Understand FAA Rules that Drone Businesses Must Follow
As with many other practices, the drone business is regulated under certain rules and guidelines. There are guides out there that can help you get the proper understanding of how to grow your business under Part 107 FAA drone rules. You will first have to be certified through the Part 107 exam before you start working on your business. You will want to make sure that you study for it, register with IACRA, and select an approved testing center. If you receive a score that is 70% or higher, you are all set to get your certificate. You have to be certified every two years after your initial flight review.
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Reasons to Start A Drone Business
You may be wondering why you should start a drone business in the first place. First, the drone market is expected to grow exponentially in the years ahead. This is due to the increase in venture funding and advancements in technology. Drones are expected to have a large impact on the economy in terms of revenue and drone integration will help save a significant amount of money. Many business people are joining the drone industry because it is experiencing a high demand, it has low start-up costs, and the certification is straightforward. The industry is also expected to grow and provide a plethora of vertical opportunities.
How To Create A Strong Drone Business Structure
When trying to figure out the structure of your drone business, keep in mind that you will have to do some research in order to make sound decisions. You will want to conduct a competitive analysis, identify a target market for yourself, and look into other ways to build a comprehensive strategy for your business. And of course, you will have to pick a logo and business name just like any other startup concept.
It is important that you start looking for your customers early on in your business to ensure that it catapults into the industry. You will want to look into digital marketing and content marketing to get your business out there to the right audience. This is where you will figure out how you will use a drone to generate a profit. Other marketing efforts you can make include search engine optimization, display ads, and advertising in magazines.
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Aside from figuring out a marketing strategy for your business, you will definitely want to figure out how your business will work. You have a variety of drones to choose from such as a tethered drone, integrated drone, etc. This is also a great time to figure out who you will hire and what kind of assets you need for your business such as a website, phone systems, etc. Make sure that you are hiring employees in a strategic way to ensure that they abide by the mission of your drone business. Setting up a mode of internal communication is also essential for creating a functional work environment.
Legal Information To Keep Your Business Going
Regarding legal matters, make sure that you have all of your trademarks and copyrights in order. This is very important if you want to create a business that is reputable and secure. You will have to decide on what kind of business you want to register as such as a sole proprietorship or LLC. Keep in mind that you will also have to respect the laws that exist in local areas that limit where you can fly your drones. It’s your responsibility to be familiar with the law so that your business isn’t at risk legally.
Another detail to consider is getting drone insurance to make sure that you are covered in the case of an accident. You have two choices for insurance: drone liability insurance or drone hull insurance. Drone liability insurance protects your company against any property damage or personal injury. On the other hand, drone hull insurance takes care of your personal or drone property. Make sure you understand the difference between insurance and warranty.
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Final Tips For Starting Your Drone Business
Now that you know a few details on how to start a successful drone business, be aware that you can face some challenges throughout your business journey. It is truly important that you have insurance so that you are protected if you are liable for any property damage. Keep track of your flights so that you are on top of any work orders that need to be done. You can also keep track of pilot hours and total flight hours to make sure that you maintain the quality of your drones.
Whether you are using an integrated tethered drone or DIY drone, you will want to show them off to your customers in a portfolio so that they know what they are getting. You will have to create a pricing structure that makes sense for your region and the clients that you work with. It may be in your best interest to create long-term contracts with your clients to secure consistent income.
Marketing is an important part of this process of building a successful drone business so do not miss out on any opportunity to increase your business’ presence. You will have to figure out how far you want your drones to travel and let your clients know how far your drones can go. Make sure to follow a routine maintenance schedule to make sure that all of your drone’s components are functioning properly. This will save you time and can prevent any major setbacks.
applying for Part 107 waivers when necessary will help you with larger projects so that you and your client have an understanding. The best way to do this is by following FAA rules and staying up to date when anything changes in the guidelines. This also means that you will have to make sure you keep track of your certification dates so that you aren’t operating under an expired certificate. As long as you run your drone business in a legal way, you will be positioned for success in the long-term.