World-wide billion-dollar market in information technology. This is the right time to get involved in this business by engaging yourself in this business. But to start a business, first you have to think about capital, technical knowledge, skilled manpower, management experience, marketing skills etc. If you do not have any knowledge and experience in information technology, it is dangerous to engage in the business. Employees can cheat in this case. If you do not know about technology business, it is a good idea to hire a partner or business partner. It is best to work in a successful organization of the relevant sector for at least two years. With this business experience, there will be a good idea about the workplace and management of the office. How can the customer or the user meet the needs, how new products are marketed, know about how the price of software products or services will be determined.
There are various types of information technology business models. First, decide whether to produce technology, or provide information-technology based services.Then you have to decide on the income strategy. That is, there will be monthly or annual license fees for software products or services, or one-time prices will be available. Whether it will be charged on every transaction. New types of products or services come in market discussions.The probability of business increases. But before we need to think about what the product or service will do.
To search the market, we need to know whether the same type of commodity is in the market. Whether anyone else is preparing to come to the market. Be aware of the competitors.
The new product will be tested before launching the market or whether it is durable and effective. Can be tested with Experienced individuals or organizations. In this case, it is better to make a non-disclosure agreement before testing or discussion. If the product is meritorious (patent or copyright), then it has to be done in consultation with the concerned lawyer. If you want to market abroad, you have to give patent or copyright in those countries.
Business needs a detailed strategic plan. Especially marketing plans are very important. The marketing strategy needs to be fixed by the customer or the user’s demand. How daily business activities will take place, how long will it take to create goods, how many workers will be required, What equipment will be bought, what accessory will be and what costs will be, when, how much to invest -All things have to be decided beforehand.
It is necessary to decide whether the institution will be owned or shared in the registration process. In order to find out what is the advantage of which? should consult with the lawyer. Support will be available by contacting the concerned business organization. During the decision making, income tax, bank credit etc should be kept in mind. As well as registration, it is also good to work on VAT, tax identification numbers.
It’s good to start with your own capital. If you can run successfully for the first two years, it is easy to get in the country-foreign investment. Then the business range can be expanded rapidly. There are other ways to get the investment. There are various competitions in the country and abroad for investing in the new IT-technology initiative. Participate there. If you have contact with the concerned business organization, then you will get the news of the competition.
At the beginning, some employees will have to be appointed. With the growth of business, manpower will be increased. Must show efficiency on manpower recruitment. If you can not hire honest, sincere and talented workers, you are more likely to fail the business.
With an experienced marketing curator have to do marketing. The campaign will have to be used through a variety of websites, including Facebook, YouTube etc. If there is financial support can be advertised to the media.
Keeping in mind the information of the competitor organization, price will be determined. But to reduce the cost of the market, it is not okay to go down the total expenditure (salary, allowances, rent, management costs).
The biggest challenge in business is to keep growth. If you do not continue to work or sell your product or service consistently, then there will be a lot of business flaw. So as owner of the company you are always to make quick decisions about the change or modification of their products or services.