and work on meeting their needs. When your clients are happy, they’ll refer you to their friends and family members and your business will grow.
Starting a tech company can be challenging even in this digital age. There’s plenty of competition, and unless you give it your all, your company might not get off the ground. With plenty of planning and hard work, however, your company will be a big success.