Technology and younger generations have grown together. For the latter group, this growth comes with advantages. Namely, they’re more familiar and comfortable with a wide variety of tech tools that puts them in an ideal position to even consider starting their own small tech company.
Although exciting, it is a daunting prospect. As a young entrepreneur — or a parent or educator guiding one — you must get a solid sense of how to proceed practically. We’re going to take a look at a few of the strategies that can empower young entrepreneurs to kickstart their tech companies.
Find a Focus
The term “tech startup” is so broad. It encompasses a range of different types of businesses. The first step for young entrepreneurs is to hone in on a specific focus for their tech business.
Firstly, look at what meshes with your areas of interest. For instance, those passionate about drones could start a drone videography business. If you’re great at troubleshooting issues with computers and software, a remote IT support service could be an option. Into coding? There’s still demand for developing mobile apps or even virtual and augmented reality (AR) software. Establishing a focus that links to interests is just the start, though.
From here, you’ll need to explore how viable these businesses are. Perform some market research into enterprises you like the sound of. Seek out data on how much demand there is for these services and explore how others in the field price services so you know what you could charge.
Gain Resources
Every tech startup needs a range of resources. Even if you plan to be guerilla in your approach and work out of your basement, there are still external elements that can help you succeed.
These include:
Funding
Getting a little startup capital for your business can be a big hurdle. Particularly when you’re young and you don’t have a reliable credit score, getting traditional loans can be challenging. That said, there are grants and other funding programs that are aimed at small businesses, with some designed to encourage young entrepreneurs. Explore these and take a serious approach to building solid applications that include a clear business plan.
Mentorship
Setting out on your own with your tech startup can be a great expression of your independence. You can also learn a lot of business fundamentals alone online. Nevertheless, remember that getting insights from those with experience in the field can help you navigate potential hurdles and make more informed decisions. Often, local business organizations — such as the Chamber of Commerce — will have events to connect young adult mentors and experienced mentees. There are also programs run by organizations that are designed to find the most appropriate guides.
Develop a Tech Brand
It’s important to bear in mind that the accessibility of tech entrepreneurship means there may be a lot of competition in your chosen field. You can overcome this obstacle by finding ways to stand out from the crowd. This involves developing your brand in the following ways:
Check out your competition: Look at other prominent businesses in your field. Yes, look at what makes their branding engaging. But also try to find out what you can do differently that makes you unique. You should lean into these characteristics when developing your logo, website, and other brand materials.
Know who your audience is: Establish the demographics you want to focus on. Get to know what types of marketing materials they find engaging and other brands they appreciate. Look at what social media channels they tend to use. This helps you to know what branding elements can make the best impact.
Find your brand voice: Your brand should be an authentic representation of you. People can tell when a brand is forcing their social media posts or advertising to sound a certain way to exploit trends. This can be quite off-putting. Yes, be professional in your brand communications, but also make certain they’re an extension of your personality.
From here you should start to create materials that get your brand seen and talked about. Make blogs or vlogs that demonstrate your area of expertise. Engage with prominent figures in your field on social media by starting discussions on mutual areas of interest. Make social media posts that give insights into how your tech startup works and what your ambitions are. The more engaging you can make this material, the more effective your brand can be at driving business your way.
To this effect, always look for the best way to market your brand. As social media adapts, so must you — a lesson you’ll learn early on as a small business owner. If you prioritize flexibility within your business strategy, especially with your marketing, you’ll be more capable of handling bumps that may come your way in the road.
Conclusion
Kickstarting a tech company as a young entrepreneur definitely benefits from a strategic approach. Take the time to do plenty of research and be patient as you build the resources and practices that can influence your success. That said, don’t be afraid of failure. This doesn’t mean you’re a bad business person or don’t have great ideas. Rather, these hurdles are fantastic learning experiences that can make you a more informed and innovative tech entrepreneur.
