The modern age is no doubt the age of technology. Technological advances abound and will continue to for quite some time, making this industry tempting to aspiring business owners. As with all businesses, however, a certain level of planning must be undertaken before you can even dream of success. Luckily, there are a few strategies you can employ to plan your information technology (IT) business as efficiently as possible.

Educate Yourself

The first step to planning any business is to educate yourself about the industry and how small businesses work. A wealth of resources are available on planning businesses and even on the IT industry itself. Virginia Tech has developed a free, online guidebook for planning a business; you will find the link for it in the Resources section. If you have never worked in the IT industry, find a mentor who has ample IT experience; a good possible choice could be someone who has actually owned her own IT business. A market analysis is absolutely necessary, and in the resources section you will find a link to an online service that helps you conduct your own market analysis. The Mind Branch, linked below in the resource section, also provides thousands of market analysis, with an entire section devoted to the IT industry. The Information Technology Industry Council, is an advocacy group for IT business. Through their organization, and on their website, you can learn more about sustainability, government relations and global issues facing the IT industry.

Write a Business Plan

Defining your business's purpose, mission, and vision are the first things you should do when writing a business plan. You should be able to do this fairly easily, working off your own aspirations as well as your research into the market. Next, you will need to identify your business opportunities and decide on a business model to follow. Businesses in the IT industry should focus on new technologies, the innovative methods to utilizing technology, and areas where there are gaps in the market. At this point it is important to research about whom your potential customers might be and which competitors you should watch out for. Strengths, weaknesses, opportunities, and threats to your business should now be defined and clarified. Next, look for technology resources you will be able to use, and resources you will need to procure. Mapping out a time frame and supplies you will need is absolutely vital when finishing your business plan.

Source:

My Own Business: How to Write a Business Plan

US Small Business Administration: Business Plan Basics

The Business of IT: Crafting a Business Plan

Resource:

Online Business Guidebook

Conduct a Marketing Analysis

Mind Branch