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How to Start a Tech Business in 2020

If you have thought about starting a tech business but never felt you had the time to do it, this might be the right opportunity. Living through a pandemic has meant we have a lot more available time than we ever have before. 

Of course, we would be remiss if we didn’t mention that the pandemic will undoubtedly leave an impact and, as you’ll see in the future of this article, it may just alter your direction. But at the same time, a lot of the same rules for starting a business still apply. 

This blog post will guide you through starting a tech business and what it means when living in a post-pandemic world.

Providing Value

 

Perhaps you have thought about starting a tech business but aren’t quite sure what that looks like.The good news is that the Internet is still very much in its infancy. As always, it’s about providing value.  

There are a lot of tech opportunities around the idea of remote work. For instance, the pandemic has illuminated the fact that education systems are still not able to function seamlessly in an entirely online environment. The world is going to look much different after this pandemic and technology will undoubtedly be the one to guide us through it.

Does Your Business Idea Still Make Sense in a Post-Pandemic World?

 

The unfortunate reality is the tech business you had envisioned months ago or even years ago might not make as much sense in a post-pandemic world. 

Sure, the basic core of your product could remain in-tact, but there may be some tweaking that might need to be involved. 

Consider, for instance, that consumer confidence is low. That means you may need to evaluate your target audience in favour of a customer segment that isn’t struggling as much financially. 

Do you still have a business case?

The Same Rules Still Apply

 

While a pandemic like the novel coronavirus will change many aspects of the future ahead of us, the same basic foundation for starting a tech business still applies. 

First you need to start thinking about building your minimum viable product. In short, the idea is to find out if there is a market for your product without having to take a lot of risk in order to do so. Are people willing to pay? Before spending thousands of dollars to build the product, the idea is to test the market first. Get in touch with your target audience and see if they are interested in your solution. 

But even once you have built your product, it is critical to continue digging at every point. For instance, when we built Yocale, our scheduling software, we made two critical mistakes that we don’t want you to make:

  • Don’t Choose the Wrong Beta Testers (i.e. Friends and Family). You need to test the product with your actual target audience to get the most accurate feedback. Secondly, you want to wait to test the product until you have a pretty complete product – not while some features may still be lacking. 
  • Don’t Assume You Know How Your Target Audience Is Using Your Product. Even once you get your product into the hands of your actual target audience, you still might not be accurately predicting how they will be using the product. For example, we did not expect to hear that some found our product difficult to use because it seemed easy for us. It’s almost like having blinders on. On this front, it’s important to be proactive in terms of communication – otherwise you might just not get the feedback you need. It took us actually seeing how people used our software (in our case, this meant visiting actual salons) to get it right. We had to take a very proactive approach and figure out how our target audience was using our service in actual practice.

Once you’ve defined your minimum viable product and gone on to build and test the product in the real-world, marketing is going to become important. Connecting with your target audience via online platforms like Facebook groups or SubReddits on Reddit, for instance, can be a great source of valuable information. 

Consider a Contingency Plan

 

One thing that the pandemic has illuminated through all of this is that having an emergency plan in place is necessary. In the event that a pandemic happens again, will your business be able to continue functioning? What is your back-up plan? It’s important to have an emergency fund to protect your business from damage. Therefore, among many options you can consider getting online payday loans. Give it some thought. 

Wrapping It Up

 

With seemingly more time within our grasp than ever before, now may be the right time to start thinking more seriously about the tech business you’ve always dreamed about. The pandemic has illuminated real problems in our world, such as remote work, and how technology might be able to offer a solution. 

Of course, for those who already have some sort of concept, it’s also critical to consider whether this idea still makes sense in the new world we are going to be entering. That said, the same rules still apply: defining your minimum valuable product, testing the market, and then continuing to dig deep into your target audience and how they’re actually using your product.

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