What To Do When You Have A Great Tech Idea?

Have you ever had a brilliant tech idea of your own? We come across many stories of tech innovators who came up with a great tech idea, got the funds to build it out and ended up becoming billionaires. These cases are rare, but worth thinking about.

Sometimes, you do not need to have a lot of experience in the tech field to come up with a brilliant tech idea. For example, you could have come up with an idea for Zomato, without having full-fledged knowledge about building it out or you could have come up with the idea for Tinder with just the knowledge of how people would like to connect with each other.

So, if you come up with a revolutionary tech idea and want to share it with the world, then you should take some steps to turn it into reality in the future.

Points that need to be addressed

Even if you do not know how to code or are unfamiliar with hardware and software basics, but your idea is strong enough and you have good funding, then you can always hire a team of tech experts who will build the product for you. However, you should keep in mind that solid ideas solely are not enough to build a good business. For instance, if you build a free website that many people visit, but are unable to host advertising or do other monetizing stuff, then you may not be able to make a considerable profit out of it.

Staying realistic and grounded will give you a better idea about how your business will perform. Firstly, it is important to realize that businesses are hard to start. It is a hefty process and could take months or even years from start to finish. It also takes a lot of working hours to grow a business from its start to its final form. Creating a checklist of the steps necessary to start a business will help you set realistic expectations. You should also be open to the possibility that within the first five years of development, more than half of businesses tend to fail.

Therefore, accepting and embracing the realities of creating and developing a business will help you see whether your business is truly feasible as a startup or not.

Analyze your competition

The first and foremost thing for you to do is to run a competitive analysis to find out if someone else is doing what you are thinking of doing. One of the greatest mistakes amateur founders make is thinking that their idea is original and does not exist in the market. Most of the times, you have to confront the fact that it already exists. However, this should not decrease your morale. For instance, the founder of Oyo decided to work on his idea despite the existence of thousands of hotels in India. It is always better to differentiate your idea from what already exists and come up with something new and innovative, so as to give your business a leg-up.

It is always best to look at the performance of other businesses in the same industry to get an idea about how they operate and how much profit they rake in and where they can improve in their business. When you reach this point, your tech idea will be less of an innovation and more of a business model that is competitive.

Determine feasibility

If your idea is new, then your job is to determine how feasible your idea is technically. It may sound good on paper, but you have to know whether it can be created in a cost-effective and reasonable way. This might perhaps be a difficult question to solve if you lack hands-on experience in the technical field. Using a few approaches, you can find out about the feasibility about your tech idea.

With adequate time investment, you could find out the possible development options yourself and learn about different technologies and the limitations you would face during its development. It will always help you to talk to someone with sufficient knowledge in the field. A software developer or engineer will be able to tell you exactly how feasible your idea is to develop and may even point out your greatest business flaws.

Determine the potential for making money

You should have a clear idea whether your project has the potential to make money or not. It depends on what kind of technology you are developing. For example, if you are developing something for enterprises, then you can make them pay to use your tech either on a per-product basis or a subscription model. Similarly, while creating something for consumers, you can sell individual licenses for that software or may even offer the service for free, while being partnered with other businesses to showcase their advertisements.

Keeping all these things in mind, you have to ensure to keep your expectations grounded with real data. Also, have a clear idea whether your target audience will be willing to pay the price you set for your tech product or service.

Become an expert at what you are starting

If you already have plenty of knowledge in the field your start-up is in, then you will be well-versed in the field beforehand. However, if you have little to no experience in the tech field, then you need to work harder to be successful. It is paramount to absorb as much knowledge about the field as you possibly can. You have to start reading about the current trends in the market and also interact with the people who are experts in the field. Thoroughly understand the business models of both your start-up and your rivals’ as well. If your technology involves coding, then spend some time learning about it through free online coding resources. Things will seem difficult in the beginning, but in the end, your effort will be worth it.

Recruit the best talent

Even if you are self-sufficient to do all the work by yourself, it is very difficult to start a tech company single-handedly. After you have had your business plan laid out, consider looking around for talent. Hiring someone who has significant experience in technology and forming a development team will help you in the long run. Your ultimate goal should be to associate with the right partners and employees to help your company prosper to the maximum. Building a network of contacts to hire such talent will come in handy.

Have significant initial funding

As we know by now, starting a new tech start-up is no small feat. It would require you to pay people to work on your product or start a marketing campaign, for which you will need sufficient funds. The way you procure your funds depend on your goals where angel investors and venture capitalists could be an option or you could even take out a loan. The wisest thing to do at this time is to start a savings account for your venture and save as much money as possible to give your business the initial leg-up.

Conclusion

When you truly believe in your tech idea and are willing to take the risk of starting your own business, then you should definitely go for it. However, there are certain things that you need to keep in mind before putting yourself out there. With that being said, your sheer will, determination and perseverance will ultimately decide how your tech start-up will do during the course of time.