Making It All Your Own
Flying drones around can be a really great hobby. Of course, with all their potential uses, there are some really great businesses that you can form out of them as well. Businesses that can be profitable and fun. There are opportunities and all shapes and sizes. For many of us, the idea of making our own business can be both exciting and intimidating all at the same time.
If you’re on the fence, thinking about starting your own drone based business, we thought we would give you some of the benefits of such a journey. For now, we are just focusing on some of the benefits and not the reasons against starting your own business. Owning your own business isn’t for everyone but it can be for anyone who is willing to put the time and work into it and who has the right level of dedication for it. It’s daunting, no doubt about it. Your own business has risks and requires many hours of dedication and slog to make it work. If you’re willing and able to do that and can bring value to someone, then it may be worth looking at.
One great thing about working with drones is that there are so many green field opportunities in almost any market, that you can literally almost make your own uses for them and sell them if you can find the right buyer. You can also help other businesses expand their offerings through your services. Businesses like construction companies, real estate agencies, utilities and many others can quickly benefit from using drones and you can help them do that either by performing the flying for them, helping them find providers, creating programs of their own or almost anything else you can think of and market. It’s a big wide world waiting for the right people to exploit it!
Why You Might Want to Start Your Own Business
Let’s take a look at some of the reasons you may want to take such a leap.
1. Getting paid to do something that’s fun
Flying is exciting and fun. Drones are great, affordable way to get into the wonderful world of aviation. There’s no end of enjoyment in slipping “the surly bonds of earth.” It’s an amazing, exciting and beautiful way to experience the world and this can be your way into that. At the same time, you get to be on the leading edge of new technologies and new opportunities that many never get to experience.
What a fun time! It can be yours and you can be paid for it!
- Tax Benefits
A common benefit of having your own business is that it comes with many tax savings opportunities. Yes, legitimate ones. There are a lot of assumptions for this but having your own business allows you to deduct mileage, home offices, utilities and many other things, often that you’d spend anyway.
You also have access to some retirement opportunities that you wouldn’t be able to do in a traditional employee relationship (though you lose access to some as well). Got kids? Put them to work and you can shift some earnings to them or setup retirement for them…imagine those compounded earnings!
There are a lot of opportunities if you have the right strategy, keep the right records and are careful. You will want to sit down with a good accountant and plan out your opportunities. Otherwise, you open yourself to more taxes or an audit but done correctly there are some good benefits in being a business owner.
- Find a niche and grow with the opportunity
You can be in on the start of something really big. By all accounts, drones are a budding new industry with untold potential. You can find your place in this new world and then own it. It’s a bit like we saw in the 1990’s with the Internet where a few small players were able to stake out various claims and then own them. These were the pioneers of their time and they were able to define the future. The future is ours and its our time to own it. A lot of what we do and know today is from the very pioneers in their spaces. Sometimes, we look back and wonder why we do things that we do. It’s often because those who staked their claim defined the game’s rules very early and those rules stuck.
This is your chance to find your own space in this new world and have it be yours. Much as we are seeing with DJI in the prosumer drone space. They may not be the best or the biggest (though they make pretty good products) but they’ve often been first and fastest, making a respectable product and defining their space. From their, we are starting to see them branch out and make bigger, more capable drones, working on defining the rules we will operate under and even starting to stake an intellectual position in how those rules should work and why.
Now, you may not own a space as big as all that (or maybe you will, who knows?) but even owning drone photography in northwest Wisconsin or defining a cost effective way to do bridge inspections or creating a creative new service in your area. It may be as simple as being the nicest gal flying drones around in your area who provides quality work at a good price. Any of these and so many more can stake your claim. Often, the owner of a niche isn’t the best but they are after just the first and sometimes the most creative to define a space of their own. With your own business, you can do all that. In a space this new, it isn’t even always all that hard, though it will take work and creativity.
- Another stream of income
Maybe you have a wonderful full time job and just want a paid hobby or some side money. A drone service business can be a great way to pick up that money. Find the right market and the right customer whose needs fit with your availability and you can have a pretty good side business doing something that is a heck of a lot of fun. You don’t answer to a boss and aren’t responsible for bringing in a certain amount of revenue (except maybe to your spouse) and so you can take as little or as much work as you choose, provided the market is there. This can be a great side business. It’s not endless, of course, but this is a terrific opportunity to set yourself with another stream of income. Maybe you can save up and take your drone on a much deserved vacation. I’ll leave to you to decide who needs the vacation more, you or the drone.
One point here, though. Just because it’s a side gig doesn’t change that it’s a professional endeavor. Probably most realize that but you are still serving deserving customers who want, expect and frankly deserve, good, professional service. Know the rules, stay sharp on your skills and make sure that your side gig is as good as any full time company out there. One down side is that marketing for these sorts of side gigs can be tough. Marketing can take a tremendous amount of time and it can take some time to build up a good book of business but many before you have done something similar very successfully.
- Learning How a Business Works
I have an MBA, years of management experience and a lot of time managing people and large budgets. Yet, with all that, there were many lessons that I never learned until I ran my own small business. It’s difficult to understand cash flow, marketing, bookkeeping, accounting, taxes and many other lessons until it’s your business and your money involved. These are lessons that I don’t think I ever really would have learned in any position in any large business. But once I had to start making the decisions and I had to start taking the actions, these are lessons that came fast and furiously. They made me a better employee, a better manager comma and a smarter business person. They’re always things to learn and it was more things to learn. When she started experiencing things like cash flow you start to understand how a business can you making money and still become cash starved.
Once you start marketing, you understand the importance of messaging. You understand better how building that sense of trust with your customers and your potential customers is critical. You might have had a sense of these lessons before but once you start running your own business they become very important very quickly. The size the business Almost Doesn’t Matter has the size really determines the scale and not always the problem. Of course, large businesses have problems a small business system but the reverse is definitely true.
For many of us will be offering services to other businesses. Understanding these lessons ourselves helps us understand what they’re going through and the decisions they’re trying to make when they hire us or not.
No matter where you work or what you do, these are lessons that will serve you and help make you better. Don’t make you better for your hurt full-time employer if you have one. They will make you a better business person. I think they’ll even make you a better customer as you’ll understand what the business is going through. Anytime you can understand someone else’s perspective that gives you opportunities that you didn’t have before.
Hopefully this is giving you some perspective on what you can gain from starting your own business. In the drones space you have nothing if not choice right now. Choices opportunity and opportunity is something you can benefit from. In fact, right now it’s probably easier to find your own business to start going to find someone to work for. That’s rapidly changing. Those who’ve taken the sleep before us are growing and scaling and need people to work for them. Hopefully this article is giving you some perspective on why you may want to scale your own business. Of course comma it’s not all great things. Having her own business is hard and risky. And our next article comma we’re going to talk about why you might want to be an employee for someone in some of the benefits to that perspective.
As you make decisions about your future and what you want to do and how you can fit into this space I want to give you opportunities and perspectives to help you make a decision that is best for you and your family and your future.