London has a thriving business ecosystem and offers a plethora of opportunities for entrepreneurs looking to start an online technology business.
With its rich pool of talent, range of funding options, and an increased demand for technology solutions, the city could be the perfect place to launch your business venture.
So, if you have an idea for a tech company but aren’t sure where to start, here are just five tips to help you set you on the path to success.
1) Conduct Market Research
When launching a business, regardless of your industry, market research is one of the most important steps that you can take to ensure that your idea is viable. Not only do you need to understand your target audience and how you can create solutions to their pain points, but you also need to gain an understanding of the market as a whole.
Platforms such as SurveyMonkey are a great place to start your market research journey, you can create surveys for your target market that will help you gain insight into what they’re looking for from a tech company such as yours.
2) Create a Business Plan and Secure Funding
A well-structured business plan is essential to the success of your online tech start up. You need to set out your business objectives, financial projections, and the steps that you need to take in order to achieve your goals. A strong business plan isn’t just a roadmap for you to follow, but it can help you when approaching potential investors for funding.
There are various avenues available when seeking funding and London is home to a wide variety of tech-focused investment funds that can help you on the path to success.
3) Put Together a Skilled Team
Regardless of your industry, your business is only as good as the team you have working for you. Building the perfect team that is passionate, hard working and knowledgeable can take time and isn’t something that should be rushed.
When putting together your job adverts for platforms such as Indeed, make sure that you’re clear in what you require from your employees, and outline what you can offer potential employers.
Set up filters to ensure that you’re connecting with the right candidates, and conduct thorough interviews to test their skill set and knowledge.
4) Perfect Your Product
Your product or services are the heart of your tech company, if it’s not up to scratch, you won’t be able to keep your customers.
Dissatisfied customers are not only unlikely to come to your brand again, but they are more likely to leave you negative reviews and discourage others from using your services.
5) Invest in Marketing
Without marketing, it will be hard for you to get the word out about your brand. Increasingly, customers are finding new products and services online, making digital marketing one of the most important places to invest your budget.
While SEO is a fundamental part of building a strong brand, it can take time to see organic results. If you’re just getting started and what an initial boost, then consider supplementing your SEO strategy with Pay Per Click advertising. Maratopia is a creative London PPC agency who can help you put together a successful PPC campaign and help you create conversions.
Share your tips for launching a successful tech business in the comments below!
