Now is an exciting time to be alive, especially when you consider the amazing tech business opportunities that can be found, as we move into a new dimension of the digital age, with the arrival of the Internet of Things and the 10x data speeds of 5G. If you are a mobile app developer or you are planning to launch a machine learning business, there is a lot to consider and with that in mind, here is our tech startup checklist to ensure nothing gets overlooked.
- Concept – We are assuming that you’ve done your market research and are confident there is a demand for your services. Every business needs a concept; it might be to deliver results to budget, or to provide a service that is second to none.
- Funding – The main reason for a new venture to fold is lack of funds; it only takes a late invoice payment or a major malfunction to put you in danger of being unable to pay your bills. Why not contact the people at https://rabbitcare.com/, the leading Thai finance company that helps many small businesses get off the ground. Unless you can negotiate staggered payments, it can be a while from start to project completion and all of your developers need to be paid; if you need a short-term business loan, there are online solutions.
- Networking – Your specialised field will no doubt have its own networks and you need to network with other developers and 3rd party organisations that put developers in touch with potential clients. The tech sector demands rapid response and when you get an enquiry, you need to see how fast you can put a team together, something networking helps with.
- Marketing – Whether you design and build mobile apps or have developed specialised software, you will need effective digital marketing. Enlist the services of a tech SEO agency and let them create an aggressive digital marketing plan that puts your business firmly on the digital map. Here are a few cash-flow tips for new businesses.
- Office Space – Sharing an office with other startups is a great way to keep costs down; search online for shared tech office space and you should find something in your price range. If your budget is limited, you can rent a virtual business address and work from home; no one would ever know and after a few big contracts, you can lease some office space.
- Bookkeeping – You should never allow this to be overlooked; get into the daily routine of recording all transactions at the end of the day. It is wise to get in touch with a chartered accountant at the very outset, as the expert can advise you on taxation.
If your business concept is sound and you have done your homework, there’s every reason to think that your tech startup will be a roaring success! Click here for information on setting up a business in Thailand, which makes for interesting reading. As the business owner, you need to be motivated and determined to overcome the many obstacles that you will encounter.