Computers and other tech-related products are a standard part of every household and a primary tool utilized by almost every company. However, the majority have little to no knowledge when it comes to fixing these devices. That’s why technical or IT support companies exist.
From equipment installation and maintenance, system auditing, and software installation to troubleshooting, repair, and training, there are many products and services that an IT support company can offer. It’s a lucrative business, but to launch one and be successful, there are key steps to follow, which we shall cover in this read.
1. Plan Your Business
A clear and precise plan is vital for success as an IT support business entrepreneur. It will help in mapping out the specifics of the venture and discover some unknowns. A few aspects to consider in this regard include:
Startup and Ongoing Costs
You will need robust hardware and software, high-speed internet, a dedicated phone line, a website, and a full marketing strategy. Also, you’ll want to keep your skills current, given the nature of your business.
The Target Audience
It would be best to define your ideal clients based on your skills, experience, and what’s needed in your region. Focusing on remote PC support for small businesses is likely to bring in more money than serving residential clients.
2. Form a Legal Entity
Typical forms of business structure include partnership, sole proprietorship, corporation, and limited liability company. Keep in mind that forming a legal entity like a corporation or LLC protects you from being held personally liable if the business is sued.
3. Register for Taxes
Of course, you’ll need to register for an array of federal and state taxes before launching any business. To register for taxes, you’ll first need to apply for an Employee Identification Number, which is easy to do via the IRS website.
4. Open a Business Bank Account and Credit Card
Using a dedicated bank account for your business is vital in protecting your assets. If you mix your business and personal accounts, you put your assets at risk if the firm faces a lawsuit. Also, learning how to build business credit will help you get financing and credit cards in your company’s name, higher lines of credit, better interest rates, etc.
5. Get the Required Licenses & Permits
Failure to get the necessary licenses and permits can result in hefty fines and even business closure. Specific state licenses and permits may be required to run an IT support business. So, check with your city, town, or county clerk’s office. Since you’ll be running the company out of a home or office, you’ll need a Certificate of Occupancy. This confirms that all government regulations, zoning laws, and building codes have been met.
6. Get Business Insurance
Similar to permits and licenses, you need insurance to run an IT support business lawfully and safely. Business insurance protects your firm’s financial wellbeing in case of a covered loss. There are many types of business coverage and if you’re unsure which one you need, start with General Liability Insurance. This is the primary coverage that every small business needs, and so, it’s a great starting point for your venture.
7. Set up Business Accounting
Recording your sources of income and expenses is vital to comprehending the financial performance of your company. Also, keeping detailed and accurate accounts makes annual tax filing much more effortless.
8. Create a Website
A business website will allow clients to learn more about what you have to offer. It would be best if you also considered a social media account to attract new customers.
And there you have it, a brief and straightforward guide for starting an IT support company.