Embarking on a new business venture is never easy, however, some tips and tricks can make your life easier. 2021 is the year to create your own business, especially an IT business as the world has just spent the last year working remotely and moving their lives entirely online. If you have an idea for an IT business and you are not sure how to proceed, then look no further.
Here are 6 top tips and tricks you need to know when starting an IT business.
1. Create A Business Plan
Once you have established your business idea you then need to translate this into a business plan. This is more than just a couple of notes here and there documenting your ideas because it will be tremendously important if you need to apply for any funding or business loans in future.
Business plans cover several elements and should be detailed and well-written as this will provide you with clarity too. If you intend to go into business with a partner then you should conjure up this plan together, so you can both agree on the nitty-gritty important details.
2. Understand What Funding Options Are Available To You
Unless you are someone with a lot of extra cash, you are unlucky to be able to solely fund your business. This is completely fine as there are plenty of options out there for business start-ups. If you want something alternative to unsecured business loans you can get
Funding from £25,000 to £200,000. These kinds of loans tend to be flexible and fast as in some cases you can get the money within two days. Funding your business is of the utmost importance and it is important that you spend sufficient time researching your options.
There is no point in taking out a big loan that comes with huge interest rates as you will never be able to make a profit or pay it off. If you feel unsure about something or something feels too good to be true then it probably is. Take your time, familiarise yourself with all your options, and if in doubt consider seeking help from an attorney.
3. Cyber Security Needs To Be A Priority
A common mistake that small businesses make is that they assume they will never be the target of a cybercrime. You might think that hackers will focus their time on bigger companies because that is where the big money is but that is not always the case.
Research has found that cybercrime is on the rise as the Hiscox Cyber Readiness Report found that 46% of UK businesses and charities reported a cyber attack in 2019.
The report also highlights that small businesses are increasingly at risk as there was a 14% rise in cyberattack incidents from the year before. Your cybersecurity system needs to be as secure as possible because if you do fall victim to an attack you could end up paying a tonne of money or even going bankrupt.
In 2019, the average cost of a cybersecurity attack for small businesses was £11,000. These costs are due to hardware repair, ransom payments, and general damage control. Even if you have enough money to pay it off, an attack on your security could leave your reputation in tatters which is very hard to reverse.
4. Familiarize Yourself With Relevant Laws, Taxes, Permits And Licenses
When you get into the IT business world there are a lot of words, phrases, and laws being thrown around. The quicker you familiarize yourself with these things the better.
You will want to be able to hold your own when it comes to conversations with investors or potential customers because if they get a whiff of anything that suggests you do not know what is going on, it will be game over.
It is also important to understand the relevant laws, taxes, permits, and licenses that may be associated with your IT business because firstly, you do not want to end up breaking the law, and secondly you do not want to get taken advantage of.
While it can be a long process getting to grips with all of these different components, it is essential that you do it, and that you research the area thoroughly. There is a lot of admin that comes with starting up an IT business so put your best foot forward and get to grips with the knowledge.
5. Set Yourself Realistic Expectations
Before starting up any business, you have to go into it with a realistic mindset. If you go in thinking you are going to make a tonne of profit just like that, then you are going to have your dreams shattered quickly when you see how much work there is to do before you can get to that point.
The problem with disappointment is that it quickly to demotivation and then suddenly you feel like giving up on the business idea that you once loved. This does not mean you shouldn’t go in feeling hopeful and striving for greatness, just ensure that your ambition is realistic.
Write down your goals, starting from small endeavors and working your way up to the bigger ones. This way you can see the progress you are making as you go along, which will give you the drive and motivation to keep going.
6. Create A Consistent Brand
However, you decide to brand your IT business the number one rule is to keep it consistent. So, if you have a logo and color scheme on your website, then this same scheme and logo need to be present in your social media, pamphlets, business cards, email footers, and more.
Inconsistency across these media forms will lead to distrust from potential customers and may even turn them to your competitors. So do your research and make sure that you are absorbing all of the brand creation tips and resources that are out there.
So there you have it, 6 of the top tips and tricks you need to know when starting your very own IT business. Good luck!