Guess what… it happened again today! Another businessman approached me with a software idea and wanted to know how to get this done! I could not believe this. I just started my blog for SmartBiz, and I get the exact question I posted yesterday. I do not enjoy reading long blogs, so I will keep it very simple, but break it down to byte sized articles.
So here goes…
To start with, if you have a web-based software idea, and you want to pursue this, then there are three ways to approach this. (1) Get a partner (work out a Non-disclosure Agreement, and share your idea in a protected manner). (2) Get educated (long path), and (3) get a lot of money and research to find reputable software companies.
Advantages: it cost you less to get into the business (depending on your software partner), you work on the sales aspect of the business, business plan, marketing, back-office help, etc. etc. Let you partner work on developing the design, development and software rollouts. They will be responsible for release dates of beta versions moving towards the goal of going online live.
Disadvantage: You may have to give up considerable amount of shares of your idea, and of course control over the project, and having to deal with a partner can be very difficult.
Advantage: You will spend time understanding how software works, and get into the details of how software is developed, you will gain insights based on how much time and effort you are willing to endure, but it is worth the effort.
Disadvantage: Depending on your time constraints, this can be very long process. Time is money.
Advantage: Possibly the fastest route. You have the money, or you have raised the money, and then partnered with a very efficient team, outsourced you development, outsourced your business back end, and focused strictly on visionary marketing and developing strategies
Disadvantage: You will need a lot of money to take this option.
Stay tuned for more…
Many industrious and entrepreneur types want to get into the software business. They have an idea, but now they need people to help them take that idea from concept to reality. How should they do this? I get asked this question many times in my career. Hey Abe, I have this idea for software, can you help me? Sure, do you have $50,000.00 for a down payment? I get silence and a dejected look.
In the next several articles, I hope to help the young (or old) entrepreneur who is interested in software, to begin to understand THE software business BEFORE they venture INTO the software business. Stay tuned…