You probably only think about cellphones whenever you hear the word telecommunication. However, this term refers to more than a cellphone. Over the years of growth in this industry, telecommunication includes telephones, the internet, and cellular phone networks. It also encompasses all telecom businesses’ goods and services, like security and software.
Telecommunication refers to transmission of signals over long distances for communication. If you are an entrepreneur, this presents you with endless possibilities of business opportunities you could invest in. To get you started, here is a quick guide that will give you all the information you need to know. Read on.
Decide On Your Niche In Telecommunication
What type of telecommunication company do you want to start? There are many options you can choose from-cellular phone company, tech security firm, a radio station, or internet provision. You can even decide to supply phone systems to businesses. Also, you can specialise in providing optic fibre products like a fiber fusion splicer or optic fiber cables.
It would be best to assess several factors like your skills, location, customer preferences, etc., before deciding on the type of telecommunications company to start.
Write Down Your Business Plan
After deciding on your niche in telecommunication, write a business plan to get started. To start, do enough research in sites and manuals to get a guide on writing it and the essential elements like an executive summary to include in one. Also, you can hire a professional to work with you.
Name and Register Your Company
After figuring out your niche and writing down your business plan, it is time to get down to business. Here are a few regulatory and legal steps to take as soon as possible to get started:
- Resolve your business structure. For instance, will it be an LLC or a corporation?
- Choose a name for your business
- Buy the internet domain
- Register your business name after securing the internet domain
Obtain Licenses and Permits
It would be best to get a lawyer, and an accountant as this step can be tricky. This way, you will start on the right foot. Also, ensure that you adhere to all the regulations and laws about starting a telecommunications company by the FCC.
To operate legally, you need a federal license or permit. Get into the FCC site to get guidance on the type of license you will require.
Pay The Federations Communications Commission (FCC)
Depending on the type and needs of your company, you will be required to pay several fees to the FCC. Here’s the list:
- Fees for application processing- for licenses, equipment approvals, etc.
- Fees for annual regulatory
- Freedom of Information Act (FOIA)
- Forfeitures- penalties you will incur in case of violation of laws.
Create A Financial Plan
So you have taken most of the steps to start the business. But do you have a financial plan? There are different ways you can fund your business, depending on the amount of money you need to get started. Here are a few options;
- Getting a business plan
- Look for angel investors
- Find venture investors to fund you
- Try considering crowdsourcing as a strategy to get funding
It can be challenging to start a telecommunication company- or any other company, especially if you do not know where to begin. However, if you have picked a niche, written a business plan, gathered all your licenses and permits, paid your FCC, and found a way to fund your business, then you will have ticked the list of essential things you’ll need to bring your telecommunications business to life.