Turning an Idea into a Bussiness

Do you have the most amazing idea ever? But how are you going to turn it into an amazing business?

Where is your business going to be based? Do you have the right talent for your business needs? These are some of the questions you need to be able to answer when you are starting your own tech business.

Start-ups have it tough, tech start-ups even more, almost half of UK startups fail in their first year run. How do you avoid the pitfalls and ensure that your start-up succeeds?

Well leading entrepreneurs, Piers Linney – Former Dragons Den Star, Alice Bentinck- revolutionary technology counsellor, William Chase- Tyrell Crisps and Wayne Hemingway MBE- founder of Red or Dead are here to disclose important pointers for a successful tech business.

Flair for share

According to co-founder entrepreneur and technology counselor, use your major strength when recruiting the top people: Your own self. According to her the biggest task any company has is recruiting the right skills

Alice Bentinck the cofounder of Code First: Girls recruit per year around 200 technology employees. They way to do something is phenomenal is to stand out in the crowd. People wrongfully accept that attracting proper talent takes money, headhunters or stock, but the truth of the fat is that start-ups cannot compete with the big wigs. Make you own standings don’t use somebody else’s, using the founders sell the dream of the company, show the potential talent how working for you will beneficial for them in the upcoming years.

A lot of companies are looking to capitalize on tech start-ups, an added benefit when you don’t have the right amount of currency to ensure success of your business, or to attract talent, but don’t be lazy and lean on these big companies for support.

Wayne Hemingway MBE supports this way of thought against funding from third parties by stating how when co-founding Red or Dead a fashion brand they never made a loan. Starting from the bottom they worked hard instead to get to the top, this not only ensured freedom in decisions or initial choices in going a specific way or not, it also built up confidence. Not to mention, no funding meant being in a situation where failure was only your problem and as such not a big problem and nobody else’s. You borrow too much and you have to do certain things their way, there is pressure not to fail.

How to tech

Former Dragon of the Dragons’ Den Piers Linney and also the co-chief of Outsourcery firm dealing in cloud experts gives advice regarding tech business: staying as elastic as conceivable. Having the elasticity to change fixed costs into variable costs goes a long way, paying too much for your business can destroy it before it even takes off.

Smart and clever tech businesses these days are providing amazing software as services that can be used for a payment – a subscription if you will, for anybody to everybody. The Tech side of business has evolved immensely over time, and the ability to charge a rental fees for software and solutions with cloud IT now translates into entrepreneurs running their trade more efficiently and smoothly, an advantage for all- the business and its clients.

Place for your base

Once upon a time Hong Kong was the most expensive place when basing your offices in, now London has overtook Hong Kong. The founder of William Chase Tyrrell’s Crisps points out that a proper establishment is an important decision. A prime operating area, not only cut costs but if you don’t get it right the first time, moving can be a big cost and disruption that you cannot afford.

If utilizing a rented space, be sure to know the terms thoroughly, ensure that you and the owner are on the same page and be mindful that the rent is not going to stay the same throughout, it might go up.

Mr. Chase currently running Chare Distillery also adds that if your business is based on a services just having a proper and correct postcode can go a long way, a premium service is distinguished by small nuances such as a postcode and this could be used as an advantage when pitching your service/good.