As the drone industry starts to take off in the coming years, more newcomers are looking into new opportunities. Since drones have many potential applications, drone service providers are in a position to cater to different industries.
Being a drone service provider is versatile and more affordable for entrepreneurs with limited budgets. To start a drone business, you don’t need to be a big corporation. Your small business can take off and reach new heights with the right know-how and equipment.
Drones can do many things outside of photography. Industries are always looking for ways to streamline their processes, from surveying to monitoring and maintenance. There’s no better time to start a drone service than now.
There are many reasons why people want to start a drone business, and these reasons may apply to you:
The high demand alone is a good reason for many entrepreneurs to venture into starting a drone service. Recent reports show that the market for drones is set to grow to USD 48.9 billion by this year.
Low Start-up Costs
The drone industry is only starting, and current investment ranges for a drone business are between USD 4,000 to 30,000. These start-up costs are relatively cheaper compared to other businesses and have potentially higher returns.
Starting a drone business isn’t too difficult once you obtain certification for commercial flights. In the US, many schools can help with training and certification. The process for the latter can take up to eight weeks after completing testing.
5 Key Strategies to Help You Start a Drone Business
Breaking into the drone industry can have its challenges. If it’s your first time starting your own business, be aware that risks are always involved. However, it’s possible to succeed in your venture with the right know-how and research.
Here are five key strategies you need to know when starting a drone business:
Start With the Basics
Understanding the difference between flying drones for recreational and commercial use is essential. Drone service providers will need one to ensure legal compliance. The same goes for employees you might hire.
Aside from registering your own company, you also need to take care of the following:
Choose Your Business Model and Structure
One benefit of starting a drone business is choosing your pick from various markets. However, there are also many structures that your drone business can operate under.
When starting, knowing the difference between a partnership, a sole proprietorship, and a limited liability company is essential. Because legal protections and business structures vary significantly, it’s best to consult a lawyer and a CPA.
Consulting with an accountant also matters since you need to make a financial plan and an accounting system. Considering your expenses and recording your financial data will help ensure smooth operations.
Invest in Your Equipment and Your Portfolio
Now that you have the basics covered, it’s time to choose the suitable drones and equipment.
Professional drones and equipment will take up the bulk of your budget. As a result, you need to tailor it to meet your target market’s needs. For example, if your target market is mostly farmers, investing in spraying drones for sale may be a good idea.
Your first few projects are also great portfolio opportunities to add value for your potential clients. Showcasing your deliverables on your website or promotional material can be a good idea, provided you ask for consent.
Price Your Work Appropriately
Pricing can be a little tricky if you’re just starting. There are two different methods to keep in mind when starting your drone business:
Find Your Clients
There are many ways to find new clients for your new drone service. These can be creating a social media presence, cold calls, emails, or even networking with existing contacts.
You can also join drone groups and networks to increase your experience and widen your contacts. Many professional drone groups can help you establish connections with prospective clients and give you additional tools for your business.
Preferably, you want to do all of these to maximize your chances. While you don’t have to be a professional marketer, you do need to focus on what matters most. When you start a drone business for the first time, this means your skills and knowledge.
Drones have relatively low start-up costs and high potential investment returns compared to other businesses. While nothing is guaranteed, researching and listening to your potential customers will improve your chances significantly.
It’s also good to remember that learning doesn’t stop when you start a drone business. As you gain more knowledge and experience, you’ll be able to improve your services and grow. Combined, your drone business will take off and reach new heights.