Since commercial drones first made their way onto the market back in the 2000s, they’ve been big business. In fact, it’s estimated that by 2021, the commercial drone industry could be worth more than $12billion. Drones have big appeal to industry, including retail, agriculture, real estate and media. Plus amateur photographers and wannabe pilots also want their slice of drone action.
It seems that there’s never been a better time to start your own drone business. And it’s not just drone manufacturers who stand to make big bucks. As consumers demand drones that do more, drone software will be central to making that happen.
If you’re thinking of starting your own drone business, take a look at our tips for beginners:
Every new business needs some money behind it. If you have the savings yourself, you can get started without delay. But, if you need to source capital, there are a number of avenues open to you. Head to the bank with your business plan, tap up friends and family or go to a crowdfunding website to get funding from investors around the world. Just be sure that any financial agreement comes with a contract and that all parties fully understand the terms before committing to the loan or investment.
Draw up a Business Plan
A business plan isn’t just for the bank manager. Business owners can get a lot out of creating a comprehensive business plan and updating it year on year. By setting out your drone company goals, the risks and opportunities presented within the drone industry and a little about your target market, you can really hone your focus. A good business plan can help with decision making and identifying changes to the market since you started out.
Create a Great Website
Businesses can stand or fall by the quality of their website. This isn’t something you should scrimp on. Your website is often the first impression of your brand for potential customers. You need to it to present information clearly, convey the values of your company and work efficiently. Invest in good design and development, to create a secure and well-functioning website that also provides an excellent user experience.
Think About Marketing
Your drone product is the best on the market and your website is second to none. But if your target market don’t know about you, you’re unlikely to be making many sales. There are plenty of cheap marketing strategies you can try. Build an SEO strategy into your website to get organic traffic to your website. Be sure to make use of social media platforms to connect with your audience and share content that they’ll find valuable. And consider the rise of alternative marketing strategies such as influencer advertising or live streaming.
Plan Your Exit Strategy
It may feel a little pre-emptive but every savvy business owner should have their eye on long term objectives, even when starting their company. You stand to make big money from the sale of your drone business. When it comes to a sale, you’ll need a host of paperwork and financial documents in place. Scrabbling round to assemble all of this at the final hour can be tricky. Plan ahead, keep your documents in order and consider your business from the perspective of a potential buyer. When it comes to selling your business you’ll be much better prepared.
Starting your own drone business is likely to be very challenging and, hopefully, very rewarding. With the right drone product and these few simple steps, you could soon be on the way towards building a strong and lucrative company.
Rachel is a mother of 2 beautiful boys. She loves to hike and write about travelling, education and business. She is a Senior Content Manager at Bizset– an online resources of relevant business information.