Did you know that the global IT industry is worth over $5 trillion? More impressive is that US IT services make up 40% of this industry. The US is a hotbed of IT industrial development right now.
Are you wondering how you can get into the IT industry? You may have a business idea or concept you would like to develop. How do you go about making it a reality?
If you are interested in knowing how to start an IT business, check out our in-depth guide below.
1. Select your business plan
It is good to create a business plan that will see you through the initial stages, or even years, of your business development.
When designing your business plan, it is good to decide your business structure. Will you be the sole owner? or a partnership or even a larger managerial base. According to this, you will have an idea of the paperwork involved.
When evaluating your potential business it would be good to get the input of other professionals such as tax advisors and experienced entrepreneurs. IT businesses can grow surprisingly quickly, as shown by the number of awards won by this IT company.
2. Location, location, location
Some cities are better than others to start a business. Before you put pen to paper on office space or other fixed assets, find out the potential of your location.
Some have a less-crowded IT field. Others a high population base. Others offer tax breaks or other incentives to new businesses. Check out what each location can offer you.
If you are tied to a city because of other commitments, such as family ties, research what IT fields have a need in your city and target these.
3. Legally register your business
In order to start trading, you will need to register your business with the government. The method for registering your business will be different for each location. Ensure that you review the requirements well before you start.
In some cases, you may have to register two names. One is your personal name. The other is the name you will be doing business under. This is sometimes known as your DBA name.
4. Start business banking
A business bank account will offer you a different, and often incentivized, banking experience. Researching your business banking options always pays off.
Many banks look to attract small businesses by walking them through the process of opening an account and even offering lower small business loan rates. Consult with your accountant for their recommendation.
5. Build your identity
Your next step is to get out there and make your brand known. The best way to do this is to create branding that is representative and consistent.
Ensure that your branding is consistent across your letterhead, email, social networking even your T-Shirts. This means that customers will only need to learn and remember a single image and slogan.
Find out who your main customer base will be and then learn how to attract them. What makes you different from your competitors? Why should people take notice of your IT service? Emphasize your unique selling point.
6. Create a representative website
A professional looking website is a key base for any business. This is the location that will be printed on your business cards, that people will google when looking for your services.
This is easier than ever before. Thanks to DIY website building sites such as Wix and WordPress, almost anyone can create a functional, mobile-friendly site. Templates mean you do not need to be a web designer to create an attractive site that will draw attention to your brand.
7. Software to manage your business
The foundation of any business is good organization. It takes good organization to track payments and handle customer requests and feedback. Organizational and management software is available to help you to do just that. Consider just three examples.
Many recognize Evernote as the ultimate in notetaking software. It runs across all major platforms, is simple to use and requires no setup. It crucially allows you to collaborate with other Evernote users.
Microsoft Office provides a suite of tools that support most or all business activities. This includes Word for creating letters. Excel is a powerful spreadsheet tool for, amongst other tasks, accounting. PowerPoint is a globally used presentation tool.
Trello is project management heaven. It allows you to create projects and then task each part to various Trello users. You can then watch as each user updates their individual field. You see the project progress before your eyes.
8. IT business insurance
Researching insurance options may not seem like the most exciting part of your business setup, however, it is one of the most important.
If you are working from home, your existing insurance likely will not cover your business activities, equipment or liability against persons visiting your home. This means if a person is injured when visiting your premises and chooses to litigate, you may not be covered.
9. Network every way you can
Your business is legally registered, your branding is set, your premises are insured and ready. Now you have to find clients for your business. How can you find them? Network.
Reach out on every network you can. That be local physical advertising, such as in a local newspaper. Or it may be internationally across social network channels. For many businesses, networking starts and stops on social networking.
Create an online marketing strategy to get your brand seen on Facebook, Instagram and the like. Create an SEO strategy to ensure that people can find you when they are looking for your services.
How to start an IT business
If you have an entrepreneurial spirit and a good idea, you may have all you need to make an IT business work.
If you are interested in knowing how to start an IT business and make a success of it, we are here to help you. We investigate and create authoritative articles and guides to help you know how to make good decisions for your business.
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