Drone business is a rapidly developing area and irreplaceable instrument for many industries. According to recent reports, experts estimate the growth of drone businesses 10 times by 2021. This lucrative market is a godsend and a lifetime chance for open-minded, risky entrepreneurs with the passion for drones. Turning your hobby into a business is not an easy job, but if you really want to, you should find where to start. And this stage-by-stage guide will help you in your very first steps in starting a drone business.
1. Market analysis
Launching a drone startup business primarily you need to find your place in the industry, understand the local needs of the drone market and identify what types of serves you can provide. Carry out a preliminary analysis of the market with the aim to spot your key competitors and target audience. At this stage, you have to ask a lot of questions and research the answers, like what areas of the market is already filled, if there are companies with similar service to yours, then what prices they have, what clients politic and the quality of service, what types of promoting they choose, how they sell their service?
2. Identify your advantages
Starting drone business is so much more than just buying coolest drones and get the pilot lessons! There are so many succeeded drone enterprises in such different fields today — from high-resolution aerial photography to delivery service, from agriculture to fuel industries. Answering on the questions below you can define the distinctive features of your future business:
- Do I have any specializations in a particular industry that I can use it for my launching company?
- If there are some unfilled niche in my location?
- For whom I want to serve my business?
- What do I need to successfully serve it, what equipment and regulations to get?
- What charge will I take for it?
Once you determine the focus of your business, then figure out the balance between charge and quality of your service — this way your company will always be gainful and afloat.
3. Create a business plan
Well-structured and smart business plan is a key point to the prosperous business. You can easily find a template business plan on the internet or you may create it by yourself. However, if you never had a case related to the creation of a business plan it would be much better for you business to consult a professional.
To evaluate the meaning of a business plan for your company you need to compare your entity with a building design — there is no way to build a high-rise building without a basement. The same in business – you need to lay the foundation for your company and write a solid drone business plan.
4. Registration and start-up of a business
As an entrepreneur, you must protect your business by absolute legal compliance. Checking local regulations on the commercial use of aerial vehicles is the first step to start a drone business. There are some operational requirements for everyone who wants to use a drone in the commercial. Using Google and local government organizations, explore which rules and regulations you need for your drone service and get the necessary insurance.