“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” – Jack Welch
It may interest you to know that there are more than 100,000 software companies in the world. In addition to this, CompTIA claims that there are up to 525,000 software development entities in the United States only.
5 Ways on How to Start an IT company
These stats shouts out the increasing amount of mania of IT companies’ trends all over the globe. However, it is one of the leading business domains to join and try your hands in, but with this, the new-age entrepreneurs must not forget the amount of existing competition in this marketplace.
From technology to the work approach, there is a lot to be figured out and explored. But before making your company ready to conquer any challenges of the IT domain, it is necessary to find out how you can set up an IT firm and meet all the requirements effectively.
And for that, you have landed upon the right destination. Thus, here are 5 simple ways on how you can start an IT company.
Make a plan
Regardless of your domain of expertise, there is a complete line of IT services to explore.
So, look and decide on the services you would want to offer your clients. While doing so, keep in mind that your services are the only selling point you have to lure more and more clients to your kitty.
If you do not belong to the IT industry, consult an expert or IT professional to take you through the range of trending and high-in-demand services. Some of the most common types of services would include:
Network designing and installation services
IT budgeting and procurement decisions
Remote admin management
Tech support services
Managed IT services
Hosted services and storage
Research the market trends and competitors
Once you have decided on the services, you will offer, evaluate the market and find out what’s trending.
When discussing the trending services in the IT stream, more and more IT prospects are looking for managed IT services providers. If you are clueless and want to learn what is a managed service provider then associate with the industry professionals or if possible, consult a related service provider.
The IT market works depending on multiple factors like – client base, client expectations, competition, customer base, technology trends, etc.
Understand the value of certifications
The IT industry believes and prefers knowledge. Therefore, more and more clients across the world recommend and go for certified IT service providing agencies. Therefore, make sure you are attaining an ample number of required certifications to beat the competition’s heat.
Some of the high-in-demand and preferred certifications include – CGEIT (Certified in the Governance of Enterprise IT), Six Sigma Certification, Certified Information System Security Professional, Certified Associate in Project Management, and Certified ScrumMaster.
Besides this, your IT business can pursue ordinary services by getting certifications from some reputed IT global companies or leaders like Amazon Web Services, Microsoft, Cisco Systems, etc.
Look for a business structure
Capital amount is never enough to get started with an IT business. Nothing will work if you don’t have a robust business plan in your hand.
Most of the IT businesses look for LLC (limited liability corporation), sole proprietorship, S corporation, or partnership. The kind of business structure you choose decides the amount of taxes to be paid and paperwork to be performed.
For instance, – sole proprietorship is considered the simplest form of business structure for an entrepreneur who does not want to bear the hassle of much paperwork. On the contrary, an LLC would cost you up to $500 easily along with a few weeks of consistent hassle to get done with the paperwork.
Before you land upon any specific type of business structure, make sure to learn about the pros and cons of all of them.
Secure a Business license
Prepare and file the preferred business structure to get your business license as soon as possible. For this, you would need to submit – business name and type, employer identification number, contact information, number of employees, etc.
The last line
Stepping towards the world of technology and software is a progressive approach to take your career to the next level. However, the thought of starting an IT company may make you see yourself on the pinnacle of success, but when you wake up to the realities, you see the number of challenges required to conquer.
Above all, start with understanding the basic requirements, meet those needs, and think of standing out uniquely.