Every once in a while a techie dreams to start a tech company, the reason behind such aspiration is to channel the work experience into doing something different, create new working culture, help people or it can be any reason, depending on the individual source for inspiration. The idea of having your own company is good, make no mistake to get there you will need a rock-solid foundation of knowledge (amongst other things).
So, if you move with the idea of starting a tech company, there are two possibilities- either you will be successful or fail successfully, so don’t hold back from trying. It is a bonus if you have a technical background but hey! Even if you don’t belong to technical background and thinking of starting up a tech company you should go for it.
You have the product idea, skills, and vision but still, you wonder – how to start a tech company with no money or experience? don’t worry we have your back.
So if you are a technical person, willing to start a tech company, keep in mind the following skill requirements:
- Generate Product ideas
- Front-end & back-end development
- Latest tech-stack knowledge
- Strategizing ability
- Critical thinking
- Versatility – cover various tasks
While you read the skill requirements there are two possible outcomes. Firstly, you will think you have all the 6 requirements and ready to take the next step and only require expert consultation.
Secondly, you think you need to get more details about different aspects before taking the big step.
So before you jump to any conclusion, let’s understand the basic difference between startup and company.
Startup: A temporary organization formed for a business model that is repeatable and scalable.
Company: A permanent organization formed for a business model that is repeatable and scalable.
You are thinking – both are similar and you are not wrong. Startups are basically small foundations with the ultimate goal of achieving a company status. Further adding, only 10% of startups survive, and the remaining 90% fail.
So, Why do the startups fail?
So these stats prove one thing- starting a start-up is very challenging. A couple of mistakes and boom! You are out of the game and also the dream of transforming your startup into a company perishes.
This doesn’t mean you give up! No. The founder has to accept the responsibility, to begin with, followed by the analysis of the reasons behind failures.
How to start a tech company with no money or experience?-8 steps guide
Here, we will guide you through the top 8 different steps which one can consider a plausible action plan in order to start a tech company.
Step 1-Market Research
Supply and demand! Yes, whole market research revolves around these two factors. The idea of your product will impact the market only if it’s improving the missing features of existing products or completely being a unique product that the world has never seen.
Further market research addresses the core problems which users face on daily basis, this act as a scope for product idea and you can understand the demand for a missing product. So eventually you will be able to modify your solution based on the analysis and make the product better than your competitors.
It is important to understand that as a technical person you need to make sure that your product is different from the ones already on the market.
Step 2- Investment
Myth buster – you don’t need to be damn rich for investing in your business idea.
You read that right! Often people just take the assumption that in order to start their own business they need to be rich for investing in it. A small amount of money is enough to kick start your own tech company.
There are various channels through which you can gain funding all you need is a perfect pitch. This doesn’t mean you can’t invest your own money, because it’s important you have a small amount of money if the investment doesn’t come through public channels.
Step 3- Minimum viable product (MVP)
Just having a great idea won’t do it. Often the new founders make a rookie mistake of neglecting the planning just because they think their idea is good enough to make an impact.
So, to make sure your idea gets a proper recognition launch you need to launch an MVP. This will help you analyze the reach of the product and how it lines up with the user goals.
Step 4-Name your company and brand your website
You have the MVP but it should have an identity. The company name needs to be unique to draw user attention; however, you will have to choose the name according to availability.
3 key points for consideration while you name your company:
- Unique company name but easy to pronounce. Different from existing companies.
- Make sure the name is catchy for the audience to memorize.
- The name you choose should also briefly describe your company or the product
A website or application is also necessary for the company, further a smooth and seamless UI/UX on the website will be icing on the cake.
Step 5- Designing section
This section includes the creative part. The application you wish to develop gets the outlook in this section with the help of wireframes and mockups.
Wireframes: provide layout structure for app or website.
Mockups: high-fidelity designs made to get a rough idea of the final look of the product
Step 6- Coding
When the design is on verge of completion you can have your developers start coding for the logic part and give functionalities to your application or the website. This step is a core one because both front-end and back-end coding is done here.
If you want you can even hire an on demand app development company for creating your company’s MVP and gather user responses, we are a perfect match..!!
Step 7- Hype & pre-sale plan
You have to literally brag about your company for surviving in the market. In order to do that you need to create hype around the market by various marketing techniques.
Before you actually launch your product you can sell the idea and get responses. Users love having the first go at any product be it in terms of knowledge or early access to a beta version, this can definitely improve your chances of getting more purchases once you release the actual product.
Step 8- Be proactive
In business there are continuous ups and downs, there are times when you won’t even generate enough profit-based revenue to sustain the business, that’s why you will need to be more proactive from the beginning itself.
To further inspire you here are some startup ideas you can pounce on to start with while you start your company.
Also Read: Trending top 10 emerging technologies
Top Startups Idea:
Social media consulting:
You can use this idea to target the large number of users who are active on social media. The only requirement in this domain will be your ability to help others create their individual social media profiles.
Digital marketing consulting:
Help companies with marketing their services, product, or content there is so much opportunity here.
Mobile payment solutions:
The variety of payment wallets available on the market gives you an opportunity to provide your unique and scalable solution for different modes of payment.
With the development of various software and hardware technologies, it’s obvious that it will demand high support & maintenance. This is your chance to provide services such as network maintenance, system assembling, computer recovery, data backup, installation, and cyber-security, etc.
Technical Training Company:
This is purely educational but has a higher demand. If you have enough technical skills and theoretical knowledge you should definitely consider this.
How to Start a Tech Company in India?
Here are some legal aspects that any startups and entrepreneurs in India must be aware of before entering the business.
Formalize a business structure
This includes – Registration, Legal status, Member liability, Transferability, and Taxation.
Common license like Shop and establishment Act which is applicable to shops and establishments.
Understand taxation and accounting laws
Different businesses have different taxes applicable to them. This Variety of taxes includes – central tax, state tax, and local text. Recent updates also suggest the GST taxation inclusion.
This is an integral aspect of any organization. No matter what’s the employee count of your company you have to follow the law with regards to – minimum wages, PF payment, and weekly holidays, etc.
Protection of intellectual property
If you are a new startup you can benefit from SIPP –Scheme for startups Intellectual property Protection. This will help you protect your research, patents, and algorithms.
A contract ensures a smooth transition of work. Having a basic knowledge of contract management can be useful for entrepreneurs in handling employee contracts.
It’s a difficult decision to make, but every entrepreneur must also consider the minute possibility of the early shut-down of a start-up. This needs to be done legally keeping in mind these 3 methods:
- Fast track exit mode
- Court Route
- Voluntary Closure
Top Start-ups In India:
- Razor pay
We can hope that this guide helped you to get a perspective on how to start a tech company? When you start your journey it will be difficult so we would like to assist you with your journey.
Always remember –
“You are courageous and will manage to achieve your goal”.
“You have what it takes”
Contact us for getting an insight into how to start your journey as the founder of a tech company.