For an entrepreneur, the idea of starting up a software business today holds a certain lure. As more and more businesses become dependent on smart software to manage the operations of their company, this is one industry that has been growing rapidly in terms of profit over the past few years. Whether it is accounting software orpredictive dialler software, every business, large or small, needs it. So, if you are planning to start your entrepreneurial journey with a software business, here is a guide for you to follow:
Come Up With an Idea and Explore It
An idea that will work is the most important thing you need to find. You have to come up with a product idea that is innovative, creative and fulfils a market need that is yet unmet. You also need to determine whether the market that exists for your idea is substantial enough to be profitable before you consider it as viable.
Develop the Skills
Before you start up your business, you do need to hone some professional skills to back up your idea. If you are planning to operate the company single-handedly, a degree or certification is software development is a must. If you don’t have that already and are not planning to get one, consider having a partner who is skilled in that field.
Even then it is better to have basic understanding of the technicalities involved in software development. Moreover, you also need to hone your management skills in order to understand how business operations and communications are handled.
Have a Business Plan
The first thing you need to get things moving is a business plan. A business plan should define your business’ purpose and its vision, your product and market, your financial budget and sales forecast, and the management of your business in complete details. It is very important to have a professionally made business plan since it is the most important tool for starting and running a business.
In order to get the right resources you require funding. To explore funding options, it is necessary to have a business plan ready. The first place to look for investors is among your family and friends. You should also search for loans and grants that you are eligible for. You can also go to venture capitalist firms to gain funding for your idea.
Get the Right Resources
Once you have the funding, it is time to set up your business. You would need office space, right equipment, appliances, programming applications and other hardware necessary to create and sell your software. More importantly, you will need the right human resource such as developers and management professionals to run your business smoothly.
Once you have the resources, start working on the development of your software. Communicate clearly with your development team throughout the process to let them know exactly what you want. Create a timeline for the development process and keep a check on it to see if you are on track.
Carry Out Tests
After your product is ready, don’t make it available in the market immediately. Test it for any bugs or errors, using it on various systems and taking help of beta testers. Once all the tests are clear, you can finalise your product.
Create a Marketing Plan and Start Selling
Marketing is one of the most crucial steps so don’t take it lightly. It is better that you hire a professional software marketing firm to handle your marketing campaign if you wish to sell your product and make a profit without having too many hit and miss incidents.
Now that you know where to start from, you can get going. If you think you have an idea that can work, it is time to sell it to the world. Once you have started and know how to be innovative, there is nothing that can stop you. It is a growing industry and you can stake a claim on it with your quest to be creative and innovative.
Harry Hill is an entrepreneur and a software developer by profession who started up his own predictive dialler software business a couple years back. In his free time, Harry loves to write blogs, articles and any other material that can prove to be helpful for budding software entrepreneurs.