Tech ventures are most profitable business startup ideas of this decade because technology seems to revolutionize almost every part of the world. From healthcare to logistics and vehicle management, there is no industry that has had enough of transformative impacts of different tech solutions. So, if you plan to take a plunge and invest in a business that’s all about tech, or is at least partly driven by modern code and programs, the market has a space for you.
Things get even easier if you are in USA. That’s because it’s one of the fastest-growing tech hubs in the world. More importantly, USA has a huge talent pool and offers competitive development rates. Audience in USA, whether domestic or corporate has a huge user acceptance rate for new tech products and services. So, if you are still reading, here is a comprehensive guide on starting a tech business in USA:
Generating a tech-based startup idea
Most entrepreneurs who did or are doing well in the tech sector say one common thing: the success of any IT venture depends on two factors. Firstly, you have to have a great idea, secondly, you need the right team for execution. For the first part, here are some trending tech product and service business ideas for 2022:
- SaaS products for task management, organization, lead generation, social media management
- Mobile apps for web, iOS, Android or cross platforms
- Business software for desktop use
- Digital payment gateways for mobile applications
- Content automation program for businesses
- Machine learning algorithms or databases for industries like healthcare and supply chain
- Blockchain-enabled, a smart-contract-based app for real estate brokers, home buyers and property investors
Now you can tweak the ideas a bit, leverage emerging technologies like AR, and VR where it makes sense, and introduce a product of your own.
Applying for funding
If you have cashflows and budget that you need for developing your dream IT product, great. If not, you’ll need to find investors to proceed with the development phase. Now there are different options for approaching an investor or to seek funding.
First option is to create a prototype, then write a business plan and pitch to potential investors on crowd funding websites. This option is okay if you have absolutely no money to push your idea in the market. If your product is simple, you can create a prototype on your own. There are different tools like Figma that will help you do this.
If you have money to get the initial stages developed, go ahead and build the MVP of the product. This is the minimum viable product with only the core features that present the basic functionality of the app. You can earn from MVP and introduce advanced updates later.
Note that most investors will expect you to pay them 12 to 15% of equity in your tech startup. All investors would want to see a transparent presentation of facts in a business plan to consider your idea. For a business plan, write down the following:
- development budget your project needs
- the team you need for development
- what your product will do
- how it will solve problems
- the tech you’d be using
- the platform you are developing for
- and the revenue it will generate in the first 5 years.
Finding a development team
You need to carefully look at the desired architecture of your product or service before you start coding yourself, or hire a developer for your project. We recommend you choose professionals who have balanced expertise, experience and portfolio, instead of relying on either of these factors only.
For example, if you are up for launching a SaaS product, you need the services of a SaaS software developer. If it’s an iPhone app, maybe you need an iPhone app developer in Miami, or a flutter app developer if you want to launch for iOS and Android both. Similarly, if you are sold on the idea of launching a game application, straight away start interviewing game developers and designers with expertise in technologies like Unity and Unreal game engine. If you are launching a social platform, hire a node.js developer.
When finalizing a development team, make sure they have the following professionals onboard:
- A designer
- A project manager
- A front-end developer
- A back-end developer
- A testing or QA professional
Also check their location, working business hours, point of contact, and non-disclosure agreement. While the source code legally belongs to the client, it pays to discuss beforehand and add this part in your contract. In fact, also ask about payment structures.
Marketing your product or service
Internet marketing has outperformed conventional marketing models in many ways – and when it comes to a technical business where you are launching a SaaS or an app, the deal gets even easier. All you have to do is start building a narrative about your product or service online, share how it can solve the problems of your target audience and what benefits it can offer. Here are some quick digital marketing strategies you can use at all levels, from your product launch to promotions:
Start a landing page to introduce what your product is about. If it is an app, create a blog, start publishing content and establish readership and niche authority. In the beginning, you can go for a DIY WordPress website. It won’t cost much, but will definitely fulfil the purpose of building your brand identity and product idea.
Once you have launched the product, it is ideal to get professional web development services in USA. This would help you with an appealing website design, and later on boost your search engine traffic. When publishing content, target relevant keywords, and create service pages, package sections and informative articles after seeking inspiration from other players in your industry.
Create a community on Quora, Medium and Reddit. These are great platforms to find like-minded people, who won’t only give you real user feedback but also talk about your product in their social circle. If your product or startup deals with corporate users, LinkedIn is the ideal platform to find and contribute in a community.
Social media pages, like Facebook and Instagram handles also attract traffic and generate discussions about new products in the market. you can send out freebies, or announce a free trial for your product through a quick social media post. Now like search engine marketing, you can choose to go for organic and paid social media marketing as well. Both have their specific budget and team requirements and the results take different times to show up. Your chosen strategy should, however, depend on your launch timings.
While coming up with a unique idea for a tech business is easy, the execution part is lengthy, and challenging. During this time, you need immense mental concentration. Pay most attention to completion of milestones, and keep testing the product for its fluid user experience. you might notice technical glitches. Note and report them in time and get them fixed with your team.