According to the Bureau of Labor Statistics, only about 50% of start-ups succeed by the 5-year mark. Therefore, starting a business is a challenge regardless of the field.
That is doubly so if you intend to start one in an industry requiring technical skills, such as a technology business. While you do not need prior experience to establish a successful tech business, it helps to have the right skills, connections, and marketing strategies.
Further, starting a business requires funds. As a foreigner, you can access loans for immigrants to get the company off the ground.
Why Select This Tech Industry
In a 2021 report by CNBC, 57% of tech executives stated their biggest concern was a shortage of technology workers.
Further, the tech leaders did not adopt technologies in 75% of cases, citing a shortage in talent availability for IT automation tech. Other sectors also face a talent shortage, such as IT infrastructure, automation, and networking.
What’s more, the technology profession attracts good pay. As of May 2020, the average income in computer occupations was $91,250, more than double the average income for other disciplines ($41,950).
For these reasons, most tech companies resort to hiring remote staff, presenting a golden opportunity for tech business start-ups.
Technology Business Ideas to Start Your Own Business
a) Social Media Consultant
You will assist companies in mapping out a social media strategy. Significant roles include;
- Content integrator
- Trendsetter
- An analyst
Companies ask for assistance in their brand management, customer engagement, and communication. You create and post content like articles, videos, and graphics on specific channels and websites.
b) Online Teaching
Many people are buying online courses to add to their knowledge and skills. Many prefer online courses for their affordability and time management benefits.
Decide what to teach and validate the market demand. Aspire to be strategic in your positioning and identify a unique value proposition.
c) Do Online Research
To conduct online research, you need skill, knowledge, and time. Since most companies are not ready to employ a full-time researcher, there are plenty of opportunities. You can assist a company in deeply understanding its customers while providing competitor analysis.
d) Podcasting Services
People are looking for information and entertainment as they move around, such as during drives or morning runs. You can offer valuable content on audio files through a podcast. Tell people who pay to listen to the content if you want to monetize the business.
e) Fitness Technology
There has been a shift in customers’ mindsets. People are more concerned about their overall wellness than ever before. They purposely focus on eating well, working out, and sleep quality.
They are using apps and other digital gadgets, and this is where you come in. You can build apps focused on fitness technology trends that enhance wellness.
First Steps to Build Your First Technology Business
Conduct market research to establish your niche: market research analyzes the probability of a business idea bearing fruits. Use the data gathered to create a competitive edge for your business.
Develop an actionable business plan: a brilliant idea is not enough. Many business start-ups fail to make a profit for lack of business plans. It’s a detailed guide on how to establish, run, and grow the business. It even shows where to get source funding, such as loans for immigrants.
Establish solutions and not product features: base your business on a customer-centric product. Notably, customers engage in products offering answers to their challenges.
Have a team: use the team to analyze weak points and identify skills needed to serve the business needs.
Getting Funds to Start Your Technology Business
ITIN Loans: There are limited chances of getting credit facilities for foreigners, but you can use your ITIN number to apply for loans for immigrants.
Accelerator: besides providing a rare chance for face-to-face mentoring, connections, and opportunities, an accelerator can offer financing.
Family and friends: you can get funding from your nearest and dearest.
Bootstrapping: alternatively, you can decide to finance the business by relying on personal savings.
Wrapping Up
The tech industry has a chronic tech talent shortage, making it fertile ground for starting a business. Whether you want to create an online school or social media consulting firm, you need financial resources. Use the link in the introduction section to learn more about loans for immigrants to start a tech business.