It’s not easy to start your own business. It’s also not easy to just quit your job and start your startup. There’s a lot of risks involved. You need to sacrifice a lot. This is no less easy when the industry you want to start a business in is the IT industry. This is also no less difficult if you’re trying to be successful in the programming world. In fact, if you want to start your own programming business, then you might need some guidance to start yourself up. Here’s a guide to give you a heads up of the things, issues, and notes that you should not ignore when you’re planning to start a programming business.
You have the freedom to do all you want in your business venture. However, it helps to be a bit conservative in the business of any kind, especially in the programming business where changes and tech updates are so fast, tech companies die and get born every day. Expert stock options trader Nassim Taleb said that there’s a saying that you shouldn’t cross the road blindfolded. You can take all the risks you want, but it would be a lot safer and more rational if you hedge yourself against ruin. That’s why you have to establish first your savings as your buffer before you start your programming business. When you’re already starting and gaining capital, you can now increase your risks as long as your savings go untouched, or as long as they can serve as your safety net.
Do Some Freelancing
Entrepreneurs who did start their start-ups went for freelancing gigs so they could have some little cash flow while their business is still trying to pick up. You can go to various job platforms that offer side gigs for you while you attend to your business. By this time you already have quit your employment job. So during this time, you should already be creative enough to bootstrap for some cash inflow. Working as a freelancer would be one way to earn that needed cash flow.
Hiring Other People
You’re a programmer, and you know what you’re doing. But things scale. Things get more complicated as they grow. Things get more time-consuming, and you need more people to help you with other aspects of your operations. You need to understand that you won’t be able to do everything. Because of this, it’s important for you to get the right team to share your workload. It’s also important that your team members are qualified and knowledgeable about various programming aspects. Try to gather a team where the members have a degree related to coding or who have taken a QA bootcamp, for example. It’s essential for you also to learn that the people you hire will probably have other loyalties. Keeping them is tricky and you need to provide them with the right incentives and a good work environment. You should also find the different ways to motivate, inspire and help them perform at their best. Ultimately, you want them to find purpose and self-motivation to work for you.
Develop the Best Product
It’s a tough competition in the programming industry. Every day in Silicon Valley, you are confronted with tough competition that may put your new idea immediately obsolete. This tough competition can work both ways. It can inspire you to work harder, but it can also be a way for you to lose your spirits. You won’t feel this when your product speaks for itself. You won’t have to confront this issue if you have a team of innovative people who can keep up with the demand in the market. This is the reason why you should develop the right product for your programming business. Without a good product, you are prone to going back to a 9 to 5 job.
Starting a programming business is simple. It’s sustaining one that’s going to be a challenge. With the guide above, you can now have an idea what to prioritize in making sure your business is on the right path. The guide above will at least increase your chances of going through the challenges of starting a programming business.