If you want to start a cybersecurity startup, there are some things you will need to have in place. Make sure you have the right certifications, funding, and structure in place so your company can be successful. You will also need a business plan to help your company stay on track. in an increasingly digital world, it’s no surprise that cybercrimes are on the rise. The financial toll on businesses is also skyrocketing. A 2019 IBM report shows that the average data breach costs $3.92 million.

The high stakes of money are driving demand for cybersecurity services. Large companies can afford to hire cybersecurity staff. But small and midsized businesses typically cannot afford to have a full-time employee who specializes in cybersecurity.

This is where your cybersecurity expertise can turn into a successful security solutions business.

You can help protect these smaller companies from cyber risks like data breaches, cyberattacks, malware, phishing scams, and other digital threats.

According to data from PayScale, businesses are paying $150 per hour or more for experienced cybersecurity consultants to help defend systems and networks from cybercrime.

If you want to start a cybersecurity firm, you can use your skills to get a piece of the profitable market. But there are some things you need to do first in order to have a successful business. You should follow the steps mentioned in this post. If you want to go faster though, there are specialized accelerators, as for example CyberX, that may help too, investing in startups and bringing money, network, know-how regarding how to find the first customers and build a scalable business model.

Make sure you have the right professional certifications

Start by getting the right professional certifications. A degree in information technology, computer science, or a similar field is a good indicator you have the skill set to start a cybersecurity or IT-related business. However, degrees don’t provide the real-world experience clients crave. Certifications offer another way to build your credibility and signal your skills are practical and relevant. Certification such as "Certified Ethical Hacker Certification" "GIAC Security Essentials Certification" (GSEC), "Certified Information Systems Security Professional" (CISSP), "Certified Cloud Security Professional" (CCSP), and ISACA’s "Certified Information Security Manager" (CISM) may be very fruitful to increase the trust stakeholder will have on you.

While skills and certifications are critical, they are just one element of a successful strategy for starting a cybersecurity business. You must also create a business plan and set it in motion. Start by researching your competition, identifying your target market, and honing in on what services you want to offer. Develop a pricing strategy, build up a team of qualified individuals, and create a marketing plan to get the word out about your new business.

Develop a business plan tailored to cybersecurity

Having a business plan is important for your business. This document will outline your company's structure, strategy, objectives, and more. There are many cybersecurity businesses out there, but what makes yours different and why will it be successful? In your business plan, you should include

• a detailed description of your company,
• how you plan to compete in the market,
• what products or services you will offer, and
• how you will make money.

You should also outline your marketing and sales strategy, as well as your funding/budget plan. Financial projections are important too- when do you expect your company to be profitable?

Let's take a closer look at some of the things in this business plan.

Your cybersecurity business will be successful because it is innovative and provides solutions to real-world problems. The company has a legal structure, products or services, marketing and sales strategy, and funding/budget plan. Financial projections show when the company will reach profitability.

Anyway, if you need help getting started, there are many business plan templates and resources available online that may help you out.

Define your target market and analyze it

You need to choose the focus of your cybersecurity business early on. You can choose to be an expert in a certain field or industry, like finance or healthcare. Or you can choose to be really good in one area of cybersecurity, like access control or network security. But you also need to do a market analysis to see what the competition is doing and see if there are any opportunities for your business.

Inc. has identified the following questions to help you evaluate the competition:

• Who are your main competitors?
• What are your competitors’ strengths and weaknesses?
• How are you different from the competition and how does that make you special?
• How can you take market share away from competitors?
• How might competitors react when you enter the market?

You can also assess your new cybersecurity solutions by doing a SWOT exercise. This is a process that looks at a company's strengths, weaknesses, opportunities, and threats. It's a way to figure out how risky your new cybersecurity solutions are.

You need to decide on a legal structure for your business. This will be based on what your focus is and how you plan to compete with other businesses.

Obtain a business license, business bank account, and company credit card

To open your cybersecurity business, you'll need to check with state and local agencies to see what licenses or permits you need. Unlike many other businesses, you don't need a federal license (yet).

In order to get a license to sell homes, you may need to have general liability insurance. If you have employees, you will also need workers' compensation insurance.

When opening your business bank account, it's important to research all of your options. You might be tempted to simply set up an account at your personal bank, but this isn't the best idea.

You may also want to consider getting a business credit card. This can help you keep your business and personal finances separate. A business credit card often provides better terms and higher limits than personal cards. It will give you a revolving line of credit and typically comes with perks like rewards points and cash back offers.

