How to Start Your Own Tech Business

How to Start Your Own Tech Business

Simon Jenner - Million Labs

Simon Jenner

Monday, 15 February 2021

How to Start Your Own Tech Business

Your Journey of Building a Tech Business

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Starting your own tech business is an incredible ambition. As the world continues to digitalise, tech businesses are flourishing. Of course, a highly saturated tech market means that not every idea or MVP built for startups will survive. But no matter the scale of your business idea, you can absolutely achieve your dreams with the correct approach.
Just like there aren’t any fail-proof methods for starting your own tech business, the success of one business cannot be replicated detail by detail. But at MLabs, we’ve nailed down an approach that has proven successful time and time again.
Here are our tips for starting your own tech business.

Tip 01: Jump in and start.
This seems like a pretty straight forward tip, however it is the one that holds the most entrepreneurs back. Too many brilliant tech business ideas never see the light of day simply because entrepreneurs get caught up waiting for the perfect time to begin.
Here’s some advice… If you wait for the perfect time, it’ll never come along.
The tech industry is constantly evolving and growing, meaning the best thing you can do is just jump right in and build your startup's MVP. If you wait too long, you might miss out on the opportunity altogether. But instead, if you jump in, you can hit the ground running and learn as you go. Just make sure that your first stop in your journey is to validate your business idea.

Tip 02: Build Your MVP
As much as you’d like to dive into building your full-fledged prototype right off the bat, building an MVP for your startup is critical.
Your MVP app should be the bare minimum product needed to convey your Big Idea and test its main components among your target audience. Nothing fancy, nothing polished; a little rough around the edges will do.
Our MLabs No-Code Bootcamps are designed to walk non-technical founders just like you through this process to maximise your chances of success. In just twelve hours, we will teach you how to build an MVP for your startup with no-code technology, eliminating your reliance on external coders and developers to bring your Big Idea to life. Not only will you save on precious costs and time in the building stage, but you’ll have the opportunity to test your MVP app among real audiences.

Tip 03: Don’t be afraid of failure.
Failure is part of the game. In fact, we often learn the most valuable lessons from failing.
Any failure you face is the perfect opportunity to find new inspiration and consider pivoting your tech business. Especially during the testing of your MVP app, you’re supposed to uncover any flaws in your processes. It may sting at first, and take the time to feel that. But once you’ve picked up the pieces, go back to the drawing board; perhaps there is something there that you missed the first time but can now capitalise on, increasing your chances of success.

Tip 04: Stay focused.
What are your short-term goals? What about long-term? Write them down, put them on a sticky note on your laptop if you need to.
The tech world is changing constantly. You’ll need to stay alert and focused to navigate all of these changes. Keeping your goals in mind will enable you to make fast decisions and keep up with any tech development that affects your business. Throughout all of this, be sure to remain true to your business strategy.

Tip 05: Gather the proper resources.
The success of tech companies relies on having the proper resources, including both physical equipment and human resources.
Your machinery and equipment should be modern and efficient, meeting any relevant industry standards. The last thing you’ll want to deal with once your business gets on its feet is the need for new machinery, subsequently slowing down your processes as soon as they begin to pick up.
Meanwhile, your human resources are vital to success as well. When growing your team, you should be on the lookout for professionals in your industry who share similar goals as you and understand how your business fits into the overall market. One of your primary goals should be establishing a strong customer service team to assist customers and ensure their happiness with your product or service.

Tip 06: Network.
Networking is incredibly important, especially in the entrepreneurial world. The tech field is so vast that no one is an all-encompassing genius, meaning that relying on others is part of the process.
Build connections with entrepreneurs who have built successful businesses - and have even failed - ahead of you. Use these individuals as invaluable resources. We promise, there will always be something beneficial that you can learn, and you can learn it from the experience of others before you make your own mistakes.

Your journey of building a tech business is not going to be simple and streamlined. As the tech industry continues to develop and evolve on a daily basis, there will be many challenges thrown your way and decisions you need to make. However, by following these tips, your chances of success will be multiplied and you’ll meet a much more rewarding outcome.
Our No-Code Bootcamp will ensure you have support while following these tips, executing a successful approach, and starting your tech business. As an added bonus, you’ll even have the opportunity to join our Founders’ Slack channel, providing you with the perfect environment to follow Tip 06 and network. Claim your spot in the next Bootcamp cohort today.

Launch Your Startup Fast and Affordably! Our no-code approach is perfect for non-tech founders. With a simple 3-step process: START, LAUNCH, GROW, join over 1400 startups we've successfully launched. Start your journey today!