The time of the techies is well and truly underway and there has never been a higher demand for those capable of coding and building sophisticated software designed to make systems and processes run faster and better for businesses. With the ecommerce industry booming and an increasing number of companies taking a digital first approach, it’s no wonder software consultants and computer experts in general are hot property.

This is great news for SMEs entering a lucrative market that’s showing no sign of slowing down any time soon. In fact, according to the latest economy forecasts, the IT sector – particularly consultancy – is expected to grow continuously in the coming years, more so than any other industry.

The Government’s ongoing efforts to enhance digital education by introducing coding in the curriculum and backing new digital apprenticeships is another sure sign of the increasing need for skilled people to fill an anticipated 1 million new digital jobs in the UK over the next decade.

Why the market for software skills and expertise keeps growing

Mobile technology has been one of the leading digital trends stimulating this ever-rising demand for specialised skills. While around 270 million desktop computers and laptops are expected to be sold across the world this year, the market for mobile devices is set to dominate with a massive 325 million tablets and 2 billion smartphones predicted to be purchased in 2015.This has upped requirement for the creation of innovative applications and digital marketing tools.

Another burgeoning trend expected to go mainstream is wearable technology. Think fitness bands, smart jewellery, smart clothing and virtual reality headsets (in fields such as retail and medical training, not just in gaming).

Cloud solutions enabling convenient remote working and an effort to increase the overall customer experience through personalisation and Customer Relationship Management (CRM) continue to spearhead the demand for software development expertise – from strategy through to implementation and Return on Investment (ROI) analytics.

On the workplace side of the market, software experts are being called upon more frequently to design databases and content management systems that improve productivity, quality and collaboration across organisations.

Tips for setting up a consultancy business

Maybe you’ve worked in the software sector for a while now and know the field inside and out. If you’re after a change and want more flexibility, going down the consultancy route could be for you.

Before launching your business, you’ll want to come up with a catchy name that’s memorable and, if possible, suggests what you do. Then there’s setting up a website and social media channels, along with important logistics such as securing quality software consultants insurance to protect you against a number of risks associated with the role. The keystone of a solid policy for consultants is professional indemnity insurance. This covers you if any mistakes are made or are claimed to have been made. Loss of data, defamation, negligence, dishonesty and infringement of copyright or intellectual property rights all come under the umbrella of PI insurance.

Other essential aspects to take into consideration are staffing, location (mobile or office-based) and finances (will you need a start-up loan to get your venture off the ground? Do you require an accountant?).

In terms of standing out from the crowd, think about strengths and skills that give you a unique edge. Also think about what you enjoy doing the most and consider specialising in a particular area to attract a more targeted clientele. Analyse up-and-coming tech trends and find your niche.

Do you want to find out more about bespoke software consultants insurance? Contact The Insurance Octopus today.

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