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What Does it Take to Start a Tech Business in 2018?

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With technological advances becoming more prevalent in society, more and more businesses have been cropping up to deliver new or better technology products and services to the consumer market. Flourishing tech businesses address growing demands within targeted demographics and find their success in efficiently solving real-life problems in ways that haven’t been addressed, or that are better than solutions the current market offers. Thinking of delving into the industry? Here are five pieces of advice to help you launch your tech business in 2018.

 

Choose a Location

If you’re currently living in the U.S. or have aspirations to move, Silicon Valley may pose an appealing location for establishing your tech business. However, you might want to refrain from buying into the hype too early in the game. Silicon Valley is already saturated with larger, more established tech companies and the cost of living may prove too expensive for business businesses to sustain themselves. Instead, look to other places that boast good soil for high-tech startups and industry talent and that will set your business on a greater trajectory to success.

 

Develop Your Product

While it may appear obvious, among the most important steps in starting a tech business is to actually develop a product that interests people. In the case of most business software tech companies, coding is free, so establishing the foundation of your business is a crucial step that won’t put a dent in your pockets. A product can be an entirely new and innovative product, or one that improves an already existing product or process. Regardless, it’s important to actually begin building up your business before your ambition carries things too far out of your hands.

 

Establish and Source Talent

To supplement your product, ensure you or a partner has the technical knowledge or background to appropriately sustain your business. In the same vein, refrain from outsourcing work and focus your efforts on finding apt talent who will help grow your company.

 

Start Small

When first establishing your business, don’t immediately file to become an LLC or C-Corp if you don’t have a product, customers, or revenue. This will cost you valuable money you might not have or can put to better use to grow your company, such as licensing and hiring quality talent.

 

Advertise

Once you have a finished product, don’t forget to advertise. Starting off, you may not have much money to put toward an advertising campaign, but you can always host your own website using free-to-use sites, or advertise on social media sites such as Facebook or Reddit. If possible, launch your product. While launching your product free-to-use may appear counterintuitive, it may earn you the publicity to begin catching the eyes of organizations or investors.

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Hiring The Right People and Keeping Them Motivated

People

Question: How do you make sure you hire the right people? 

Jason Kulpa: Understand your own company’s culture and looking for those traits in a potential hire. During the interview process, ask questions that will highlight the aspects you are looking for within a candidate. Although a candidate might appear great on paper, it’s important to take a holistic approach to the hiring process and look for other qualifications such as their values or interpersonal skills. I like to look for people with “an entrepreneurial spirt”, it show innovation and a desire to work.  

Question: If a team member has done great work, how do you showcase that in a way that the whole team can rally behind without resentment or favoritism? Please discuss how you achieve this in your business.

Jason Kulpa: On the last Thursday of each month, our entire company gathers for an all-teams meeting to discuss company happenings, events, and highlight team achievements. At this time, two employees are selected and presented with handmade “Certificates of Achievement” based on an outstanding performance that month. This moment at our company meeting is a lighthearted way to recognize employee achievement in front of the company, while also encouraging others to work hard to receive the certificates the next month

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