If you’ve been waking in the middle of the night with an idea for a new bit of technology, or you’re constantly noticing areas of life that could be made much more convenient with a handy app, it’s time to put your thoughts into practice.
After all, even the biggest of tech companies once started out as a tiny idea – following in their footsteps could bring the tech of tomorrow to your doorstep! As such, here are our tips for taking your great tech ideas to the next level; there’s a long road ahead, and with just a website and a bit of knowhow, you could become an experienced tech entrepreneur.
Scope Out the Competition
You’ve got a good idea for new tech in the back of your mind, but how many people have had the same idea in the past? It’s time now to find out; you need to know your competition well ahead of time, and see how your idea stacks up against the apps and hardware that already exist.
You can do this by checking out tech magazines, as well as online reviews, and by simply typing keywords associated with your idea into Google. How many similar products already exist? What are people saying? And if you’re noticing a wealth of ‘clones’, how can you provide something that’s different, but also better?
Put a Business Plan Together
A business plan is the number one thing you’ll need to boost your great tech idea. You’re more likely to attract investment with a business plan in hand, and a properly structured executive summary provides a clear goal for you to work towards. And it’s easier than you might think to write out your action plan!
So do yourself a favor here and write your business plan as soon as you can.As Apple CEO Tim Cook says, there are many challenges to running a business (you can click here to read the article), but having a clear idea of where you want to go, and what you’ve got to work with, will set you on the right course straight away.
Pull in Some Investors and Lots of Talent
Now it’s time to find out what the financial world of people like these pre-seed investors think of your idea, as well as what kind of talent you can hire to work on it. Unless you’re able to code and/or manufacture yourself, you’re going to need to put a lot of feelers out here – and remember, the bigger the team, the faster the work on your idea will get finished!
As we mentioned above, a business plan can help with the former problem, but with the latter, you’re going to have to get creative with your job adverts. You can work with freelancers, and outsource your coding and design needs, but it’s always good to have a dedicated, in-house team available.
If you’ve got an idea for a new piece of tech, make sure you set in motion the balls to turn your dream into a business.
