When most new business owners start their first company they are focused on one thing, making sure their customers are happy with the service or products they providing.
But many new business owners overlook what else you have to do in order to become a legitimate company. This is true for all types of new companies, especially drone companies. As the drone industry continues to grow and regulations become more concrete, the barriers to entry are being lowered. People from all types of backgrounds are seeing the opportunities and wanting to enter the space. People seeking career changes; tired of not feeling fulfilled with their lives and are looking for something new and exciting. A high school student who just graduated and loves drone technology but has no experience in business. An employee who sees the possibilities of the technology and wants to integrate it into day to day operations at his/her company. No matter what your background or reason, starting a drone business is tough and you need to take the appropriates steps to be successful. You have to consider and plan for many things which may not yet seem relevant.
- Accounting and Bookkeeping: What software is best for managing invoices, expenses, cost of goods, and much more?
- Taxes, Deductions, and Depreciation: Is it worth hiring a tax specialists? What kind of deductions can you take from having your drone business? How do you depreciate equipment and assets?
- Business structure: What type of business structure fits your needs best? LLC, C-Corp, Non-Profit, Sole Proprietor. Do you have a business plan?
- Marketing: How do you set up your website and social media? How do you design a company logo, brochure, business cards, and other promo materials?
- Operation Management: What type of software to use for managing operations, projects, and your drone fleet?
- Sales: What type of software do you need to manage clients and leads?
- Trademarks and Copyrights: Is it worth the expenses to copyright or trademark your company?
- Legal Agreements and Protection: How do you protect your company and assets from liability? What type of contracts or agreements are needed to get a job?
- Insurance: What type of insurance do you need to operate your business? Aviation insurance? General Liability?
- Financing and Loans: Do you need a loan or venture capital to start your business? Are you going to bootstrap? How much do you need to start?
- Contractors vs. Employees: Should you hire employees or sub contract out? What are the pros and cons?
- Purchasing Equipment: What equipment do you need to get started? How do you choose what is right for your services and needs?
This is just a small list of some of the many factors that you need to think about when you start a company alongside with being able to still service your customers! It can be a very large obstacle to overcome and is really daunting for a new company that is just getting started and does not have the capital to hire professionals to help with all of these challenges. Each week with our blogs we will begin going into a bit more detail on these topics. These problems are exactly why we created Soaring Sky Academy. It is designed to help you not only with your technical knowledge of how to fly drones and produce high quality deliverables for your clients, but, to help you with the hundreds of other important aspects required for you to be successful in business. Our team includes professional accountants, business experts, drone professionals, marketing specialist, and sales leaders who are there to help you get started and grow your business!