Investing in Technology

Need to know about Investing in Technology

By:mridha 456 264

The technology sector have been growing the past few decades at a significant level. Companies of all sizes- From start up to billion- dollar brand need support from tech sector. In broad sense this sector is involved with, doing research and creation, distributing technological products or services- computer to software, websites, Apps many more

Why to investing in technology sector!

Economic slowdown can be erased by investing in technology. Continuous and advance moving with new advancements and solutions of this sector opened lots of growth opportunities for the entrepreneurs and investors. Let’s know some trends and prospects-

  1. Supportive Business Environment

Today the government of Bangladesh is supporting a lot for the growth of technology industry. In this country the market is diverse and the corporate and social culture of technology advancement has been established and perceived in a secure manner.

  1. Tech creates more tech

Whenever a new tech arrives, it begets new opportunities in this sector. Even a piece of tech can be accessorized, improved and replaced with an existing tech and create a whole new slew of commercial revenue generating product. Which means more profit, more growth.

  1. Tech can be the best capitalism

Ultimately the best ides will win , regardless of who you are. If you can bloom a better piece of tech, you can easily outdo any giants and successfully carve out a portion of the market for you.

  1. To function every business relies on technology

From retail to healthcare every business rely on at least some form of technology. In modern world its impossible to expand a business without the help of technology. So tech based organizations are successfully supplying their products and services with efficiency.

  1. Our economy is going digital

Countries around the world including Bangladesh are motoring their economies toward digital consumption. E-commerce, software and computing are the greatest example of a digital driven economy. The trend going digital is a more cost effective and efficient move.

  1. High consumer demand

In this modern era consumers want more and more technology. They want more powerful, effective and efficient legacy of technology. Beside hardware, software and telecom now people want more newer advance platforms like big data, cloud, social media, analytics etc. this is the reason why apple puts out more or less an iphone almost every year.

  1. Businesses want to economize

Businesses wants to jump with new technology to save money. Automation and AI improves productivity, increase safety and assist employees to complete their task. 

 

How to invest in IT sectors in BD?

Today IT budgets are being boosted by Businesses in Bangladesh. Starting a business is relatively easy in Bangladesh. But if you want to start an IT firm in Bangladesh beside specialty in IT field you need to have paperwork and others. Let’s discuss the steps you may follow to startup an IT firm in Bangladesh-

  1. Strong mindset

It’s not easy to develop a profitable business in Bangladesh. You need to have strong mindset, proper business plan and hard team work. If you really want to do it you have to gather specialty in IT, resource, potentiality and hard work.

  1. Analyze market and competitors

Research your market like what your competitors are offering and how they are doing their business. Who can be your client according to your business size. You have to analyze all of these.

  1. IT services you are going to offer

Your main selling points for potential customer will be the IT services you offer. This may includes: Network design, software update or installation, network installation, tech support, assessing risk, admin management etc. 

  1. Draw a business structure

Before starting an IT firm you have to build a right business structure. Here having experience and resource is not enough. If it’s a partnership business it needs proper paper work for assets, liabilities, tax structure etc.

  1. Choose a name

People will know your business by it’s name so you have to choose a good name relating your business. So for that you can note down all the names pop into your head. Remember the name should be meaningful.

  1. Register your business.

To operating business legally in Bangladesh you need to form legal paper works and prepare a checklist.

  1. Develop a business plan.

A business plan will work as a road map for it’s growth in the future. A proper plan may include – company summary, business structure, offerings, funding sources, budget, marketing and hiring strategy etc.

  1. Make a bank account and secure fund

To separate personal and business fund one should open a bank account. You also need to have a secure fund once your business is off the ground as uncertain costs may cross your path.

  1. Select a workplace.

Choose a place where you and your employees will feel comfortable.

  1. Do marketing and networking

It’s the most important step for future growth. Here digital marketing is a must thing. Beside that you can create linkedin, twitter or facebook account. Or starting a blog can be effective way to attract your customer. 

  1. Hire employees

When a business is growing it will need employees. Check your employees background before hiring. Try to provide a proper offer letter.

 

Benefits of investing in technology

To benefit your business endeavor there are amazing advances of technology. I can give you six, the best reasons to invest in tech-

  1. Technology brings speed

New technology gets the works of your business done quickly than ever. As ‘time is money’ by using technology you can increase your cash flow and revenue.

  1. Increase efficiency

Advancement in technology can get work done efficiently. If you work with latest technology, you will be able to handle large workloads easily.

  1. Competitive advancement

The most important reason, you should invest in new technology is it will give you competitive advantage over your competitors. Otherwise your competitors will do the jump and grab all the opportunities eventually.

  1. Innovation

From improved performance to increased confidence, innovation in technology can provide a long listed benefits. Through this your business will be up to date with all the relevant upgrades of technology.

  1. Decrease expenses.

Although investing in technology can cause a certain amount of expense, surely it will end up with saving a great amount of money and increase profitability.

  1. Business expansion

One way or another most businesses are continuously expanding. Technological development can help your business grow rapidly and it also gives you technological advancements.