How To Grow Your Software Development Business Fast!
If you are planning to start an outstanding software business you need to follow some essential tips that would make you a successful entrepreneur.
Technology is everywhere and whether or not you belong to the software development industry you are dependent on technology to assist your business.
In order to set up and run successful software development business here are 8 important tips that would help you have a great start.
Carry out market research
The first and most important thing that you need to follow before you set up a software development business is to carry out a thorough market research. Try to determine your main competitors, potential audience, their preferences and requirements. Try to evaluate the stage when you are hitting the market like maturity, introduction or decline.
When you hit the market at introduction stage it may happen that your software will have high demand or even no demand, in case you are not able to convince the customers to buy the software.
On the other hand if you hit the market at a stage of maturity then your competitors in market may make good profits on the same kind of software like many other software companies in California, but you may discover that there is still there is some scope left in the market for you. In such conditions you need to be smart enough to launch an alternative that would be strong enough and more reasonable. It can be the ideal stage to hit the market.
Finally if you enter the market at decline stage, you will find the market already drenched with similar offerings as that of yours which directly means that your product/idea will be left behind in the race.
Choose the method you want to use to sell software
It is one of the important things often overlooked is to plan out how you will be selling your product. In case you find similar products on the market then make sure you try to understand how your competitors are selling it. Ideally you can either choose to sell the software directly to your customers or let them download it via your website.
When selling your software directly, you will have to deal with big SMEs and businesses. You can charge your customers for different subscriptions or sell them licenses of the software you built. You can also sell customized software so that you can modify it according to the customers’ needs.
Of course the profits you make will be completely based on how unique your software is plus the count of your competitors in the market. In case you want to sell your software online through your portal, then you can try giving them free trials to get an idea about how your software works.
Look for a technical partner
You may be running a software business on your own but it is always better to have a helping hand. Yes, you can let a tech savvy person be part of your business and take care of the code and design of the software. You can pay them for their services.
After you are done with market research you need to focus on licenses and permits you need to set up and run a business. Get the register trademarks and required patents to safeguard your business. Ask your collaborators to sign a NDA so that your business plan is not leaked. Sketch a business plan and determine the target audience, product, purpose, financial needs and the time when you need to promote your product in the market.
Focus on legal factors for your business
Do not forget to consider taxation, legal issues and insurance. It is always better to set up the legal structure for your business for taxation. Consider insurance which is important to secure your software in case your software encounters issues.
Hire an experienced and skilled team of developers
Ensure that you build an expert development team which is a time consuming process and do not hire any suspicious developers. You can also outsource your project overseas where the labour charges are low. Do not sign any contract with vendors or freelancers that you are little doubtful about. You can also hire a professional software development company for your project so that you know your project is in safe hands.
Make sure you keep the source code ownership with yourself. Do not hire wrong people as it can ruin the entire software development process.
Also you need to ensure that people you are going to hire should be skilled enough in different programming languages that you want. Make sure you communicate well before you hire developers and also check their history and past experience to know their experience. It will help you rely on them for long term commitments and projects.
Testing the software
It is always important to test your software to identify the bugs and your development and testing team should be efficient enough to make the software error free.
Make a Prototype
Software prototyping helps you get a view of how your end product would be like before you spend money and time to finish it. At this stage you will get feedback on how the product is and what are the mistakes that can be corrected to make it work. If possible do the testing on your own.
It takes a lot of efforts to start a software development business. But if you follow the above given tips you won’t find it difficult to start and run successful software development business. You just need to be organized, systematic and with a positive approach you can make it happen. The tips mentioned above would certainly help you adopt a systematic approach.