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Want to start a software company? Great decision indeed! The software and information technology (IT) industry has been a chief contributor to the progressive economic performance of India in the recent past. Top global companies in this field are also looking to invest in India as quality manpower is available to them at relatively lower expenses. Of late, many Indian startups have also made their presence felt in this sector.
However, before starting your own software company, you need to follow certain procedures dictated by the enterprise regulations of the country. We will tell you everything about how to start your own software company from scratch.
But, before going through this, let’s first understand the types of software companies prevailing in India.
Before starting your own software company, it’s important to choose the right type of Software Company. Broadly speaking, Indian software companies can be categorized into 2 types. Namely,
These types of software companies are known to provide consultancy and other services related to information technology, business consulting, software engineering, and other outsourced services to their clients. Some prominent Indian software companies in this category are – Wipro, TCS, IBM, Accenture, Infosys, Tech Mahindra, etc.
The types of services provided by these companies include (but not limited to)-
These types of software companies are known to provide products or groups of products that contribute to a major part of the revenues of an organization. Major companies in this category that exist in India include- Tally, Zoho, Amazon, Google, Microsoft, CISCO, and so on.
Before starting your own software business, you would do well to consider the below-mentioned points-
You don’t have too much about a corporate 9-5 anymore, and slave under someone else. Starting a software company in India ensures that you remain your own boss, which is a huge incentive to work harder.
We have all had to stay back till insane hours at our office, and found that we don’t have a lot of time for our family. However, by starting your own IT company, you ensure that you have flexible timing. While it might take a lot of effort and time to set the company up, once it starts running profitably, you will have more time on your hands.
It isn’t always nice to work very hard, knowing that the fruit of your efforts go into someone else’s pocket. Well, if you start your own software company in India, you never have to worry about that anymore. Since it is your company, you get to decide where the profits go. You can choose to reinvest in the company, or even take the money home, depending on what your requirements are at the moment.
Achieving the right work-life balance is very difficult in the 21st century. However, when you become your own boss, it becomes a lot easier to do so. You will finally get to set your priorities and find time for your family and loved one if you start a business in the IT industry.
One of the biggest advantages of starting your own software business is that you get to set company policies. Therefore, you will have total control over who you hire, who you work with and how your office or workspace will be.
When you become your own boss, you have total control over your fate and destiny. Therefore, all the rewards, risks and issues with your business remain your own, giving you more incentive to work hard.
The software industry is booming in India, and by starting your own IT firm, you get to be a part of that growth and provide employment opportunities to many people around you. This is a very satisfying part of running your own business.
For those wondering how to start an IT company, it begins by taking a leap into entrepreneurship. With the technical know-how, required to plan on how to start an IT company, and the willingness to work hard. You can follow it up with the steps mentioned below, which will help you with how to start an IT company in India.
A Business plan for a Software Company must contain the following;
There are several different information technology roles that have gained popularity over the years, as the IT industry has grown. Some of these information technology roles are;
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