Tips for Starting a Tech Business in the UK: What you Need to Know

There are already quite a few teenage millionaires here in the UK, thanks to great tech business ideas and if you would like to join them, here are a few tips to make your tech start-up become a reality.

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If you are a budding Richard Branson who has a talent for tech, this is a fantastic time to be around, what with the Internet of Things and 5G about to be launched. There are already quite a few teenage millionaires here in the UK, thanks to great tech business ideas and if you would like to join them, here are a few tips to make your tech start-up become a reality.

1. Business plan

Every tech business needs to have a comprehensive business plan and this should be the first thing that you do. A good business plan incorporates start-up funding, an organisation flowchart, running costs, a marketing plan and profit forecasts and when you think it is done, ask a business guru to take a look. 

2. Funding

A tech business would normally require little in terms of capital; you can launch your website and use a virtual business address, which gives you the image of a successful business without the costs of running your own office. Indeed, if your developers will be working remotely, you have no real need for workspace and that will save you a lot of money. You won’t need to invest in much IT hardware if you are outsourcing, as freelance developers use their own machines and you can have regular Zoom meetings to discuss projects. If you are a little short of funds, the online lender offers low-interest business start-up loans, with flexible terms.

3. Be legal

If you are planning to be around for a while, you should register your business and do whatever is required to comply. Talk to a business lawyer about registration, as there are quite a few types of business registration, some are more beneficial than others. Take out some public liability insurance which covers you against any compensation claims and compliance to government regulations should be a priority. 

4. Join developer forums

In order to network with other developers, you should join prominent online forums and that will help you to put a team together when a project comes along. Once a deal is struck, the client will want the product in good time, so it is essential that you can source the best people quickly. This could also be a good source of clients, as many small tech business owners are members of online forums.

5. Avoid directly employing people

As soon as you become an employer, you have many liabilities; it is much better to hire self-employed developers on a job basis, which means you have no national insurance or tax liability for your workforce. Keeping your organisation simple and streamlined offers many benefits and helps to keep costs down. If you need white glove logistics at any time, Rhenus High Tech are a leading UK provider with all the solutions.

6. Digital marketing

Of course, you will need to get your message out to the right people and the best way to do that is hook up with a leading digital marketing agency, as they are able to put together a dynamic digital marketing plan that encompasses SEO and social media. The agency has many powerful strategies and they tailor their services to suit the client and once they check out your company and what you do, the marketing experts can formulate an aggressive plan that delivers results. Click here for reasons why your business needs managed IT services.

7. Virtual office services

If you want to project an image of a successful business, you can acquire a registered business address in the right part of town. The provider also offers virtual receptionist services, when remotely located receptionists handle all your calls. The receptionists are fully briefed on the client’s business and always answer calls within 5 seconds, which is impressive by anyone’s standards!

Check out the UK government website about setting up a business, where you will find lots of useful information to help you with your plan. Hopefully, your new tech business venture will enjoy steady growth and provide you with a good income and with the above tips, you shouldn’t experience too many issues.

Related: How to Choose the Right Tech Stack for your App

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