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Important things you must know, before starting a software company

Thursday, November 3, 2016 20:49
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(Before It's News)

The software industry includes businesses for development, maintenance and publication of software using different business models, mainly either ”license based” or “Cloud based”. This also includes software services, such as training, consulting and data recovery.

Starting a software company requires start-up money, programming knowledge, experience in marketing and technical support skills. Software companies operate under a variety of business models, such as charging license fees, charging by transactions etc.,

Are you a creative, innovative and intelligent risk-taker? Do you want to start your own business? If your answer is “yes” then it is time to think about a solid formula to help you set up a billion-dollar software company of your own…..

KNOWLEDGE AND EXPERIENCE…

Obtain knowledge in computer science or get knowledge in different types of computer languages as well as business courses in accounting, finance, marketing and HR management. If you think that, you have the appropriate skills without getting a college degree, you can get a job at a software company where you can train with a software development trainer. Strengthen your leadership and communication skills by steering people and bringing new software products to market. Pay particular consideration to the needs of end users that are not being met by other software companies, and learn product marketing rules.

HAVING A BUSINESS PARTNER OR NOT TO…
 

Deciding to start a company by yourself or having a business partner is a question you only can answer. But either way, one thing that has to be clear at all times is to decide who is in charge? Just because someone makes a great friend, or companion does not mean that they would do an equal great job at being business associate List your motive for choosing a business companion. If it is for access to bigger investment capacity, technical help etc. ,.then it makes sense. Do not choose a co- partner for emotional reasons ever unless you want to sink your ship.
 

CUSTOMER TARGET LOCATION & LOCATION…

The Internet has made the global market attainable to smaller companies. The other side is that the Internet has also made competition tighter. So, it is essential to focus on a small group in a particular place. For example, you are developing a software package for a pharmacy. The software package has to improve your pharmacy operations in voicing, inventory and stock control, accounting, client and vendor management. It is critical to begin by focusing on that individual pharmacy. Figure out how other pharmacies are functioning in the city. That manner you can have both a micro and macro view of how your team could develop the project that would eventually have potential beyond a single client. Organize a comprehensive market research. Mark out a local area first and see how better you can tap it. Try to realize the very basic local needs that you can take care of through your software company. Once you start small and focus on the heart area you can build profits and client base.
 

CREATE AN INNOVATIVE PRODUCT IDEA…

Create a product idea based on what you have learned and found out about the needs of users. Once you have a crystal clear idea about a market, which is suitable for your product, consider starting your own software company. Prepare a lot of market research to find out if there is any current or potential competition. Consult with experts in your field and create focus groups to provide feedback on your idea…
 

PREPARING TO LAUNCH…

Understand the legal format of your business. This will have indications for how you file taxes and how much you will need to pay. Majority of small businesses are sole proprietorship that are the easiest to set up and need the least paperwork. If you are considering some other legal structure, you may wish to consult a legal adviser who specializes in new business start-ups and who can help you pick the structure perfect for you.

 

Business plan.

 Write a plan that describes the purpose of your business, product, branding approach, market audience, product competition, and financial needs and plans. This is a strategic plan that will guide you in attaining your goals for the business. You can find more details about how to write a business plan here, but you will want to include:

  • Your business concept: The focus here is on describing your business and the market for the products.
  • Market research: Market research is crucial, as it describes the nature of the market you are entering into. Identify who your main competitors are, who your target market is, and the preferences and needs of your target market.
  • A marketing plan: This should describe how you plan on addressing the needs of your market, how you will communicate with customers, and how you will advertise your product.
  • An operations plan: This will define your operations on a day-to-day basis. It would include, such as, how you plan to develop the product, a time-line, and people and equipment feel necessity for.
  • A financial plan: This would outline how you will finance your business, what your expected costs are, and extension as to your revenue.

BIGGEST CHALLENGE…

Making sure you will have ongoing software projects or new web development projects in pipeline. The experts call it the double-bill advantage. On  the one hand, you can run your company at a pace that suits you. You have to stay on a constant trajectory of growth. If you don’t have a steady inflow of projects, the company is bound to sink. As a business owner you must keep track of new clients, market changes, new options, new projects etc.,
 

TALENT AND EXCELLENT TALENT…

You can have billions of dollars at your disposal, but if your staff is of poor quality talent you will only end up wasting all the investment. Choose wisely when picking employees. Take your time building a team that can work harmoniously together and deliver quality work. In the final evaluation, the quality of service you provide to your clients will matter.

EQUIPMENT AND APPLICATION…

Purchase the necessary equipment and applications. Equip your development team with computers, programming applications, data storage capability, servers and all of the necessary tools for creating and distributing the software. Find office space to rent using a real estate broker who specializes in commercial real estate.

TIME LINE FOR PRODUCT…

1.Design a development time line for the product. Assign a reasonable amount of time to the development of your software product.

2.Before creating the time line, get input from your development team and outside experts to make sure the time assigned is appropriate for the type of software you are bringing to market .You want to beat any other potential competition, but you do not want to put forward a product that is full of bugs  because it was rushed.

3.Oversee the development process. Make easy and clear communication between you and your development team to ensure that everyone is operating under the same product perspective. Hold status meetings weekly to make sure progress is being made according to your time line .

TESTING AND MARKETING…

1.Test your software product after the development step. Install a structured QC& QA process. This may involve a small team of developers testing each feature for smooth functioning. Write up a complete set of testing procedures and make sure all testers are following it to the letter. If any of the steps are skipped, it will not be credible test.

2.Assemble a team of beta testers. Allow a small and select team of end users to use your product to measure its user -friendliness, productiveness, reliability and cost-effectiveness. Then fix all bugs and retest . Finalize your by fixing all bugs and errors, and conduct a final test to assure quality.

3.Market your product. Hire an experienced marketing professionals to work for your company.  Consult with such professionals during the product development process to help make decisions about product features ,uses and market audience .Marketing  professionals should be getting feedback on product features etc,. from potential customers rather than just from the software developers in your company. Create a website and a Facebook page for your company when your product is ready to launch. Provide a lot of “teasers” about the product.

4.Determine the price for your product. Compare it to similar products on the market. Then decide if you want to charge via a licensing fee, a time-limited subscription or per transaction by the end-user. Licensing fees are usually a one-time charge for the life of the product. A time-limited subscription would be for a specific time before an extra charge is earned. This would be right if you foresee a lot of upgrades being delivered. Per transaction would be a charge every time the customer uses the software such as at a point of trade                     

So, here’s to your very own software company: Step carefully, stay on race!!

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