Things to know before starting a technical business

“Any time is a good time to start a company.” –Ron Conway, Noted Startup Investor, SV Angel

Just a year ago, there were a total of 582 million people running their own business or setting it up according to Global Entrepreneurship Monitor. This number is rising on an exponential rate. People from all over the world are looking for opportunities of business to benefit from. However, the process of setting up a business is not free of hurdles.

Alongside the huge number of startups happening, there is also a considerable number of startups not happening. Some people come up with new ideas but back off due to fear of problems that occur in startup. A considerable amount of such cases happen in ideas related to technical fields because people perceive that they would fail to contribute and would suffer loses. 

Technical Knowledge isn’t essential

Contrary to popular belief, one doesn’t necessarily need the technical knowledge to implement his idea. It was advised in the past but with so many technologies out there, it is not possible for a person to have technical knowledge about everything. Therefore, it is better to hire the individuals having the necessary skill et to complete the task rather than putting off the idea completely .Like let’s suppose you get an idea that addresses a need of common man, however, it involves coding. If you aren’t an expert in coding, you would be unable to implement the idea. So you can just hire the professionals to do it rather than wasting the precious idea. 

"Master your Strength, Outsource Your Weaknesses" - Ryan Kahn

Outsourcing is key

There are two main options while using technical skills of other people Either you can outsource CTO or hire the technical staff. During the startups, most companies have tight budget and cannot afford hiring people for long term. Thus, the obvious solution in that case is outsourcing. It is quite cheaper when compared to hiring the technical staff. Moreover, it also saves money and time that is consumed in hiring and screening of employees.

Outsourcing of technical work should not be taken lightly though. There is a need of considerable research when selecting the source. There are different organizations and freelancers offering their services on hourly basis at various rates. You should be careful and don’t get too greedy to select the cheapest option available. As in most cases, that cheapest option comes out as the most expensive one out there. It is because the cheap rates often come with low standard work and long work time. Their buggy work needs to be improved which wastes more time. So you not only pay more due to more work hours but also for low productivity. Thus, it is vital to optimize the outsourcing process. 

Professional Help is Handy

Different entrepreneurial organizations are active around the world. They are greatly helping the entrepreneurs in the hard stage of startups. They arrange seminars, workshops and different services which involve many expert entrepreneurs guiding the new upcoming entrepreneurs by sharing their success stories and the tips that helped them in making their dreams come true.

The advice and tips from experts are beneficial, however, these seminars and workshops also promote the intercommunication between local entrepreneurs. This allows entrepreneurs to form connections and partnerships that they require to be successful in the field. Moreover, seminars and workshops are also a good place to find technical advisors for the hard step of startup of business.

The business startup is the hardest step of a business. It is the place of most difficulties. Different entrepreneurial organizations are helpful but personal advisors fare much better. They greatly reduce the risk involved and time taken in taking off of business by their experience. They have practical knowledge of the field and they also know the organizations and individuals to trust while outsourcing, so their abilities are never wasted in a startup.

Way to make your product long lasting

Startups are incredibly hard, however, the next step can’t be ignored either. You would be amazed to know about the number of companies which made their first cut due to a successful startup, however, failed to maintain their presence. Their services and products were unable to pass the test of time.

To make sure that your company doesn’t follow the same suit, there are two matters that should be taken care of. Those matters are namely innovation and customer feedback. It is essential to bring a change to your products and services to maintain their life. The change can be either innovative such that it improves the quality of life for the user or it can be what customer feedback suggests. These changes are necessary to prevent the death of service or product in the eye of the general public.

Considering the need of innovation and important of customer feedback, it is advised that a company should start hiring technical staff after the startup. Outsourcing is slow and doesn’t get the job done exactly as required sometimes due to communication gap and indirect processing. Therefore, after the startup some technical staff needs to be hired. This technical staff will make sure that the initial product is constantly improved according to customer feedback and look for innovative ideas that make the service even better.

Customer feedback is the most important factor in maintaining the long life of a product or service. If the customer is happy and satisfied, the product would remain in eye of general public or else it would die out with time. Thus, it is essential to consider the feedback of customers. Moreover, the power of social media can’t be ignored in this age of globalization. There is feedback being given directly in the form of reviews or indirectly by comments at different places which affects masses. Therefore, it is required to answer this feedback too to keep a good image in the eye of public.

Globalization has greatly improved the chances of successful business setups. You no longer need to have the technical skills to implement an idea and you can do it at much reduced costs by hiring low cost labors. However, essential care needs to be taken in this process and a technical advisor certainly helps in reducing the risks involved. So consider these things when you have your next great idea.

I am a technology enthusiast! Especially when it comes to cutting-edge technologies like Block-chain, Machine Learning, Deep Learning.My enthusiasm has earned me 4 Patents and included me in 'Top 12 influencers in Canada' by Thomson Reuters.If you are looking for sustainable, cost-effective solutions for your business, product or service! Then connect here!Also I am available for Fractional CTO Services! Check benefits of having me on board!