August 24th 2012

Technology entrepreneurial tips

Whether you have just started on your road to entrepreneurship or you are well on your way, there are always those burning questions that brew in the back of your mind.

Success, achievement, taking the next step — they can all sit in our subconscious, and try to help us make our decisions on what way to go.

Here are some answers to the basic questions and queries about moving your technology-based entrepreneurship to the next level.

Turning a hobby into a business

There are many choices on how you can move from hobby to business, and there are a few things to keep in mind. First, figure out how much people would actually pay for your product. Ask your friends, family, and also people you don’t know. You can even consider tossing out a survey and posting it only to see who would pay what for a certain kind of service.  The pricing model is the key.

Next, ensure that you are in the right market. Is this a good time to develop websites? Sure, if you’re super talented. But make sure you are doing something different and unique, otherwise, marketing will be the highest demand.

Finally, decide if you are willing to make it a full-time business. If it is a hobby, and you want to just make some money off of it, slowly build it through websites and social media, including videos. If you want to make it something more, make that decision and then follow through.

Picking your Point of Sale system

Point of sale systems (POS) vary in many ways, and, chances are, there is one that is best to meet your needs. If your business is a startup and you’re worried about costs, try mobile payment systems, especially ones where you can get a free card reader, and, in turn, pay a 2.75 percent transaction fee for each card you swipe. However, if you want to hit the traditional route, search out companies that are similar to your own and follow suit. Basic systems cost about $3000+.

Partnering with another company or entrepreneur

If you opt to associate or create a joint venture, but still retain control of your own part of the business, consider connecting with a professional after searching through executive profiles that match what you believe in. From there, discuss with an advisor or attorney about the possible arrangements, though ensure that it is legitimate; the last think you want is to give up any portion of your company before you’ve even started. It is important to understand that bringing in another person may be more complex then you think.

Grow your website

A good way to start is searching through sites such as LinkedIn and connecting for referrals. There are many marketing-related groups on LinkedIn, and once you connect, be sure to ask the right questions, ask for feedback, and talk to many people about what you are doing before you launch into a plug for your business.

 

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Andrew loves art and design, and pursues his studies in his final year at the Ontario College of Art and Design. He loves seeking out new artists and giving them their dues, and in his spare time, focuses on his own abstract sculpture.