Almost any small business can get a business credit card. The type of card and the amount of money you can borrow will depend on your personal credit score. This score is based on your credit history, so it's important to keep track of your spending and make all of your payments on time.

Secure funding and set a budget

There are a number of ways to get money to start your business. You can use your own money, take out a loan, get a grant, or find an accelerator or angel investor. A lot of people choose to do one or more of these things in order to get their business going. In fact, recent reports show that there has been a lot of venture capital funding for cybersecurity companies in recent years. When it comes to funding, you need to be aware of the different types of investors out there. There are angel investors, acceleration programs, venture capitalists, and private equity firms. Each one has their own way of doing things and you need to be prepared to present your case in the best way possible.

You also need to have a clear understanding of your business model and how you plan to make money.

When starting a new cybersecurity company, it is critical to set and stick to a budget. The Balance offers helpful tips for managing your money, including:

• Set sales revenue goals.
• Understand your operating expenses.
• Track your cash flow.
• Set aside money for an emergency fund.

Where to locate the company?

There are many companies across the United States who need cybersecurity services. However, not every state can accommodate as many cybersecurity consultants as Hawaii. In addition to your preferred location, you should also take into account your start-up capital, the need to hire employees, and the nature of your business when making a final decision about where to establish your company. Your options include:

• Working from home: People who work for themselves have many advantages. There's no long commute, there are no distractions at work and mostly no costs. Plus, people can have a better work-life balance. But it can be lonely, and people need to be self-disciplined to stay on task.
• Co-working spaces: This option offers you flexibility and many perks and amenities. But it also has the company culture. You might not have this when you work from home. But working from home offers more flexibility, privacy, and room to grow.
• Leasing or buying office space: Having a commercial office space for your business can offer tax benefits and fixed costs for your business. However, the upfront costs can be steep. This option also won’t provide the same flexibility as a home office or a co-working space.

Market your services

No business can survive without customers. Marketing is the way to get customers. If you don't want to do the marketing yourself, think about hiring someone who knows how to do it well. They can help launch your product, brand, and services.

Before you do a lot of marketing, start with the basics. A well-designed website is very important for a cybersecurity company.

Since your web presence is so important for marketing your home, you need to do it right. You'll want to choose the right domain name and make sure that your website is easy to use. You should also optimize your website for search engines. If you don't want to do this yourself, you can ask someone in-house or outsource the work. Google can be a great resource if you get started on this project yourself.

You can find your website by people using search engines or social media. You should have a social media presence on LinkedIn, Facebook, and Twitter. On these platforms, you should share cybersecurity news and posts. If you can afford it, you might hire a content consultant to help you write a blog.

Even cybersecurity businesses should explore offline marketing. Networking is a critical tool for any new business. Cybersecurity conferences offer good opportunities to meet potential partners and clients. You may have luck at conferences such as the RSA, Women in Cybersecurity, InfoSec World, or the National Cyber Summit. You

Last but not least, personal relationships are key for marketing any business.

Make sure to carefully draft contracts for your clients

Before starting any new project, be sure to sign a client service agreement. This contract will set out clear expectations for you and your client. If there are any problems with the project, this agreement will help protect you from lawsuits. It's important to have an attorney review or draft these agreements to make sure both parties are protected.

Hire top star employees

Congratulations on your company growing enough to hire employees! To make sure you are hiring the best people, do a lot of interviews and check their backgrounds. Make sure you are following any federal and state laws too. Once you start hiring employees, you'll need to have workers' comp insurance. This will protect both you and your employees if something happens at work.

Though why would you not get the help and money from experts to help you out?

CyberX acceleration program is an hybrid acceleration program that take mostly place remotely and helps you take your business from the MVP stage to a fully functioning company with the first customers. The program is for a lot of different startups who are working on things like identity and access management, data security, mobile security, threat and vulnerability management, network security, physical security, threat intelligence, malware analysis, forensic analysis and more. , On top of an investment (with a follow-up investment ready) provides access to resources, mentorship, and a network of additional investors and potential customers.

Applying to the CyberX program is free and takes about 10 minutes. You will need to submit an application, which includes questions about your team, your product, and your business model. After you submit your application, you will hear back from CyberX very fast.

This is a great opportunity for teams that have already started making progress, have a strong and passionate team, and want to take their business to a global level.