Entering the software development industry is a smart move to make. The most recent research from Statista found that the global software market is projected to grow by 5.4% between 2023 and 2028.
By the time 2028 officially rolls around, the total market value will be around $858.10 billion — which isn’t that far away from a trillion.
In response to this exciting market growth, lots of entrepreneurs and developers around the world are looking to start their own software development companies. This makes perfect sense, as the opportunities for profit are pretty much endless.
Where should you start, though? After all, isn’t running a successful software development company a lot of hard work? The truth is that it’s very tough due to how competitive the industry is.
However, by following the top tips and advice in this guide, you can give yourself a great shot at getting off the ground and taking your software development company to the top.
Here’s everything you need to do to run a successful software development company this decade!
1. Follow Relevant Software Development Trends
The best software development companies follow and engage with the latest trends.
Right now, there are lots of trends that you can follow to your advantage. For example, you’re now starting to see companies use blockchain and artificial intelligence technologies as the industry shifts towards automation instead of reliance on manual work from developers.
Another big trend at the moment is database observability. The reason why this trend is so popular is because it allows developers to measure their systems based on data instead of guesswork.
In turn, this allows greater security and software development. For example, you can see if any authorized users have made changes to your application during its development process (in this case, you’d be able to go back and fix the changes that were made).
Essentially, the software development industry is all about moving with the times. Failure to do this will quickly lead to your company struggling, producing low-quality products, and ultimately losing customers. Therefore, you should always keep your finger on the pulse and engage with relevant (and beneficial) software development trends.
2. Hire the Best Talent
One of the best things about the software development industry is that there are countless upcoming and talented developers to choose from. In a nutshell, the talent pool is very impressive, so you’re spoilt for choice as the owner of the company.
Your general aim should be to hire the best talent possible. This is now possible thanks to platforms such as LinkedIn and Indeed, where some of the best developers currently are. Plus, you don’t even have to hire them to work in-house.
Instead, you can employ your developers to work remotely. Even if the developer is from a different city or even country, they’ll still be able to work for you providing that the time zones are reasonable.
3. Use Automation Tools
Automation tools are quickly becoming invaluable to software developers.
By using automation tools, developers can automate difficult tasks, such as code reviewing, which then enables the developers to focus their creative efforts elsewhere.
It’s a good idea to shop around the market to find the automation tools that appeal to you the most. For example, if you want an automation tool for writing custom scripts, there are plenty out there for you to try.
Some are available for free, while others are on the more expensive side. Simply put, it’s a case of using the automation tools that you can afford.
4. Know Your Customers
Next, you need to know your customers.
Right now, modern PC and mobile users want applications that are:
- Simple
- Easy to navigate
- Search-friendly
Of course, this is referencing your typical modern customer. Your customers and clients will vary depending on the software you’re developing, so make sure that you stay in tune with what they specifically want, too.
For example, it’s now extremely common for software development companies to hold in-depth consultation meetings (often multiple meetings) to fully understand what their prospective customer wants.
They will document everything, from desired features to what they want the application to look like. Then, as the application is being developed, they will remain in constant contact with the client so that further updates and alterations can be made based on their preferences.
Remember, it’s also your job as the developer company to give recommendations and advice at the right moments. There will be many times when you know what’s best for the customer or client — especially if they’re not experienced.
In some instances, you might develop software for small businesses that are run by non-tech-savvy owners who don’t understand how the software works. This is when you need to step in, guide them, and make everything as simple as possible for them to understand.
5. Prioritize Marketing and Advertising
Marketing and advertising are incredibly important in the software development industry.
According to research, there are over 21,500 firms that specialize in customer software development around the world. That’s a scary pool of competition, which is why you need to have excellent marketing and advertising to boost your customers.
The majority of customers find software developers through either Google or social media. Knowing this, you should start by using Google Ads to your advantage. Through Google Ads, you can advertise your software development services and experience lots of clicks in return.
Additionally, social media platforms like Facebook, Twitter, and Instagram will allow you to reach an unlimited number of customers all around the world — but you have to make sure that your marketing content is good.
As a software company, getting personal and telling your story is a good idea. People also appreciate original content, whether you post helpful videos or Q&As that are of genuine value to those that stumble across them.
6. Hold Daily Standups and Regular Meetings
For software developers, daily standups are essentially their sports huddles. When they happen, it’s time for motivation, quick updates, and important reminders regarding the tasks that lay ahead for the day. Then, once the daily standup is done, everyone (from project managers to front-end engineers) can get to work with a positive mindset.
On top of your daily standups, it’s also important that you hold regular meetings when they’re needed. For example, if one of your developers is working remotely, you can contact them via Microsoft Teams or another cloud communications platform so that they can remain up-to-date with everything they need to know.
Also, the developers will be able to report information you need to know, too, such as how far along they are with their projects.
7. Eliminate Bottlenecks Quickly
Bottlenecks are one of the most common stumbling blocks that software development companies face.
Whenever bottlenecks occur, it’s vital that you eliminate them quickly. Otherwise, there’s the risk that they’ll become even more problematic and lead to significant problems in your software development process. In turn, you might be looking at unhappy customers and a range of other issues that no software developer company wants to deal with.
Final Thoughts
Running a successful software developer company isn’t easy. However, you can use the top tips and advice you’ve just read to experience greater success in a highly competitive industry. From following software development trends to eliminating bottlenecks as quickly as possible, make sure you don’t miss a beat.