The Internet of Things sphere is big news in the IT industry at the moment, and is one of the hottest areas for companies to start up in. If you are thinking about creating a new IoT start up, you need quite a few things. A good idea, a business plan, and the technical skills to pull it off are the most obvious. However, there are some other less hi-tech roles and areas of your business you need to remember if you want to be functional and gain success.
Here are three roles no IoT entrepreneur can do without:
Finance and Accounting
However your start-up is going to be funded, you need someone who can manage your budget and make sure you know where you stand financially, to help you with planning. You also need someone to be able to help you deal with things like taxation. While one way to deal with this is to hire someone, if you are planning to start up small you can try and gain these skills yourself by doing something like an online masters in accounting. Through online lessons you can learn everything you need to know to support your IoT start up while you are making the first steps toward running your business. This can be a very efficient way to do things if you have some spare time to put into study. If not, make sure you have someone on board you can partner with to do this for you, or seek out a good third party accountant.
Again, marketing is something you can do yourself if you gain the skills and have the time, however it is a business function that should never be overlooked. Learning how to use different marketing methods and strategies to best suit your business is no small undertaking, and it can often be best to hire people who can cover this area of things for you because it can be a full time job in itself gaining attention for a start up in the tech sphere.
Recruitment and HR
Whether you need many staff at the start or are starting up with a skeleton team, if your enterprise takes off, you will need to bring on board good talent and then manage the staffing aspect of your company. Recruitment can be done through external agencies in many cases, however retaining your staff and managing things like benefits packages and staff development shouldn’t be done on the fly. Even people who are interested in working for a start up do expect some level of infrastructure when it comes to their contracts and managing their benefits, and so you will need to think about the human resources aspect of your business.
These are three non-technical areas that many people in IoT start ups don’t consider at first in their excitement to bring innovative products to market. Don’t fall into the trap and plan for these functions from the start.