How to Start a Technology Business

Starting a technology business presents unique opportunities that a technology engineer or designer can never have by working for somebody else. However, together with these opportunities are problems and obstacles which can challenge the fundamentals of the technology entrepreneur. It is not enough that a technology entrepreneur knows how to champion new technologies; he or she must also know what new technologies to bring into the market to make money. You can acquire help from payroll outsourcing companies to help startup your business.

Say that you already have a new technology in mind, below is a quick guide for you to start a technology business.

Step 1. Research about the timeliness and salability of the technology you want to pioneer.

It is not enough that you do not have a competitor to ensure success. In fact, the lack of competition may just be a sign that the technology you want to pioneer is just not ripe for the market yet. Maybe you need to set aside the pride of introducing a new technology in exchange for financial security – if only for the time being.

Step 2. Check your financial capabilities

Pioneering a technology, or even enhancing the existing ones, entails money. In fact, a technology business can be very expensive to start in terms of infrastructure and manpower. It is very important for a technology entrepreneur to examine his or her financial capability before starting a technology business. You need to prepare for leaner period especially during the early months. Almost all technology businesses start out with loses before seeing positive profit. However, know also that there are many interested investors and joint venture capitalists that are interested on investing in new technologies. To avail this investment money, you have to have a detailed, well-researched business marketing plan and the right attitude venture capitalists are looking for.

Step 3. Surround yourself with the right people

If you decided you cannot do it on your own in terms of investment, marketing skills, or whatever measures you fall short of, then get the right people to help you. It is important to note here that your lack in some business aspect or skill is not a hindrance to your technology business’ success. Get the right partner to provide the necessary investment and skills to get the job done. The same is true when hiring employees to work for you. In fact, surrounding yourself with the right people is the key to success in any businesses.

Pick a location for your startup

There's a big difference between starting your business in Luxembourg or starting a business in Africa. Finding the right location is critical - even if you're considering a global business.

Step 5. Create a brand

Branding your business (and yourself, take a look at our case study Dan Abrams) should be one of your priorities. Your brand is what people will remember of you and your business, and your brand alone is another opportunity for a patent. Remember that a well known brand alone is free advertising power in business.

Step 6. Formulate goals

No business will last long if goals are not set from the start. Your goal should follow the fundamentals of marketing plan; and it could change as you achieve one goal at a time. Never stop setting short- and long-term goals to achieve as you operate your technology business. Don't underestimate the importance of security in this new world.

Step 7. Get Business Cards

Get yourself and your business out there, talk to people and give them your business card. Plastic business cards create a high value image and expensive appearance at a surprisingly affordable cost. While you can order 100% Eco-friendly silk business cards at