During the Covid-19 Phase, we saw many startups emerging and a revolutionary change took place across the Globe, including Dubai. Due to the loss of jobs and no source of income, many unemployed youngsters had to think quickly and build businesses all by themselves to earn money. Thus the doors opened wide for techies to venture out and start their own set-up to sell their expertise and hopefully build a big empire out of it in the future.
Gone are those days when Silicon Valley was the only ‘dream deal’ and a stepping stone to fuel your start-up dreams. Now talented individuals are equipped to take a leap and compete with established firms, from anywhere in the world, thanks to the Digital Revolution. Big IT firms; including Amazon, Google, and Microsoft, are downsizing, which gives software professionals all the more reason to start afresh from scratch.
Many Business Schools and Colleges have a concept of an incubation cell where students come together and pitch a business idea to promote the spirit of entrepreneurship at a young age. When it comes to computer science and technology projects, TechnoKids is a winner! TechnoKids sows the seeds for one’s tech journey and prepares students for the outside world, in sync with the STEM curriculum which is now picking up pace in the Middle East, across the GCC, and other parts of the world. So when children are prepared to tackle the challenges of the outside world, they don’t fear and make a conscious choice to tread unconventional paths of setting up a start-up vs. being employed.
Here are some tips to start a Tech Business:
#1 Concretize your Idea
One needs to map a strategy based on the goal that one has in mind to initiate a business start-up. Ideation is the first step to start with. What is it that you have to offer your customers? How unique is your offering from the competitors? Is your service unique from others in the market? Have you identified a niche or a gap in the IT sector, which your firm would like to address? All these are important questions to ponder upon. If you have a team of co-founders, devote sufficient time to brainstorming, before you jump into the pool.
2 Build a Team
Without a strong team to back your ideas, it is impossible to manifest a plan. Hire a team that is equally passionate about your purpose of serving customers and follow suit to the next phase. Alongside sharp IT skills and work experience, the HR team must also look for individuals who carry strong ethos, and ethics, are dedicated and have respect for the team’s culture. People are ready to relocate for work opportunities, and so the platform is vast to hire even an American or an Indian to join your firm in the UAE
3 Marketing and Advertising
Once the software or cloud platform is ready to be launched we need to make it known to the target audiences by allocating marketing spends & advertising the brand on various platforms. The sales team will do its job of reaching out to clients at the ground level, but as we know in the age of the Digital Revolution, it is mandatory to captivate Digital advertising and SMM (social media marketing). Your presence on LinkedIn and Facebook will not go to waste and it is a safe space to create brand awareness to target a large audience via Social Networking platforms. You can also engage with prospective customers directly on social media and thus get to learn about their requirements and tastes, to cater better to what they need. To increase your online visibility, create a website, partner with marketplaces like Amazon & Flipkart if you have a B2C business, and run campaigns regularly.
#4 Prepare a Financial Projection
To keep track of expenses and profits, your finance team needs to be brilliant. At the strategic level, proper budgeting is essential and to keep the business lucrative, enough operating costs must be made available at the right time, to avoid any hindrances.
The process of starting a business is pretty exciting and not all who venture out get it right in the first attempt. However, our message to you is not to give up and keep trying even after you have failed.