If you are the go-to person for family and friends’ IT problems, the thought may have crossed your mind to use your skills to start a business. Almost all small businesses and homes use and rely on computers, but the users simply don’t have the time or skills to complete their own repairs or upgrades.
In 2017, according to Statista, in America alone, revenue for information technology and business services exceeded 500 billion dollars. The combination of the demand exceeding the supply, makes computer repair a desirable business proposition, whether you want to focus on the business or domestic markets. If you have limited experience at running your own business, where do you start? Here are 3 tips to making a success of your business:
Administration
When you start a business, you have several legal obligations to fulfill. You need to make your business a legal entity. How and where you register your business depends on the structure and location of your business, different states have different requirements, so seek advice from your local tax office. Failing to register your business and file your tax returns will impact the success of your business.
Take out the correct insurance
Professional indemnity insurance is a must for all businesses. If you are wondering the benefits of such cover, Hiscox explains the importance of specialist professional indemnity cover. Hiscox clarifies that this is critical insurance for businesses, as it can protect a business from any claims from disgruntled customers who have an issue with the work you have done for them.
Know your customers
You need to have a clear understanding of who your target customers are. If you are targeting local businesses, the core activities will differ to those services needed for the domestic market (more focused towards management services than repair), and your branding needs to be attractive to them. Your business will need a name, logo, and website which are relevant to your target audience.
There are pros and cons to each market type. The local domestic market will be more responsive to ads and marketing but will be more budget aware. Businesses will be more deadline driven, although you will be able to charge hourly rather than piecemeal. Decide which market will suit your lifestyle and focus on one.
Keep your skills up to date
The digital world that we live in is fast moving with innovations being made all the time. It can be easy to become complacent about the skills that you have. You need to keep your finger on the IT pulse and undertake regular training to keep your skills current and relevant to your client base. Websites such as ZDNet and CNET are an excellent place to start to find out about software applications and technology webinars that are being offered, and many are free.
Before you quit your regular job, spend time researching the market that matches your skills and lifestyle. Research your competitors, know how much they charge clients and what their unique selling point is – this is your benchmark that you should aim to exceed. It’s a competitive market, but with drive, determination and a willingness to learn, you should make it a success. Good luck!
