Starting a Software Development Business
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Do you want to start a software development business? This slide deck is from a presentation I give to those that are interested in starting their own software business. Not everyone should start their own business and this presentation covers that along with a safe route to start the business.
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Starting a Software Development Business
- 1. START YOUR OWN SOFTWARE BUSINESS Improved Processes => Improved Bottom Line
- 2. About Me Copyright Walling Info Systems LLC. All rights reserved Joe Walling 25+ years industry experience Walling Info Systems LLC Greenville Spartanburg Developers Guild
- 3. Overview Is it right for you? Don’t quit your job yet Planning Type of Business It’s not all about software development Copyright Walling Info Systems LLC. All rights reserved
- 4. Is it right for you? Copyright Walling Info Systems LLC. All rights reserved Not everyone is suited for this Are you a self starter? Are you willing to do what it takes? What is your risk tolerance? Do you only want to write software? Are you willing to delegate?
- 5. Don’t quit your day job Copyright Walling Info Systems LLC. All rights reserved Why? Start your business part time outside of your job How long? When can you quit?
- 6. Planning Copyright Walling Info Systems LLC. All rights reserved What are you going to do? What is your USP? Create a business plan - https://www.sba.gov/writing-business-plan SBDC SCORE
- 7. Form of Business Copyright Walling Info Systems LLC. All rights reserved Sole Proprietor LLC/LLP Incorporate * I am not a lawyer and this is not intended as legal advice
- 8. Apply for Appropriate Licenses Copyright Walling Info Systems LLC. All rights reserved County City Retail
- 9. What Else? Copyright Walling Info Systems LLC. All rights reserved Marketing and sales Support Administration Hiring Bookkeeping
- 10. Contact Info & Notes Copyright Walling Info Systems LLC. All rights reserved Email: jwalling@wallingis.com
Editor's Notes
- I have seen a number of people start a business and fail because they thought it was all about the software development or having the best product. This isn’t unique to software developers. I rented office space to massage therapists that were very good at massage therapy, but no one knows how good they are because no one knows about them. They weren’t willing to do the marketing part of the business, so the business didn’t do near as well as it could have. If you can’t make yourself get up in the morning and go to work if you don’t have a boss telling you when you have to be in, then this might no be for you. Much longer hours than a typical job Now, others are potentially reliant on you for their livelihood. Can you deal wih th that. Can you prioritize and delegate?
- Mainly for financial reasons. But starting a business outside of your job allows you to test the waters and see that you have the desires and abilities to run your own business. If you can’t make yourself skip prime time TV to start a business part time, what makes you think you will do it if you don’t have a full time job. If you have a family relying on you to keep food on the table it might be considered irresponsible to quit your job and start a business. How long depends on how quickly your business takes off. It also depends on the diversity of your client base. When you get to the point that your income from the part time business is close to your job’s income it is time to start thinking about it. If you aren’t reliant on a client or 2 and have a proven process. I would recommend that you have enough already saved to cover at least 6 months of expenses. It depends on your risk tolerance and how stable you think the business is.
- Write a product and sell it, license it, or write custom software. What value do you offer? What will make yours better? A business plan makes you think about where you are going and can be used by investors or to get financing.
- You don’t need a lawyer to form an LLC, just go to the SC Sec of State and fill out a simple form and pay $110. This is simpler than Incorporating which requires filling out a couple more complex forms and paying $135. You also have to refile every year when you are incorporated. You can use a service like legalzoom.com and incorporate.com or a lawyer. 15 years ago when I had a lawyer involved in forming an LLC it cost me $500.
- If you don’t want to be responsible for these other functions, you either need to find someone else to do them or you might consider just being a consultant and letting a staffing company keep you busy.