Tech companies are becoming an important part of the world’s economy, with many of the richest nations employing millions in this sector. Statistics from last year showed that 7.3 million people across the U.S. are employed in tech, while the UK has 1.5 million tech jobs. Many of these people set up their own tech firms, but can students do it while studying?
As it happens, they can! There are a few steps to take between developing an idea and selling it to the wider world, but it is all worth it as long as you have a good idea and have done some research.
The first step is to come up with an idea for some form of technology that people might want and need. It could be an app, a gadget, a computer game or piece of software. Build it first, then look at getting a patent number for what you have made. Approach the US Patent and Trademark Office first, so that you are protected in case someone copies your business idea.
Any time spent on developing your startup should be in your spare time. Evenings and weekends are ideal, as they will not eat into your studies. If your new startup idea is relevant to your course, you could always ask your college or university’s tutors if you can incorporate your business idea into part of your studying.
The next step is to do research on what need there is for your idea. If you have an app in mind, look in the App Store or Google Play Store to see if something similar has already been made. If so, tweak your idea or think of something new.
Money should also be part of your process. All startups need some form of capital behind them to fund expenses such as office space and equipment for creating the finished product. A business loan may be able to help, but if you cannot access one, there are alternatives. You could take out a short-term student loan to meet those costs.
After the idea has been developed, funding has been secured and you have somewhere to run your new startup, one of the biggest tasks on your checklist is to register the business. You can do this through your local or national tax office.
You should then look at marketing your startup. Set up a website, social media accounts and get advertising on the right websites. Finally, make sure you don’t take on too much work and try to expand too quickly. Some of the most successful tech companies started off small.